Research On Value Evaluation Method Of Chinese GEM Pharmaceutical Listed Companies

At the time of October 30, 2009, the first batch companies listed on the GEM success.The number of companies is 28.The emergence of the GEM open a new financing channel for these enterprises, and access to capital can be a permanent use without worry about repayment pressure.But at the same time,the characteristics of the high PE ratio,the high price and raise funds are plagued by the broad masses of investors who face a great risk of investment.At the same time, with the improving of the Chinese cultural literacy, health care consciousness also gradually strengthened. The medical demand of almost every age phase are growing. Moreover, with the domestic health care reform gradually thorough, more medication directory entered the reform;With the strengthening of the urbanization process, more and more people will be incorporated into the urban social medical security system. Under this background, this article selects the GEM Medical industry's first listed company- Lepu Medical as the research object. For the purpose of analyzing the value of enterprise investment to help investors avoid investment risk appropriately, establishing scientific and reasonable enterprise value evaluation model, reveal the value of whole enterprise. Under the GEM "three highs" environment, this paper identify the real worth the investment of the company.This paper evaluate the evaluation methods synthetically, and explore the characteristics of the GEM pharmaceutical company, design the evaluation method of the matching. In the first place,in the company fundamentals, this paper adopt qualitative and quantitative two perspectives to evaluate enterprise value roundly. Qualitative assessment includes company profile, industry status and enterprise competitive advantage; Quantitative evaluation mainly includes the company solvency analysis, profitability analysis, operation ability analysis, analysis of the company growth ability. Secondly, in terms of evaluation, the method of the cash flow was used to assess intrinsic value of the enterprise;And because the properties of the high-tech enterprises and the future of high growth of GEM pharmaceutical enterprises, this paper use the real option method to evaluate the opportunity value of the enterprise,as the supplement value of the enterprise.Later,by means of market historical data and the estimated value of comparative analysis, this article confirmed the phenomenon that the company's share price is indeed undervalued.Through research, this paper holds that the combination of the cash flow method and the real option method as evaluate model is suitable for the GEM pharmaceutical industry listed company, and the market does not reflect the real value of the enterprise.Investors should analyze company fundamentals and understand its intrinsic value and opportunity value in detail and then make investment decisions, and should not blindly follow suit.Finally,combining with the situation of this article,apart from the suggestions from the perspective of investors, this paper also put forward opinions from the point of view of researchers and company managers respectively expecting to help others.