Measurement And Analysis Of Goodwill Of Listed Companies In Pharmaceutical Manufacturing Industry

With the changes in corporate asset structure,intangible resources have gradually become an important way for companies to create value.As a kind of ability and intangible resources that can give enterprises excess returns and competitive advantages,goodwill has become increasingly prominent,and more and more companies have begun to pay attention to the construction of goodwill of their own companies.However,at present,"goodwill" in the company's financial statements is merely the value of the acquisition of goodwill.The value of the self-created goodwill that is highly relevant to the value of the company has not been reflected.The information on the value of goodwill is missing,and how to measure integrity The value of goodwill has become a problem to be solved.At present,the academic research on the method of goodwill measurement mostly focuses on the traditional method of measuring goodwill—excessive income method and cutoff method,but both methods have certain limitations.Based on the above-mentioned practical needs and research status,this paper focuses on the measurement method of the goodwill value of enterprises,integrates the idea of real options into the measurement of goodwill,and uses the improved cutoff method proposed by Du Xingqiang Scholars in 2003 to carry out goodwill on goodwill.Measurement.The improved method of cut off is to recognize the difference between the total market price of the company's stock and the value of the stock as goodwill,in which the equity value of the company is calculated using the Black-Scholes option model.This article first uses this method to calculate the goodwill value of listed companies in China's pharmaceutical manufacturing industry from 2014 to 2016,and then examines the correlation between the value of goodwill measured by this paper and the financial performance of the company based on the models that have been built with relevant literature.Compare the results obtained with the results obtained in the existing literature and determine whether the goodwill measurement result is reasonable.Finally,using the test results of goodwill to verify the value of goodwill in China's pharmaceutical manufacturing industry,and analyze the extent of the contribution of goodwill to the value of the company's complete assets,so as to help companies obtain goodwill status information,to recognize the important role of goodwill,improve the construction and management of goodwill.This article takes the enterprise resorurce theory as the cornerstone and believes that it is the specific and scarce resources and capabilities owned and controlled by the company that can bring excess returns and competitive advantage.And reputation is the externality of these scarce,specific capabilities and resources.Embodied,thus demonstrating the important role of goodwill.Then,this paper uses the goodwill measurement method based on the B-S option model to calculate the goodwill value of the company and verifies the feasibility of this method in pharmaceutical manufacturing.Finally,through the analysis of the goodwill value of listed companies in China's pharmaceutical manufacturing industry and their contribution to the value of the company's complete assets,it was found that the average of the proportion of goodwill in the total value of assets of most listed companies in 2014-2016 reached 60 Above%,this further demonstrates the key role of goodwill.