The Research On The Application Of Improved Market-based Method In The Value Evaluation Of Pharmaceutical Enterprises

With the coming of the era of industrial structure optimization and upgrading,the mergers and acquisitions market of Chinese pharmaceutical industry tends to be active.Mergers and acquisitions can bring synergy for enterprises,and investors also bear the corresponding risks.As the basis of final pricing,mergers and acquisitions valuation needs to be very scientific and rigorous.From the perspective of valuation method,market method can objectively reflect the current market situation of assets,and can effectively test other valuation methods.With the strengthening of capital market supervision and the improvement of the system,the accuracy and integrity of information disclosure has been improved,which provides a better application foundation for market law.However,in the enterprise value assessment,the existing market method has some shortcomings,such as subjective factors and the inability to measure the individual differences between companies,which reduces the credibility and applicability of the method.This paper aims to improve the selection of comparable companies and the contribution of value multiplier by analyzing the specific application of the current market method,and to verify the applicability of the model with the case of mergers and acquisitions in the pharmaceutical industry.This paper first analyzes the characteristics,development trend,motivation and current situation of mergers and acquisitions in the pharmaceutical industry,and summarizes the theoretical and practical methods of mergers and acquisitions valuation in the pharmaceutical industry.Secondly,in the process of constructing the market method evaluation model,we mainly improve the model from two aspects: screening comparable companies and value multiplier contribution.In the selection of comparable companies,we should first build an index system that conforms to the characteristics of the evaluation object,use entropy method to empower the financial indicators,combine with fuzzy mathematics to get the approximation degree to select comparable companies,and exclude some subjective factors;in the revision of the value multiplier,we should refine the value multiplier contribution degree and regression analysis line of the financial indicator system by analyzing comparable companies Two dimensions of the influence weight of the industry are adjusted to simulate a comparative enterprise similar to the financial indicators of the subject-matter to be evaluated,and obtain the value of the enterprise to be evaluated.Finally,the feasibility of the model is analyzed by using the case of China Resources pharmaceutical’s merger and acquisition of Jiangzhong pharmaceutical.The evaluation results of this paper are compared with the enterprise value of Jiangzhong pharmaceutical published by wind database.The reasons for the difference between the evaluation results of the improved model and the results published by the agency are explained.It is intended to enrich the application of market method and provide reference for the research of the merger and acquisition evaluation of pharmaceutical enterprises.