基于FCFF模型的医药企业价值评估与跨国投资研究——以美国强生公司为例

Research on Value Assessment and Transnational Investment of Pharmaceutical Companies Based on FCFF Model——Take Johnson & Johnson as an Example

医药类企业在世界各国经济社会中发挥越来越大的作用,新冠疫情背景下,各国相继出台利好政策驱动医药企业创新发展。对生物医药企业进行评估进而了解价值状况,有利于推动企业的高质量发展。但鉴于医药企业固有的行业特性,单一实体价值评估难以有效反应整体的真实价值。通过价值分析,本文认为医药企业价值应为实体价值与期权价值之和。因此,本文以美国强生公司为估值对象,结合FCFF估值模型,构建医药企业整体价值评估模型,以尽可能确保所反应企业价值的准确性,并为跨国间的价值投资提供参考。

Pharmaceutical companies are playing an increasingly important role in the economy and society of various countries in the world. Under the background of the new crown epidemic, countries have successively issued favorable policies to drive the innovation and development of pharmaceutical companies. Evaluating biopharmaceutical enterprises to understand their value status is conducive to promoting the high-quality development of enterprises.However, given the inherent industry characteristics of pharmaceutical companies, it is difficult for a single entity value assessment to effectively reflect the overall true value. Through value analysis, this paper believes that the value of pharmaceutical enterprises should be the sum of entity value and option value. Therefore, this paper takes Johnson & Johnson as the valuation object and combines the FCFF valuation model to construct an overall value evaluation model for pharmaceutical companies to ensure the accuracy of the reflected corporate value as much as possible, and to provide a reference for cross-border value investment.