【摘要】：隨著我國宏觀經(jīng)濟(jì)和資本市場的發(fā)展與成熟，以資本市場為中心展開的企業(yè)重組、并購等外部產(chǎn)權(quán)交易和內(nèi)部投、融資等活動(dòng)對(duì)企業(yè)價(jià)值評(píng)估的依賴性越來越強(qiáng)，價(jià)值評(píng)估已成為揭示企業(yè)價(jià)值創(chuàng)造能力和方式的主要工具，也成為金融、投資、財(cái)務(wù)等領(lǐng)域的重要研究內(nèi)容，它的出現(xiàn)為企業(yè)進(jìn)行戰(zhàn)略分析、投資決策及價(jià)值管理提供了更多參考。同時(shí)近年來，隨著“現(xiàn)金為王”理念的推崇和相關(guān)理論的完善，自由現(xiàn)金流及其折現(xiàn)模型逐步成為了衡量企業(yè)價(jià)值的重要依據(jù)，在價(jià)值評(píng)估中占據(jù)了主導(dǎo)地位。因此，從自由現(xiàn)金流角度來探討企業(yè)價(jià)值評(píng)估問題也成為學(xué)者們關(guān)注的重點(diǎn)。 目前，伴隨著科學(xué)技術(shù)水平的提升和我國醫(yī)療制度的改革和推進(jìn)，作為關(guān)系國計(jì)民生的重點(diǎn)行業(yè)之一，生物醫(yī)藥行業(yè)在國民經(jīng)濟(jì)中的重要地位越來越凸顯，它已逐漸成為我國新的經(jīng)濟(jì)增長點(diǎn)和投資關(guān)注點(diǎn)，因此，研究該行業(yè)的企業(yè)價(jià)值評(píng)估問題對(duì)于我國生物醫(yī)藥企業(yè)尤其是上市公司改善管理，增強(qiáng)企業(yè)競爭力，促進(jìn)企業(yè)持續(xù)發(fā)展，順利實(shí)現(xiàn)不同主體的利益等具有重要意義。 本文正是以此為切入點(diǎn)，從相關(guān)理論分析入手，首先對(duì)國內(nèi)外學(xué)者在該領(lǐng)域的研究成果進(jìn)行歸納總結(jié)，從而明確本文的寫作目的及意義；其次對(duì)企業(yè)價(jià)值評(píng)估理論和自由現(xiàn)金流理論進(jìn)行了深入的剖析，并對(duì)自由現(xiàn)金流模型的評(píng)估原理進(jìn)行了介紹；再次描述了生物醫(yī)藥企業(yè)的行業(yè)特征并以以上理論分析為基礎(chǔ)，選取33家在滬深兩市上市的A股生物醫(yī)藥類公司作為研究對(duì)象進(jìn)行實(shí)證分析，，用自由現(xiàn)金流模型對(duì)該類上市公司企業(yè)價(jià)值進(jìn)行評(píng)估，再對(duì)評(píng)估結(jié)果與股價(jià)進(jìn)行相關(guān)性分析，結(jié)果表明，以自由現(xiàn)金流模型評(píng)估的企業(yè)內(nèi)在價(jià)值與股價(jià)雖然不完全一致，但二者之間有著高度的相關(guān)性，從而驗(yàn)證了該價(jià)值評(píng)估模型在生物醫(yī)藥類上市公司的適用性；最后，根據(jù)分析結(jié)果，透視該模型的主要影響因素，并選取相關(guān)指標(biāo)，運(yùn)用spss17.0統(tǒng)計(jì)軟件進(jìn)行主成分分析，再根據(jù)各主成分得分及排名將樣本企業(yè)分為4類，并有針對(duì)性的對(duì)四類企業(yè)提出價(jià)值提升途徑及策略，從而為該類上市公司企業(yè)價(jià)值評(píng)估模型的選擇及企業(yè)價(jià)值的提升方法提供借鑒和依據(jù)，為投資者做出正確的投資決策提供參考，最終促進(jìn)生物醫(yī)藥產(chǎn)業(yè)持續(xù)、健康、穩(wěn)定發(fā)展。
[Abstract]:With the development and maturity of China's macro economy and capital market, the external property rights transactions, internal investment and financing activities, such as mergers and acquisitions, which center on the capital market, have become more and more dependent on the evaluation of enterprise value. Value evaluation has become the main tool to reveal the ability and method of enterprise value creation, and has also become an important research content in the fields of finance, investment, finance and so on. Investment decision and value management provide more reference. In recent years, with the promotion of "cash as king" and the improvement of relevant theories, free cash flow and its discount model have gradually become an important basis for measuring the value of enterprises, and occupy a dominant position in value evaluation. Therefore, from the perspective of free cash flow to explore the evaluation of enterprise value has become the focus of scholars. At present, with the improvement of science and technology and the reform and promotion of our medical system, as one of the key industries related to the national economy and the people's livelihood, the biomedical industry is becoming more and more important in the national economy. It has gradually become the new economic growth point and investment concern of our country. Therefore, the study of the enterprise value evaluation in this industry can improve the management and enhance the competitiveness of the biopharmaceutical enterprises, especially the listed companies. It is of great significance to promote the sustainable development of enterprises and realize the interests of different subjects. This article is based on this point, from the relevant theoretical analysis, first of all, the domestic and foreign scholars in the field of research results are summarized, so as to clarify the purpose and significance of this writing; Secondly, the theory of enterprise value evaluation and the theory of free cash flow are deeply analyzed, and the evaluation principle of free cash flow model is introduced, and then the industry characteristics of biomedical enterprises are described and based on the above theoretical analysis. This paper selects 33 A-share biopharmaceutical companies listed in Shanghai and Shenzhen Stock Exchange as the research object, evaluates the value of the listed companies with the free cash flow model, and then analyzes the correlation between the evaluation results and the stock price. The results show that there is a high correlation between the internal value and the stock price of the enterprises assessed by the free cash flow model, but there is a high correlation between them, which verifies the applicability of the valuation model in the biomedical listed companies. According to the analysis results, the main influencing factors of the model are analyzed, and the relevant indexes are selected. The principal component analysis is carried out by using the spss17.0 statistical software, and then the sample enterprises are divided into 4 categories according to the score and ranking of each principal component. And put forward the way and strategy to enhance the value of the four kinds of enterprises, so as to provide reference and basis for the selection of the value evaluation model and the promotion method of the enterprise value of this kind of listed company. It provides reference for investors to make correct investment decision, and finally promotes the sustainable, healthy and stable development of biomedical industry.
【學(xué)位授予單位】：蘭州交通大學(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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