三板医药类企业估值问题研究——基于PEG模型的分析

Research on Valuation Issues of Third Board Pharmaceutical Enterprises--Analysis based on PEG Model

近年来随着新三板市场的进一步扩大,新三板上的医药企业数量也日渐增长。对三板医药类公司估值问题,理论上的研究目前并不充分,仅依靠投资机构的单一实践与投资研究。所以外界对三班医药公司的估值研究仍是单点单线,尚未形成系统。基于此,本文将为今后的估值提供一些个人的浅显看法,扩充该问题的研究思路,完善对于三板医药类公司估值问题的方法。本文结合了《非上市公司股权估值指引》的建议,在传统PE模型中加入公司增长率G的因素进行调整,能更准确地对目标企业的价值进行估量。

In recent years,with the further expansion of the New Third Board market,the number of pharmaceutical companies on the New Third Board has also been increasing day by day.Theoretical research on the valuation of pharmaceutical companies on the Third Board is currently insufficient,relying solely on the single practice and investment research of investment institutions.So the valuation research of the three pharmaceutical companies by the outside world is still single point,single line,and has not yet formed a system.Based on this,this article will provide some personal insights for future valuation,expand the research approach to this issue,and improve the methods for valuation of pharmaceutical companies on the Third Board.This article combines the suggestions of the Guidelines for Valuation of Non Listed Company Equity and adjusts the traditional PE model by incorporating the factor of company growth rate G,which can more accurately estimate the value of the target enterprise.