Based On The Enterprise Value Assessment Under The Big Health Industry

Business valuation get more and more attention,become an more and more important reference for enterprise managers and investors to make financial management and investment decisions,and provides an effective tool for the valuation of equity transactions and mergers and acquisitions between companies.understanding and measuring the value has become the basis and prerequisite for all economic and management behavior.currently,in developed countries,etc Europe and American,the theory and method of valuation are maturing,but in our country,since Evaluation theory research started in a late time and the assessment methodology is not perfect yet,causing the evaluation system has not yet formed,the current valuation of major domestic enterprises is the discounted cash Flow technique and relative valuation method,relative valuation or comparative valuation and option pricing method etc.in practice,some methods have many technical limitations and imperfections on the theoretical system,but after many scholars' study and practice,finding that the discounted cash flow technique has become more suitable for business valuation in China.Health industry is related to physical and mental health of millions of citizens,one of the key supporting industries now and future,which is also a combination of traditional and modern industries.in recent years,the economies of scale of our health industry is gradually emerging and being in a healthy and stable growth stage of development,recently our country vigorously carry out our current health care reform additionally,pharmaceutical and healthcare industry is facing good prospects for development.correct and effective assessment of the value of listed pharmaceutical companies help business owners understand the intrinsic value of the enterprise more deeply,also help investors measure the performance of the company,provide help in investment and conduct financial transactions and basis for decision making between the companies restructuring and equity transactions in the meantime.This thesis takes Tasly company as an example.firstly it introduces company value theory research and methods,according to the basic situation of the pharmaceutical industry,the health of listed companies,the case in the text analysis applicability analysis of three commonly used methods to assess corporate value,eventually finalizes Discounted Cashflow Model as the application model of this thesis,the idea to evaluate the thesis is based on the fundamental principle of free cash discount model design,according to the assessment of ideas Tasly Company's free cash flow for the next six years an analysis,then evaluate the enterprise value Tasly in different stages,the conclusions are as follows:1.comparatively speaking,use company free discounted cashflow model method to evaluate company's value is efficient and valid2.through the comparison between Tasly's company value assessment and company's actual market value,this thesis testifies the rationality of company free discounted cashflow method in a more profound way.3.the influence of WACC for company value(or what we call stock price)is much greater than continuous increase does.