基于剩余收益模型的专精特新医疗企业价值评估——以北陆药业为例

Value Evaluation of Specialized and New Medical Enterprise Based on Residual Income Model-A Case Study of Beilu Pharmaceutical

专精特新中小企业是我国市场经济发展的重要参与主体,传统企业价值评估方法无法解决专精特新医疗企业现金流和股利难预测、可比企业难以寻找、非系统风险高等评估难题。本文根据专精特新医疗企业所处生命周期确定其增长阶段模型,结合已有研究引入杜邦分析体系和市净率对剩余收益模型进行修正,通过突变级数法调整财务因素在专精特新医疗企业价值的权重,使其能更好地契合企业价值最大化的财务管理目标。通过北陆药业的分析,验证剩余收益模型对专精特新医疗企业价值评估的合理性,不仅有助于丰富企业价值评估理论,同时也为专精特新其他行业的价值评估提供一定的借鉴意义。

At present,specialized small and medium-sized enterprises are important participants in the development of China's market economy.The traditional mainstream evaluation methods cannot solve the problems of specialized small and medium-sized enterprises that their cash flow and divdends are difficult to predict,the comparable enterprises are difficult to find and the high evaluation of unsystematic risks.This paper determines its growth stage model according to the life cycle of the specialized small and medium-sized new medical enterprise,introduces DuPont analysis system and P/B ratio to revise the residual income model,and adjusts the weight of financial factors in the specialized small and medium-sized new medical enterprise value through mutation progression method,so that it can better to meet the financial management goal of maximizing enterprise value.Through the analysis of Beilu Pharmaceutical,we can verify the rationality of the residual income model for the value evaluation of specialized small and medium-sized medical enterprise,which not only helps to enrich the enterprise value evaluation theory,but also provides some reference for the value evaluation of other specialized small and medium-sized industries.