本文選題：企業(yè)價(jià)值　切入點(diǎn)：價(jià)值評(píng)估　出處：《天津商業(yè)大學(xué)》2014年碩士論文

【摘要】：近些年來(lái)，企業(yè)的重組、兼并、股權(quán)交易等經(jīng)濟(jì)活動(dòng)頻繁發(fā)生，“企業(yè)價(jià)值評(píng)估”的課題越來(lái)越受到人們的關(guān)注。無(wú)論是企業(yè)的所有者、債權(quán)人、管理者還是市場(chǎng)投資人，，都希望自己在從事和該企業(yè)相關(guān)的經(jīng)濟(jì)活動(dòng)時(shí)，能夠了解其真實(shí)價(jià)值。顯然這個(gè)想法是正確的，但是對(duì)于大多數(shù)經(jīng)濟(jì)活動(dòng)參與者來(lái)說(shuō)，對(duì)企業(yè)價(jià)值的認(rèn)識(shí)仍然是模糊的，多數(shù)情況下會(huì)將通常的股票市價(jià)等同于企業(yè)的真實(shí)價(jià)值，這就在一定程度上增加了并購(gòu)、重組、股權(quán)交易的風(fēng)險(xiǎn)。并且隨著近些年來(lái)“企業(yè)價(jià)值最大化”的財(cái)務(wù)管理思想在中國(guó)逐漸被認(rèn)可，認(rèn)識(shí)價(jià)值、衡量?jī)r(jià)值也成為一切企業(yè)管理行為的基礎(chǔ)和前提。 既然企業(yè)價(jià)值的應(yīng)用如此廣泛，那么能正確的評(píng)估它就顯得十分重要。其中，需要重點(diǎn)關(guān)注的問(wèn)題包括：選定目標(biāo)企業(yè)，通過(guò)其擁有或占有的全部資產(chǎn)的狀況來(lái)判斷未來(lái)的獲利能力，分析的過(guò)程需要結(jié)合目標(biāo)企業(yè)所處的宏觀經(jīng)濟(jì)環(huán)境及行業(yè)背景，再充分考慮將會(huì)影響企業(yè)獲利能力的各種因素。尤其注意在對(duì)企業(yè)的評(píng)估，不再是將某項(xiàng)資產(chǎn)單獨(dú)進(jìn)行評(píng)估，而是要立足在企業(yè)整體價(jià)值分析和價(jià)值管理的理念上，對(duì)目標(biāo)企業(yè)整體公允市場(chǎng)價(jià)值進(jìn)行綜合性的評(píng)估。 本文以哈藥股份為研究對(duì)象，層層剖析哈藥股份內(nèi)在價(jià)值的創(chuàng)造和表現(xiàn)的各種價(jià)值驅(qū)動(dòng)因素，同時(shí)將各種指標(biāo)與同行業(yè)的企業(yè)進(jìn)行對(duì)比分析，對(duì)公司經(jīng)營(yíng)狀況進(jìn)行分析評(píng)價(jià)，從而預(yù)測(cè)出相對(duì)準(zhǔn)確的數(shù)據(jù)，借助不同價(jià)值評(píng)估方法運(yùn)用，進(jìn)行比較分析選擇出適用于醫(yī)藥類企業(yè)價(jià)值評(píng)估的方法——自由現(xiàn)金流量折現(xiàn)法，從而測(cè)算出相對(duì)真實(shí)的企業(yè)價(jià)值，整個(gè)分析過(guò)程不僅能對(duì)企業(yè)經(jīng)營(yíng)的價(jià)值管理實(shí)踐提供一些有益的借鑒，而且能夠?yàn)槠髽I(yè)重組，投資者投資提供可信的參考。
[Abstract]:In recent years, the economic activities such as enterprise reorganization, merger and stock exchange have occurred frequently, and the subject of "enterprise value evaluation" has been paid more and more attention.The owners, creditors, managers, and market investors all want to know their true value when they engage in economic activities related to the business.Obviously, this idea is true, but for most participants in economic activity, the perception of the value of the enterprise is still vague, and in most cases the normal market value of the stock is equated with the real value of the enterprise.This increases the risk of M & A, restructuring and equity trading to a certain extent.In recent years, the financial management thought of "maximization of enterprise value" has been gradually recognized in China. Understanding value and measuring value have become the basis and premise of all enterprise management behavior.Since the application of enterprise value is so extensive, it is very important to be able to evaluate it correctly.Among them, the issues that need to be focused on include: selecting the target enterprise, judging the future profitability through the status of all the assets owned or possessed by the target enterprise, and analyzing the process by taking into account the macroeconomic environment and the industry background of the target enterprise.Fully consider the factors that will affect the profitability of the enterprise.Especially in the evaluation of the enterprise, it is no longer to evaluate a certain asset separately, but based on the concept of the whole enterprise value analysis and value management, to evaluate the overall fair market value of the target enterprise.This article takes the Harbin medicine stock as the research object, analyzes the various value driving factors of the internal value creation and performance of the Kazakh medicine shares layer by layer, at the same time carries on the comparison analysis with the same profession enterprise, carries on the analysis and the appraisal to the company management condition.Therefore, the relatively accurate data can be predicted, and by using different valuation methods, the method of discounted free cash flow, which is suitable for evaluating the value of pharmaceutical enterprises, is selected through comparative analysis, and the relative real enterprise value is calculated.The whole analysis process can not only provide some useful reference for the value management practice of enterprise management, but also provide credible reference for enterprise reorganization and investor investment.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.72

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