华兰生物企业价值评估研究

发布时间：2018-05-16 09:44

本文选题：企业价值 + 价值评估　；参考：《青岛理工大学》2014年硕士论文

【摘要】：据IMS Health的数据表明,中国在2011年已成为世界上第三大药品市场,中国的药品消费市场潜力巨大,而基于生物技术的生物制药业被认为是二十一世纪最具发展潜力的行业之一,所以生物制药上市公司的股票倍受投资者关注。生物制药上市公司在高速发展的同时也会面临着极大的风险,企业的真实价值越来越为管理者和投资者所关心,所以生物制药上市公司的企业价值评估已成为一个极其关键的要素。企业价值评估是当今国际评估行业的重点发展领域,在欧美发达国家已有较长的发展历史,在我国的起步则较晚,但是其理论及有效性得到了我国学者及社会的广泛认可。企业价值评估是对企业整体的经济价值进行评估的过程,评估结果不仅有利于投资决策和企业管理的进行,也可为企业间的并购重组、股权交易等提供根据。华兰生物工程股份有限公司(以下简称“华兰生物”)是我国生物制药行业的领军企业,本文中,笔者结合华兰生物的实际情况,选取合适的评估方法对其进行企业价值评估,这不仅有利于提升华兰生物的企业价值,还有助于改善企业管理者的价值管理理念。本文首先围绕华兰生物的行业状况、企业经营状况、财务状况等方面进行分析,根据企业的实际情况进行价值评估方法的选择,最终选择经济增加值法(Economic Value Added,简称EVA)和比较市场法两种方法对华兰生物进行价值评估。EVA法是为了弥补传统会计利润指标的不足,而提出的一种新型的评价企业经营业绩的方法,近年来,EVA不仅只用于企业经营业绩的评价上,也被广泛应用于企业价值评估领域。比较市场法是发达国家评估人员最经常使用的方法,该方法是通过对股票市场上相似企业的财务分析和价值分析而进行的评估,得出的评估值基于公开市场,所以评估值被认为是公允、合理的,可被公众接受的价值。EVA评估的是企业的内在价值,而比较市场法评估的是相对价值,笔者采用这两种方法对华兰生物进行评估,评出的结果可以较全面的反应企业真实的价值。笔者最后对这两种方法得出的结果进行分析,采用EVA法的评估值为最终的企业价值,通过评估结果得出华兰生物发展前景很好,适合投资的结论。本文围绕华兰生物的企业价值评估这一线索展开,从文章最初的企业实际情况出发,中间根据理论知识进行合理评估方法的选择,之后得出评估价值,最终依据评估价值为投资者提供投资建议以及使得企业经营者更加了解企业状况。可看出本文的整体结构非常紧密,以实际情况出发,最终回到实际情况上,所以全文兼顾了理论性与实际性并用的原则。
[Abstract]:According to IMS Health data, China has become the third largest drug market in the world in 2011, and the drug consumption market in China has great potential. The biotechnology-based biopharmaceutical industry is considered to be one of the most promising industries in the 21 century. So the stocks of biopharmaceutical listed companies have attracted much attention from investors. The listed biopharmaceutical companies are facing great risks while they are developing rapidly. The real value of the enterprises is more and more concerned by managers and investors. Therefore, the valuation of biopharmaceutical listed companies has become an extremely critical factor. Enterprise value evaluation is the key field of the international evaluation industry. It has a long history of development in developed countries in Europe and America, but its theory and effectiveness have been widely recognized by Chinese scholars and society. The evaluation of enterprise value is the process of evaluating the economic value of the whole enterprise. The evaluation result is not only conducive to the investment decision and enterprise management, but also provides the basis for M & A and equity transaction among enterprises. Hualan Bioengineering Co., Ltd. (hereinafter referred to as "Hua Lan Bio") is the leading enterprise in the biopharmaceutical industry of our country. This not only helps to enhance the corporate value of Hualanbio, but also helps to improve the value management concept of enterprise managers. First of all, this paper focuses on the status of the industry, business operations, financial situation and other aspects of Hualan Biological, according to the actual situation of the enterprise to choose the value evaluation method. In order to make up for the deficiency of traditional accounting profit index, two methods, Economic Value added (EVA) and Comparative Market method (EVA), are proposed to evaluate the business performance of the enterprises. In recent years, EVA is not only used in the evaluation of enterprise performance, but also widely used in the field of enterprise value evaluation. The comparative market approach is the most common method used by evaluators in developed countries. It is based on an open market assessment based on financial analysis and value analysis of similar enterprises in the stock market. Therefore, the evaluation value is considered fair, reasonable and acceptable to the public. Eva evaluates the intrinsic value of the enterprise, while the comparative market method assesses the relative value. The author uses these two methods to evaluate the Hualan biology. The results can reflect the real value of the enterprise more comprehensively. Finally, the author analyzes the results of these two methods, and adopts the evaluation value of EVA method as the final enterprise value. Through the evaluation results, the author draws a conclusion that the prospects of the biological development of Hua Lan are very good, which is suitable for investment. This paper focuses on the clue of the evaluation of the enterprise value of Hualanbiologic, starting from the actual situation of the enterprise at the beginning of the article, choosing a reasonable evaluation method according to the theoretical knowledge, and then obtains the evaluation value. Finally, it provides investors with investment advice according to the evaluation value and makes business operators understand the situation of enterprises better. It can be seen that the whole structure of this paper is very tight, starting from the actual situation, and finally returning to the actual situation, so the principle of combining theory and practice is taken into account in this paper.
【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7

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