本文選題：企業(yè)價值 + 價值評估�。� 參考：《青島理工大學》2014年碩士論文

【摘要】：據IMS Health的數據表明,中國在2011年已成為世界上第三大藥品市場,中國的藥品消費市場潛力巨大,而基于生物技術的生物制藥業(yè)被認為是二十一世紀最具發(fā)展?jié)摿Φ男袠I(yè)之一,所以生物制藥上市公司的股票倍受投資者關注。生物制藥上市公司在高速發(fā)展的同時也會面臨著極大的風險,企業(yè)的真實價值越來越為管理者和投資者所關心,所以生物制藥上市公司的企業(yè)價值評估已成為一個極其關鍵的要素。 企業(yè)價值評估是當今國際評估行業(yè)的重點發(fā)展領域,在歐美發(fā)達國家已有較長的發(fā)展歷史,在我國的起步則較晚,但是其理論及有效性得到了我國學者及社會的廣泛認可。企業(yè)價值評估是對企業(yè)整體的經濟價值進行評估的過程,評估結果不僅有利于投資決策和企業(yè)管理的進行,也可為企業(yè)間的并購重組、股權交易等提供根據。 華蘭生物工程股份有限公司(以下簡稱“華蘭生物”)是我國生物制藥行業(yè)的領軍企業(yè),本文中,筆者結合華蘭生物的實際情況,選取合適的評估方法對其進行企業(yè)價值評估,這不僅有利于提升華蘭生物的企業(yè)價值,還有助于改善企業(yè)管理者的價值管理理念。 本文首先圍繞華蘭生物的行業(yè)狀況、企業(yè)經營狀況、財務狀況等方面進行分析,根據企業(yè)的實際情況進行價值評估方法的選擇,最終選擇經濟增加值法(Economic Value Added,簡稱EVA)和比較市場法兩種方法對華蘭生物進行價值評估。EVA法是為了彌補傳統會計利潤指標的不足,而提出的一種新型的評價企業(yè)經營業(yè)績的方法,近年來,EVA不僅只用于企業(yè)經營業(yè)績的評價上,也被廣泛應用于企業(yè)價值評估領域。比較市場法是發(fā)達國家評估人員最經常使用的方法,該方法是通過對股票市場上相似企業(yè)的財務分析和價值分析而進行的評估,得出的評估值基于公開市場,所以評估值被認為是公允、合理的,可被公眾接受的價值。EVA評估的是企業(yè)的內在價值,而比較市場法評估的是相對價值,筆者采用這兩種方法對華蘭生物進行評估,評出的結果可以較全面的反應企業(yè)真實的價值。筆者最后對這兩種方法得出的結果進行分析,采用EVA法的評估值為最終的企業(yè)價值,通過評估結果得出華蘭生物發(fā)展前景很好,適合投資的結論。 本文圍繞華蘭生物的企業(yè)價值評估這一線索展開,從文章最初的企業(yè)實際情況出發(fā),中間根據理論知識進行合理評估方法的選擇,之后得出評估價值,最終依據評估價值為投資者提供投資建議以及使得企業(yè)經營者更加了解企業(yè)狀況。可看出本文的整體結構非常緊密,以實際情況出發(fā),最終回到實際情況上,所以全文兼顧了理論性與實際性并用的原則。
[Abstract]:According to IMS Health data, China has become the third largest drug market in the world in 2011, and the drug consumption market in China has great potential. The biotechnology-based biopharmaceutical industry is considered to be one of the most promising industries in the 21 century. So the stocks of biopharmaceutical listed companies have attracted much attention from investors. The listed biopharmaceutical companies are facing great risks while they are developing rapidly. The real value of the enterprises is more and more concerned by managers and investors. Therefore, the valuation of biopharmaceutical listed companies has become an extremely critical factor. Enterprise value evaluation is the key field of the international evaluation industry. It has a long history of development in developed countries in Europe and America, but its theory and effectiveness have been widely recognized by Chinese scholars and society. The evaluation of enterprise value is the process of evaluating the economic value of the whole enterprise. The evaluation result is not only conducive to the investment decision and enterprise management, but also provides the basis for M & A and equity transaction among enterprises. Hualan Bioengineering Co., Ltd. (hereinafter referred to as "Hua Lan Bio") is the leading enterprise in the biopharmaceutical industry of our country. This not only helps to enhance the corporate value of Hualanbio, but also helps to improve the value management concept of enterprise managers. First of all, this paper focuses on the status of the industry, business operations, financial situation and other aspects of Hualan Biological, according to the actual situation of the enterprise to choose the value evaluation method. In order to make up for the deficiency of traditional accounting profit index, two methods, Economic Value added (EVA) and Comparative Market method (EVA), are proposed to evaluate the business performance of the enterprises. In recent years, EVA is not only used in the evaluation of enterprise performance, but also widely used in the field of enterprise value evaluation. The comparative market approach is the most common method used by evaluators in developed countries. It is based on an open market assessment based on financial analysis and value analysis of similar enterprises in the stock market. Therefore, the evaluation value is considered fair, reasonable and acceptable to the public. Eva evaluates the intrinsic value of the enterprise, while the comparative market method assesses the relative value. The author uses these two methods to evaluate the Hualan biology. The results can reflect the real value of the enterprise more comprehensively. Finally, the author analyzes the results of these two methods, and adopts the evaluation value of EVA method as the final enterprise value. Through the evaluation results, the author draws a conclusion that the prospects of the biological development of Hua Lan are very good, which is suitable for investment. This paper focuses on the clue of the evaluation of the enterprise value of Hualanbiologic, starting from the actual situation of the enterprise at the beginning of the article, choosing a reasonable evaluation method according to the theoretical knowledge, and then obtains the evaluation value. Finally, it provides investors with investment advice according to the evaluation value and makes business operators understand the situation of enterprises better. It can be seen that the whole structure of this paper is very tight, starting from the actual situation, and finally returning to the actual situation, so the principle of combining theory and practice is taken into account in this paper.
【學位授予單位】：青島理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.72;F406.7

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