收益法在医药上市企业价值评估中的应用研究

发布时间：2018-05-12 01:38

本文选题：企业价值评估 + 医药行业　；参考：《暨南大学》2014年硕士论文

【摘要】：随着我国市场经济体制不断完善，资本市场日益开放，产权市场交易也日趋频繁，企业估价问题成为决定各种交易能否成功的关键。企业价值最大化也因此引起了企业管理当局和企业各利益相关者的普遍重视。将国外成熟的企业价值评估理论借鉴运用到我国评估实践中对产权市场的健康发展有重要意义。医药行业与人的生命密切相关，被称为“永远的朝阳产业”，有良好的发展前景。正确评估医药上市公司的内在价值，能为股票投资、股权转让、融资重组及企业发展等提供决策依据。本文以医药行业上市公司企业价值评估方法研究作为选题，综合运用文献综述、理论陈述、定性分析与定量分析相结合、案例分析等研究方法，先对国外企业价值评估理论、方法及模型进行梳理，，并根据医药行业的相关经济特征，选择收益法中的公司自由现金流量贴现模型对国内大输液的行业龙头科伦药业进行定量分析，详细阐述评估各参数选择及计算分析过程，从而为我国医药上市企业价值评估提供实际可参考的案例评估框架和评估操作流程。
[Abstract]:With the continuous improvement of the market economy system and the opening of the capital market, the transaction of the property right market is becoming more and more frequent. The evaluation problem of the enterprise becomes the key to the success of all kinds of transactions. Therefore, the maximization of enterprise value has aroused the general attention of the enterprise management authorities and various stakeholders of the enterprise. It is of great significance for the healthy development of the property right market to apply the foreign mature enterprise value evaluation theory to the appraisal practice of our country. The pharmaceutical industry is closely related to human life and is called "eternal sunrise industry", which has a good development prospect. The correct evaluation of the intrinsic value of pharmaceutical listed companies can provide the decision basis for stock investment, equity transfer, financing reorganization and enterprise development. This paper takes the research on the evaluation method of enterprise value of listed companies in the pharmaceutical industry as the topic, synthetically applies the methods of literature review, theoretical statement, qualitative analysis and quantitative analysis, case analysis and so on. Methods and models were combed out, and according to the related economic characteristics of pharmaceutical industry, the discount model of company free cash flow in income method was selected to quantitatively analyze Collen pharmaceutical industry, which is the leading industry of domestic infusion industry. The selection of evaluation parameters and the process of calculation and analysis are described in detail, so as to provide a practical reference case evaluation framework and evaluation operation flow for the value evaluation of listed pharmaceutical enterprises in China.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.72

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