| Under the guidance of national policies,China’s market economy is much more mature than in previous years.In this process,value assessment is valued,and it has gradually become a tool to measure enterprise value creation ability and to study the way enterprise value is created.Stakeholder perspective evaluation to each domain,it can help managers to complete the strategic analysis and value management,help investors to make investment decisions,the enterprise value evaluation has become the object of the asset appraisal industry development emphatically.In various industries in our country,the pharmaceutical industry and national economy and people’s livelihood is separated,the biological pharmaceutical industry is an important part of it,biological pharmacy industry healthy development determines the trend of the development of national economy and people’s livelihood.The scientific and technological level in China is progressing every day,and the medical reform step by step into the life of the people,the bio-pharmaceutical industry has gradually become a new growth point of the national economy.Now,more and more corporate mergers and acquisitions are taking place in the biopharmaceutical industry.It is the significance of this paper to rely on the value assessment to make the transaction fair.As you can see,the industry needs the merger,acquisition and reorganization of value assessment for reference,the company’s internal management also cannot leave the value assessment of this tool,reasonable use of evaluation this tool can give impetus for enterprise core competitiveness,to ensure sustainable healthy development of the enterprises.In this paper with theory as the foundation,combined with the actual case analysis,spend a lot of space in this paper,the enterprise free cash flow discount model is applied to the process in detail,in case the enterprise at the end of the article points out the case enterprise value to bring the negative effects of influence factors,puts forward the corresponding management advice can be realized.Detailed hierarchical architecture is as follows: the introduction part first to choose the connotation of enterprise value and enterprise value evaluation,combines with the real purpose of the enterprise value evaluation,then introduces the biological characteristics of the pharmaceutical industry,includes industry life cycle,the present situation and future potential of three aspects;In choosing evaluation methods part first statistics of assets of listed companies in the Shanghai market nearly three years trading case assessment method choice,and then analysis the temple of heaven finances to summed up the company’s current operating conditions and the development trend of the future,the last sample before analysis results,choose suitable for evaluation of the temple of heaven biological methods of enterprise value.The next phase of the work is mainly on the basis of the above,the enterprise free cash flow discount model applied to the case of enterprise value assessment,according to the parameters of the model requires the corresponding numerical calculation case step by step,finally get evaluation results;Again after the evaluation process,this paper analyzes the case to bring unfavorable factors,enterprise value to cost of sales,inventory turnover,assets efficiency,cost of equity capital for Angle,put forward the corresponding Suggestions to improve the operation and management.Throughout the full text,the article fully completed a free cash flow discount model of the enterprise’s practical application,and the research results,namely the case companies evaluate the enterprise value of the base date,at the end of the article puts forward Suggestions can also provide a reference for managers to some extent. |
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