【摘要】：醫(yī)藥行業(yè)關(guān)系國(guó)計(jì)民生,是國(guó)民經(jīng)濟(jì)的重要組成部分。最近幾年,政策的全面改革為醫(yī)藥企業(yè)的并購(gòu)整合提供了寬松的環(huán)境,2016年醫(yī)藥健康行業(yè)的并購(gòu)超過(guò)了400起,醫(yī)藥企業(yè)產(chǎn)權(quán)變動(dòng)的頻繁發(fā)生對(duì)企業(yè)價(jià)值評(píng)估的準(zhǔn)確性,合理性提出了更高的要求。企業(yè)價(jià)值的確定依賴(lài)于評(píng)估師對(duì)行業(yè)發(fā)展現(xiàn)狀的認(rèn)識(shí),企業(yè)財(cái)務(wù)狀況,未來(lái)成長(zhǎng)性因素等方方面面的考慮,而最終評(píng)估方法的選擇也是直接影響企業(yè)價(jià)值的重要因素。因此從眾多評(píng)估方法中選取恰當(dāng)?shù)氖侄斡兄讷@取更加真實(shí)的內(nèi)在價(jià)值。費(fèi)森-奧爾森剩余收益模型的應(yīng)用可以有效的從財(cái)務(wù)角度求得企業(yè)內(nèi)在價(jià)值,是獲取企業(yè)價(jià)值的重要手段。本文對(duì)費(fèi)森-奧爾森模型進(jìn)行了詳細(xì)的介紹并選取了包含剩余收益滯后項(xiàng),企業(yè)凈資產(chǎn)和“其他信息”的線(xiàn)性動(dòng)態(tài)過(guò)程進(jìn)行了實(shí)證分析。選取的數(shù)據(jù)為2008年-2015年醫(yī)藥上市公司數(shù)據(jù),通過(guò)比較“其他信息”的三種處理的實(shí)證結(jié)果,確定了“其他信息”的截距化處理和用總資產(chǎn)項(xiàng)替代得到的結(jié)果適用于醫(yī)藥行業(yè)企業(yè)的估值,此后作者又在此基礎(chǔ)上計(jì)算了企業(yè)的內(nèi)在價(jià)值,對(duì)比內(nèi)在價(jià)值和企業(yè)市值的差異來(lái)分析估值效果。最后,文章在分析了實(shí)證結(jié)果的基礎(chǔ)對(duì)費(fèi)森-奧爾森剩余收益模型在醫(yī)藥企業(yè)價(jià)值評(píng)估中的效果進(jìn)行了總結(jié),并以此文為基礎(chǔ)對(duì)今后的研究方向和研究?jī)?nèi)容進(jìn)行了展望。企業(yè)價(jià)值評(píng)估的方法研究歷來(lái)是學(xué)者研究的重點(diǎn),不同行業(yè)的評(píng)估方法的選擇也可能存在著差異,本文分析費(fèi)森-奧爾森剩余收益模型在醫(yī)院行業(yè)企業(yè)價(jià)值評(píng)估中的適用性,豐富了醫(yī)藥企業(yè)價(jià)值評(píng)估的手段,為醫(yī)藥行業(yè)企業(yè)價(jià)值的確定提供了更多的選擇。
[Abstract]:The pharmaceutical industry relates to the national economy and the people's livelihood and is an important part of the national economy. In recent years, comprehensive policy reform has provided a relaxed environment for the merger and acquisition integration of pharmaceutical enterprises. In 2016, there were more than 400 mergers and acquisitions in the medical and health industry. The frequent changes in property rights of pharmaceutical enterprises have been accurate for the evaluation of enterprise value. Rationality puts forward higher requirements. The determination of enterprise value depends on the appraiser's understanding of the current situation of industry development, the financial situation of the enterprise, the factors of future growth, and so on, and the choice of the final evaluation method is also an important factor that directly affects the enterprise value. Therefore, selecting the appropriate means from many evaluation methods can help to obtain more real intrinsic value. The application of Fesson-Olson residual income model can effectively obtain the internal value of the enterprise from the financial point of view. It is an important means to obtain the enterprise value. In this paper, the Fisher Olson model is introduced in detail and the linear dynamic process including residual income lag, net assets and "other information" is selected for empirical analysis. The selected data are the 2008-2015 data of pharmaceutical listed companies, and the empirical results of three kinds of processing of "other information" are compared. The results obtained from the truncation of "other information" and the substitution of total asset items are determined to be applicable to the valuation of pharmaceutical industry enterprises, on which the author then calculates the intrinsic value of the enterprise. Compare the difference between the internal value and the enterprise's market value to analyze the valuation effect. Finally, based on the analysis of the empirical results, the paper summarizes the effect of Fesson-Olson 's residual income model in the evaluation of pharmaceutical enterprises' value, and looks forward to the future research direction and research content. The research on the method of enterprise value evaluation has always been the focus of scholars' research, and there may be differences in the choice of evaluation methods in different industries. This paper analyzes the applicability of Fesson-Olson residual income model in the evaluation of enterprise value in hospital industry. It enriches the means of evaluating the value of pharmaceutical enterprises and provides more choices for the determination of the value of pharmaceutical enterprises.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F426.72;F406.7

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