Comparative Study On The Evaluation Methods Of M & A Value Of Biopharmaceutical Manufacturing Enterprise A

Amid the background of a more robust capital market and a continually developed market economic system,property transaction activities are burgeoning nowadays between corporations,therefore decision-makers and investors give more and more attention to the value evaluation of companies' property rights.As far as the development of asset appraisal industry concerned,our country's asset appraisal industry still lags behind in aspect of evaluation theory if compared with the international level,the evaluation is still not applied into the practices at a large scale.As a result,it is worth analyzing the application and selection of the evaluation methods used in various companies that belong to different industries.Pharmaceutical industry is part and parcel of our country's economy and society,concerning people's lives and health and playing a vital role in the national economy.Generally speaking,the overall pharmaceutical industry gains a steady developing momentum,but viewed from the inside of the industry,the most majorities are facing deficit and the phenomenon featuring polarization is emerging.Under the critical time of the transformation and upgrading of our country's economy mix,the right value evaluation of the pharmaceutical industry will not only provide the operators with a good opportunity for them to know the inner value,and timely control and adjust the developing direction,but also meet the demands of investors on companies' potential,and satisfy the needs for resource integration,thus bringing a lot of benefits to the investors and decision-makers on their evaluation and decision-making.The thesis first makes a brief introduction of the purposes,backgrounds,approaches,contents,state quo of the study at home and abroad,shortcomings and innovations,and analyzes the related basic theory.Then the thesis introduces the state quo and the prospects of our country's pharmaceutical industry and the sub-industry-biological and biochemical products manufacturing industry that Company A belongs to,and the operation state and prospects of the Company A.Then the paper takes the Company A's being acquired as an example to analyze the results coming out of from different evaluation approaches based on the traditional income approach and market approach and EVA approach respectively.Finally is mainly about conclusions and suggestions on the issues arising in the corporate value evaluation during the acquisition process of our country's pharmaceutical industry based on the theories and practical analyses mentioned above.