Research And Improvement Of Choice Of Comparable Companies In The Evaluation Of Pharmaceutical Manufacturing Enterprise Value By Market Method

The pharmaceutical manufacturing industry is closely related to people's lives.It is a key area for China's manufacturing 2025 and strategic emerging industries,and also an important guarantee for the construction of a healthy China.The pharmaceutical manufacturing industry is affected by national policies.In recent years,the reform of the medical and health system has been comprehensively deepened.The government has implemented a series of policies aimed at achieving benefits for the people,reducing prices and controlling costs,such as the two-vote system implemented in recent years and the "4 + 7 " Purchasing policies with quantity,etc.,greatly reduced the price of medicines and narrowed the profit margin of medicines.At the same time,a series of medical reform policies will accelerate industry consolidation and gradually form a situation of survival of the fittest.Many small and medium-sized enterprises with insufficient competitiveness will be merged or withdrawn from the market in the future.It is foreseeable that the demand for enterprise value assessment in the pharmaceutical manufacturing industry is increasing,which has a profound impact on the company's future development strategy.Among the three methods of enterprise value evaluation,the market method has its unique advantages: it not only comprehensively considers the overall quality of the enterprise,but also reflects the market's supply and demand for such enterprises.However,in practical applications,the market method is rarely used in enterprise value assessment.Therefore,this paper combines pharmaceutical manufacturing enterprises with market approach,analyzes their evaluation difficulties,and improves the evaluation model by studying related literature research to provide a reference for the pharmaceutical manufacturing enterprise value evaluation method.This article first introduces the relevant theories of market approach assessment,and considers that the most critical step is the choice of comparable companies.Next,the overall development of the pharmaceutical manufacturing industry is analyzed,and combined with the theoretical analysis of the market method,it is found that there are difficulties in the evaluation of the pharmaceutical company's market approach: subjectivity is strong when selecting comparable companies,and the selection criteria are relatively vague,while the comparable companies' Choice has a significant impact on the results of the assessment.In order to improve the existing problems,this article divides the selection criteria of comparable companies in the evaluation practice into business comparison and financial comparison in detail.Comparable business,through preliminary screening of similar companies in the same industry in terms of business and scale;preliminary comparison of financial,through regression analysis of value indicators and financial indicators of listed companies in the industry,to screen out significantly related to corporate value An index evaluation system is constructed based on the financial indicators of the company,and the similarity of comparable companies under the evaluation system of gray correlation is introduced to screen the comparable companies.Finally,the method is used to evaluate the case and verify its feasibility.