【摘要】：隨著國內(nèi)人口老齡化的日趨嚴(yán)重和新醫(yī)療保健制度改革的推行，醫(yī)藥行業(yè)的利潤率與銷售增長都將維持在較高水平。醫(yī)藥行業(yè)內(nèi)企業(yè)在藥品的研究與開發(fā)乃至流通等各個(gè)環(huán)節(jié)所需投入的資本巨大，因此在企業(yè)發(fā)展的各個(gè)階段都有切實(shí)的融資需求。 私募股權(quán)資本作為近十年投資領(lǐng)域的熱點(diǎn)，傾向投資企業(yè)股權(quán)而非流通股證券市場。投資規(guī)模不等，存續(xù)期限以五至十年居多，能為醫(yī)藥企業(yè)提供較穩(wěn)定的資金支持以滿足其融資需求。 本文從醫(yī)藥企業(yè)的角度，結(jié)合行業(yè)特點(diǎn)，闡述行業(yè)內(nèi)資源配置缺陷的成因并加以分析。通過投資案例解析私募股權(quán)投資者在選擇醫(yī)藥企業(yè)時(shí)的評估體系，幫助企業(yè)更好地理解投資方的價(jià)值評估理念，為醫(yī)藥企業(yè)如何改善自身經(jīng)營狀況，從而引入理想的私募股權(quán)投資提出建議，促進(jìn)資本在國內(nèi)醫(yī)藥行業(yè)內(nèi)的有效配置。
[Abstract]:With the aging of the domestic population and the implementation of the reform of the new health care system, the profit margin and sales growth of the pharmaceutical industry will be maintained at a higher level. In the pharmaceutical industry, the enterprises in the pharmaceutical industry in the research and development of drugs and even in the circulation of all aspects of the investment in the capital is huge, so there is a real financing needs in each stage of the development of the enterprise. As a hot spot in the field of investment in the past decade, private equity capital tends to invest in corporate equity rather than tradable stock market. The investment scale is different, the survival period is more than five to ten years, which can provide stable financial support to pharmaceutical enterprises to meet their financing needs. From the point of view of pharmaceutical enterprises and combined with the characteristics of the industry, this paper expounds the causes of the defects in the allocation of resources in the industry and analyzes them. By analyzing the evaluation system of private equity investors when they choose pharmaceutical enterprises, we can help them better understand the value evaluation concept of investors, and how to improve their own operating conditions. Thus, we introduce the ideal private equity investment to promote the effective allocation of capital in the domestic pharmaceutical industry.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F426.72

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