本文在介绍价值评估的相关理论的基础上，分析了价值评估涉及的市场法、
成本法以及收益法等评估方法的优缺点和适用范围。然后，结合我国医药器械行
业发展现状、财务状况和未来发展前景，估测了医药器械类企业价值评估中涉及
到的主要参数。在假设眉山市康利医疗器械有限公司(以下简称“康利公司”)持
续经营情况下，通过调研康利公司连续近五年相关数据，针对康利公司和行业特
点，选择与传统评估方法不一样的自由现金流量法评估方法，挖掘自由现金流量
法应用于康利公司价值评估的优势，采用企业自由现金流模型对康利公司进行企
业价值评估，从而准确评估康利公司的内在价值。最后，对康利公司的价值评估
结果进行了合理性分析。并针对医疗器械企业价值评估中的评估方法选择和参数
选取等问题进行了相应探讨
关键词：公司价值；公司价值评估；自由现金流量法西南科技大学硕士研究生学位论文
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Abstract
With the improvement of living standard, people have higher requirements for
health, and adapt to this, the development prospect and value of the pharmaceutical
industry have attracted much attention. However, if the investment of pharmaceutical
enterprises, the main problem is to accurately determine the intrinsic value of the target
enterprise, the value of the target enterprise often determines the success or failure of
the merger and reorganization. At present, the research on the value evaluation of
pharmaceutical enterprises is very short. Therefore, it is necessary to explore and
analyze the factors affecting the value of medical device enterprises, correctly select
the enterprise value evaluation method suitable for the pharmaceutical industry, and
complete the value valuation of medical industry.
Based on the relevant theory of value evaluation, this paper analyzes the
advantages and disadvantages and scope of application of market law, cost method and
income method. Then, combined with the development status, financial status and
future development prospects of pharmaceutical industry in China, the main
parameters involved in the evaluation of pharmaceutical equipment enterprises are
estimated. Under the continuous operation of assuming that medical instrument co., ltd.
( hereinafter referred to as Conley ), according to the data of Conley company, the
free cash flow evaluation method is not the same as traditional evaluation method.
Finally, the rationality analysis of the value evaluation of Conley company is made.
And the evaluation method selection and parameter selection in the medical device
enterprise value evaluation are discussed accordingly.
Keywords: Company value;Corporate valuation;Free cash flow method西南科技大学硕士研究生学位论文
第 III页
目 录
1 绪论 1
1.1 价值评估的研究意义.........1
1.2 价值评估的国内外研究现状.........2
1.3 研究内容.....3
1.4 研究方法.....4
1.5 主要创新点.4
2 企业价值评估理论 6
2.1 概念界定.....6
2.1.1 企业价值......6
2.1.2 企业价值评估..........6
2.2 企业价值评估基本理论.....7
2.2.1 价值评估假设..........7
2.2.2 价值评估类型..........7
2.2.3 价值评估方法..........8
2.2.4 价值评估方法选择..9
3 康利公司总体情况分析.. 11
3.1 康利公司概况.......11
3.2 康利公司行业情况分析...12
3.2.1 医疗器械行业高速增长....12
3.2.2 医疗器械市场潜力巨大....13
3.3 康利公司财务分析...........14
3.3.1 偿债能力分析........15
3.3.2 盈利能力分析........16
3.3.3 营运能力分析........16
3.3.4 发展能力分析........17
4 康利公司价值评估.......... 20
4.1 康利公司价值评估方法选择.......20西南科技大学硕士研究生学位论文
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4.2 康利公司价值评估参数估测.......21
4.2.1 营业收入估测........22
4.2.2 营业成本估测........24
4.2.3 管理费用、销售费用估测25
4.2.4 税金及附加估测....26
4.2.5 折旧与摊销估测....26
4.2.6 资本性支出估测....27
4.2.7 营运资金增加额估测........27
4.2.8 所得税税率确定....28
4.2.9 其他项目估测........28
4.2.10 折现率估测29
4.3 康利公司价值估算...........32
4.4 康利公司评估价值分析...33
4.4.1 评估价值合理性分析........33
4.4.2 评估价值增值分析34
4.5 康利公司价值评估启示...34
4.5.1 慎重选择价值评估方法....35
4.5.2 合理估测价值评估关键参数........36
4.5.3 提高评估人员职业道德与执业能力........36
结论与展望.... 38
参考文献........ 40
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