The Research On Value Appraisal Of NEEQ Pharmaceutical Enterprise Basetd On The EVA Model

NEEQ is the full name of the small and medium-sized enterprise stock transfer system.This system formally listed in Beijing On January 16 th,2013.According to the data,only 200 companies were listed,and the total market value of the NEEQ company approximate 33.6 billion Yuan.But with the rapid development of NEEQ system,the numbers of company listed in NEEQ has raised to 5800 in the year to March 2016.The Securities Association released the NEEQ market index on 18 th March 2016.Its rapidly development speed has made remarkable achievement and attracted more attention.In the NEEQ market,there are a large number of small and medium-sized pharmaceutical enterprises.The development of this kind of NEEQ pharmaceutical company may determine the pattern of the pharmaceutical industry in the future.Until December 31 th,2015,the NEEQ market has 325 pharmaceutical companies,and the number is growing rapidly.In pursuing of internationalization,our pharmaceutical enterprises should rapidly expand the scale of companies and enhance the capital strength.Centered on the capital market of enterprise restructuring,finance and other activities will also be more frequently.A new round of mergers and acquisitions orgasm is coming.The Study of the evaluation of the NEEQ pharmaceutical enterprise value and the application of assessment method are of vital importance,because it can not only propose suggestions for pharmaceutical enterprise's financing,mergers and acquisitions,restructuring value basis and transaction basis,but also improve decision scheme for business operators.This paper based on the characteristics of pharmaceutical enterprises and the NEEQ,then used qualitative and quantitative analysis method to summarize the valuation of the NEEQ pharmaceutical enterprises.In terms of theoretical analysis,according to the characteristics of the NEEQ pharmaceutical enterprises,we discussed respectively for the replacement cost method,market comparison method,the entity cash flow discount method,dividend cash flow evaluation method and real option pricing method and EVA evaluation method in the applicability of the NEEQ pharmaceutical enterprise valuation research and explored the suitable method for the valuation of NEEQ medicine enterprise.Finally,we discovered that EVA model was more fit with the valuation of high technology and high growth company,the NEEQ pharmaceutical enterprise.The EVA assessment model research in China are generally used in main board listed companies,so there are a few study on the applicability of the NEEQ enterprise EVA model.This paper tries to introduce the EVA model for the valuation of enterprise.We choose a representative company from NEEQ pharmaceutical enterprise which is Beijing Sunho pharmaceutical Co.,Ltd as the EVA model case.According to the characteristics of the pharmaceutical industry,we adjusted the parameters and established an appropriate EVA model for the valuation of NEEQ pharmaceutical companies.The applicability of the EVA model is verified to promote the EVA method applied in the field of new and the application in the NEEQ market.It's not only enrich the connotation of EVA evaluation method,but also provides a suitable model for the evaluation of the NEEQ pharmaceutical enterprise.This paper has added the significance on the valuation of Chinese enterprises.