The Study On Mixed Ownership Reforms Value Management Of Yunnan Baiyao Based On Valuation Modeling

Yunnan Baiyao Co.,Ltd Group is a modern medicine listing company,which is a top level medicine enterprise in the domestic market among the first batch of national innovative enterprises,as well as state-owned old brand,wining popularity among the masses.On 29^th,Dec,2016,the controlling shareholder of Yunnan Baiyao was introduced to Xinhuadu Group through capital increase.Xinhuadu Group increased nearly 25.4 billion RMB to Baiyao Group.After transaction,Xinhuadu and Yunnan People Government state-owned assets supervision committee held respectively 50%of shares of Baiyao,becoming a typical case for mixed ownership reform of state-owned enterprisess.However,whether the enterprise is in excellent development,and whether the increased price is fair,whether it can lead to the loss of state-owned assets?In the future,whether it can continue to create values for creditors,shareholders and the society?It is necessary to manage accurately and comprehensively the enterprise values,and evaluate scientifically the values.The thesis applies free cash flow valuation model in value management of Yunnan Baiyao Group,summarizes and evaluates the management performance and profitability now and in the future,and explores the active effect of value management model on mixed ownership reform of state-owned enterprises.In the meantime,it reveals essential factors influencing the values of Yunnan Baiyao Group,which can not only prevent the loss of state-owned assets,but also provides decision basis to implement enterprise values,providing reference to improve company management.