Research On The Value Assessment Of Chinese Medicine Enterprises

Chinese medicine pharmaceutical industry in the country's macro-policy,local institutions of Chinese medicine pharmaceutical industry support,vigorous development,and gradually to large-scale,international road.The continuous development of the pharmaceutical industry in the pharmaceutical industry has also led to the frequent flow of capital markets,mergers,acquisitions and other events frequently,scientific value assessment for internal managers to provide effective basis for foreign investment decision-making for external investors to proprietary Chinese medicine The choice of investment in pharmaceutical companies to provide important measurement information,for business managers and external investors are of great significance.Chinese medicine and pharmaceutical industry has the advantages of large proportion of intangible assets,difficult to assess,and because of its government regulation and strong,the pharmaceutical industry's rigid demand for consumption led to the stability of the pharmaceutical industry income characteristics,this paper on the international market mainstream value assessment method horizontal comparison And based on the applicability analysis,based on the characteristics of proprietary Chinese medicine pharmaceutical industry to select the appropriate enterprise value assessment methods and models-free cash flow discount model and market comparison method,to take case analysis of the research methods,the leading pharmaceutical enterprises YNBY conducts the enterprise value evaluation,elaborated the parameter selection and the computation analysis process in detail.In this paper,the FCFF model of the income method is used to forecast the free cash flow.Based on the financial statements of the enterprise,the change of the strategic target and the change of the proportion of the financial indicators are taken into account.The cost of capital is based on our country In the past ten years,the average interest rate of short-term bonds is the risk-free rate of return,and the stock returns of the pharmaceutical industry in the secondary securities market are the rate of return on risk,the human factors in the income law are minimized,the accuracy of the evaluation results is improved.Analysis,to the pharmaceutical industry in the pharmaceutical industry as the sample data,the stock price for the explanatory variables,the value ratio for the explanatory variables,derived from the value of Chinese medicine pharmaceutical companies the greatest value ratio-price-earnings ratio,and the comparable business P / E is to use the expected growth rate to be revised to calculate the value of the case enterprise.The income method takes into account the financial indicators of the enterprise and reflects the intrinsic value of the enterprise.The market law is more likely to occur due to the rapid development of the pharmaceutical industry when the pharmaceutical enterprises are used Underestimated the phenomenon.In this paper,through the comparative analysis of the value of the market method,it is hoped that it can provide a standardized idea for the evaluation of the value of the pharmaceutical industry in the pharmaceutical industry,and promote the healthy development of the pharmaceutical market.