【作者】 刘海燕；

【导师】 李京文；

【作者基本信息】 北京工业大学 ， 工商管理， 2012， 硕士

【摘要】 国内股权投资机构目前在评估项目时，无论何种行业与企业主要采取PE法对企业进行估值。但在分析医药行业的时候，由于特殊的监管环境与市场环境，这种方法存在天然的局限性。本文将尝试采用DCF方法评估处方药生产企业的投资价值。本文的研究内容为：（1）通过对现有国内医疗法律法规以及医药产品市场的深入分析，挖掘现有医疗市场的一些特点；分析处于医疗市场之中的处方药市场与其他医疗产品市场的共性与个性，识别和提炼出影响该处方药生产企业投资价值判断的各种因素，并对这些因素的影响通路、成因进行研究；选取贴现现金流量法（DCF）作为W处方药生产企业投资价值评判的理论基础，对选取原因进行分析，并通过案例进行实证分析。（2）通过数理统计，分析政府因素与市场因素对该处方药生产企业未来现金净流量产生影响的方向和程度。（3）在以上分析之上，对W处方药生产企业投资价值进行评价。该论文的研究将有利于评价受政府与市场之手双重控制之W企业的投资价值；为公司未来评价其他处方药生产企业投资价值提供科学有效的参考。同时通过该研究也将为W处方药生产企业提升自身的价值提供一个参照系，以采取合适对策促进企业投资价值最大化。更多还原

【Abstract】 Most of domestic equity investment agencies had mainly taken PE as themethod to evaluate the enterprise regardless of what industry and business it belongsto． However， when they take this method to analysis the enterprise ofpharmaceutical industry，there are some natural limitations of the PE method due tothe special regulatory and market environment．This article will try to use the DCFmethod to assess the investment value of W prescription drug manufacturer．MainContents of this thesis are：（1）Through in-depth analysis of the existing laws andregulations on the domestic medical and pharmaceutical market，to tap out somefeatures of this industry； Analysis the commonality and individuality in theprescription drug market and other medical markets．Identify and refine the factorsthat affect the judgment of the investment value of W prescription drugmanufacturer，and the pathway these factors affect；Choose the discounted cash flow（DCF）theory as the method to access W prescription drug manufacturer’sinvestment value，and will analysis the reasons and demonstrate it through a caseanalysis．（2）Through mathematical statistics analysis，to find out the extent ofgovernment and market factors affect on the prescription drug manufacturers．（3）Base on the above analysis，evaluate the investment value of the manufacturers ofprescription drugs．This thesis will be help to evaluate the enterprise under the dualcontrol of government and market；To provide a scientific reference to evaluate theother prescription drug manufacturers in the future；This study will also be help toprovide a frame of reference for those prescription manufacturers to maxmize theirinvestment value through taking appropriate countermeasures．更多还原