Research On The Optimization Of Valuation Model Of Pharmaceutical Sector Enterprises In Fund A

With the rapid development of modern China's capital market,various investment institutions are constantly changing their investment strategies to cope with the new situation of China's economy.As one of the most important components of the national basic industry,the pharmaceutical industry has been concerned by investors all the time.With the introduction of the two-vote system and the successively implementation of policies such as the reform of medical insurance,all of them indicate that the pharmaceutical industry in China is undergoing great changes.As an important part of institutional investors,private equity funds also need to improve their investment strategies to adapt to the changing market environment.In the face of the rapid development of the pharmaceutical industry,private equity funds need to abandon the past stereotypes and seek new investment opportunities actively.This article regards A private equity fund as the research object,firstly it includes a detailed introduction to the mainstream investment method of current international capital market,and elaborates the advantage and disadvantage of each kind of method;Secondly,it makes a detailed analysis of the current development situation of the pharmaceutical industry in China and makes a detailed comparison of the external factors that affect the development of the listed companies in the pharmaceutical industry,in which the macro-factors mainly include the national macroeconomic,industrial policies and so on;The mesoscopic factors mainly include the characteristics of the industry and the development period of the industry;the micro-factors focus on the specific development of enterprises;then this paper describes the current valuation model of A private equity fund in the pharmaceutical industry in detail.Taking Fosun medicine as an example,this paper expounds the specific estimation process and the advantages and disadvantages of the relative valuation model used by A private equity fund.Finally,this paper revalues Fosun medicine by using SWOT analysis and cash flow discount valuation model,and compared with the original relative valuation results of A private equity fund to draw a conclusion and put forward the optimization strategy.The conclusion is that the discounted cash flow model is much better than the relative valuation model of A fund in the pharmaceutical sector of China's secondary market at present,and the discounted cash flow valuation model can not only improve the income,but also help the A Fund to avoid risk in the case where the entire medical sector is relatively overvalued.At the same time,because the data used in the cash flow discount model basically comes from the operation of the enterprise itself,the valuation results are more objective,avoiding the interference of external factors to the valuation results.