本文選題：企業(yè)價值　切入點：價值評估　出處：《天津商業(yè)大學》2014年碩士論文

【摘要】：近些年來，企業(yè)的重組、兼并、股權交易等經濟活動頻繁發(fā)生，“企業(yè)價值評估”的課題越來越受到人們的關注。無論是企業(yè)的所有者、債權人、管理者還是市場投資人，，都希望自己在從事和該企業(yè)相關的經濟活動時，能夠了解其真實價值。顯然這個想法是正確的，但是對于大多數經濟活動參與者來說，對企業(yè)價值的認識仍然是模糊的，多數情況下會將通常的股票市價等同于企業(yè)的真實價值，這就在一定程度上增加了并購、重組、股權交易的風險。并且隨著近些年來“企業(yè)價值最大化”的財務管理思想在中國逐漸被認可，認識價值、衡量價值也成為一切企業(yè)管理行為的基礎和前提。 既然企業(yè)價值的應用如此廣泛，那么能正確的評估它就顯得十分重要。其中，需要重點關注的問題包括：選定目標企業(yè)，通過其擁有或占有的全部資產的狀況來判斷未來的獲利能力，分析的過程需要結合目標企業(yè)所處的宏觀經濟環(huán)境及行業(yè)背景，再充分考慮將會影響企業(yè)獲利能力的各種因素。尤其注意在對企業(yè)的評估，不再是將某項資產單獨進行評估，而是要立足在企業(yè)整體價值分析和價值管理的理念上，對目標企業(yè)整體公允市場價值進行綜合性的評估。 本文以哈藥股份為研究對象，層層剖析哈藥股份內在價值的創(chuàng)造和表現的各種價值驅動因素，同時將各種指標與同行業(yè)的企業(yè)進行對比分析，對公司經營狀況進行分析評價，從而預測出相對準確的數據，借助不同價值評估方法運用，進行比較分析選擇出適用于醫(yī)藥類企業(yè)價值評估的方法——自由現金流量折現法，從而測算出相對真實的企業(yè)價值，整個分析過程不僅能對企業(yè)經營的價值管理實踐提供一些有益的借鑒，而且能夠為企業(yè)重組，投資者投資提供可信的參考。
[Abstract]:In recent years, the economic activities such as enterprise reorganization, merger and stock exchange have occurred frequently, and the subject of "enterprise value evaluation" has been paid more and more attention.The owners, creditors, managers, and market investors all want to know their true value when they engage in economic activities related to the business.Obviously, this idea is true, but for most participants in economic activity, the perception of the value of the enterprise is still vague, and in most cases the normal market value of the stock is equated with the real value of the enterprise.This increases the risk of M & A, restructuring and equity trading to a certain extent.In recent years, the financial management thought of "maximization of enterprise value" has been gradually recognized in China. Understanding value and measuring value have become the basis and premise of all enterprise management behavior.Since the application of enterprise value is so extensive, it is very important to be able to evaluate it correctly.Among them, the issues that need to be focused on include: selecting the target enterprise, judging the future profitability through the status of all the assets owned or possessed by the target enterprise, and analyzing the process by taking into account the macroeconomic environment and the industry background of the target enterprise.Fully consider the factors that will affect the profitability of the enterprise.Especially in the evaluation of the enterprise, it is no longer to evaluate a certain asset separately, but based on the concept of the whole enterprise value analysis and value management, to evaluate the overall fair market value of the target enterprise.This article takes the Harbin medicine stock as the research object, analyzes the various value driving factors of the internal value creation and performance of the Kazakh medicine shares layer by layer, at the same time carries on the comparison analysis with the same profession enterprise, carries on the analysis and the appraisal to the company management condition.Therefore, the relatively accurate data can be predicted, and by using different valuation methods, the method of discounted free cash flow, which is suitable for evaluating the value of pharmaceutical enterprises, is selected through comparative analysis, and the relative real enterprise value is calculated.The whole analysis process can not only provide some useful reference for the value management practice of enterprise management, but also provide credible reference for enterprise reorganization and investor investment.
【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.72

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