基于自由现金流量的睿智医药企业价值评估

摘要随着社会发展，企业的经营管理目标从利润最大化演变为企业价值最大化。在管理目标的演变过程中，企业价值评估理论也得到了完善。医药行业一直是投资热点，加强医药企业的价值创造是每个经营者需要考虑的问题。企业价值通常使用财务指标进行计算，例如自由现金流量、净现值(NPV)、内部收益率(IRR)和经济附加值(EVA)等。这些指标可以帮助投资者和经营者确定企业的长期现金流情况和可持续性，从而评估其未来的价值。本文研究睿智医药科技股份有限公司（以下简称“睿智医药”）的企业价值，包括了对医药行业发展现状和睿智医药内部的认识，采用C℉F模型和相关评估方法对公司价值进行测算，并与基准日市值进行比较。最后，结合自由现金流量模型，提出了针对睿智医药公司的价值提升路径。本文主要在未来我国医药行业的估值和价值评估方法。由于管控和改革等因素的影响，市场对医药公司的价值是否合理存在疑虑。通过对睿智医药公司的自由现金流量模型的实际研究发现，该估值方法在医药行业是合理、科学的，具有实际参考意义。关键词：价值评估：自由现金流量模型：医药行业Wise pharmaceutical enterprise value evaluation based onfree cash flowStudent:YU GuanTeacher:LI KeAbstract With the increasing progress american development and improvement ofChina's economy,the business objectives of enterprises have gradually changed frommaximizing profits to maximizing enterprise value,to create more wea.In the process of theevolution of management objectives,the enterprise value evaluation theory has beenimproved,the pharmaceutical industry has been a hot spot of investment,strengthening thevalue creation of pharmaceutical enterprises is a problem that every operator needs toconsider.Business values are often calculated using financial metrics such as free cash flow,net present value (NPV),internal rate of return (IRR)and economic added value (EVA).These indicators can help investors and managers determine the long-term cash flowsituation and sustainability of an enterprise,so as to assess its future value.This paper studies the enterprise value of Sagui Pharmaceutical Technology Co.,LTD.(hereinafter referred to as "Sagui Pharmaceutical"),including the understanding ofthe development status of the pharmaceutical industry and the internal understanding ofSagui Pharmaceutical.FCFF model and related evaluation methods are adopted to measurethe company value and compare it with the benchmark market value.Finally,combinedwith the free cash flow model,the value enhancement path for Sagui Pharmaceuticalcompany is proposed.This passage mainly discusses the future of Chinese medicine industry valuation andvalue assessment methods.There are doubts about whether drug companies are worth whatthey are worth,due to regulatory and reform factors.Through the practical study of the freecash flow model of Sagui Pharmaceutical Company,it is found that the valuation method isreasonable,scientific and has practical reference significance in the pharmaceuticalindustry.Key words:Valuation;free cash flow model,pharmaceutical industry目次要。0Abstract.一、绪论…(一)研究背景及意义1.研究背景…2.研究意义(二)国内国外研究现状1.国外研究现状2.国内研究现状2(三)研究方法和思路.21.研究方法…22.研究思路。2二、企业价值评估的相关理论基础及模型分类4(一)企业价值的概述….41.企业价值的定义….42.企业价值的特性(二)企业价值评估的相关理论概述…41.企业价值评估理论的含义.42.价值评估相关理论…。.43.自由现金流量的含义5(三)企业价值评估方法模型分类.52.经济增加值的模型….53.净资产估值的模型..54.实物期权定价法.…。55.企业价值评估模型的比较6三、睿智医药概况及基本情况分析….7(一)睿智医药经营环境分析.71.医药行业宏观环境分析…72.医药市场的现状分析7