Application Of Market Approach In The Evaluation Of Medical Device Enterprises In China

Asset appraisal is the product of market economy development.With the further active market economy and the development of financial market,the demand for various assets value assessment,especially enterprise value assessment,is increasing.In Europe and the United States,the asset appraisal industry has gradually matured with the prosperity of the economy and capital markets,forming the more complete theory,and the application is becoming more standardized in practice.Asset valuation plays a variety of service roles in the capital market,mergers and acquisitions,venture capital,private equity valuation.China's asset appraisal industry is still in the early stage of development,but its importance in the economy and society is gradually increasing.China's first asset appraisal law,the Asset Appraisal Law of the People's Republic of China,was implemented on December 1,2016.It is a milestone in the development of China's asset appraisal industry and will better standardize and guide the practice of China's appraisal industry.The development of the economy is undoubtedly accompanied by the advancement of science and technology,the improvement of social innovation capabilities,and the improvement of innovation capabilities,which have led to the emergence of innovative enterprises and the replacement of new and old industries.The booming steel,infrastructure,energy yesterday have gradually withdrawn from the main stage of economic development.The sunrise industry such us communication equipment,e-commerce,and pharmaceutical manufacturing has become the main theme of the development of the times.Therefore,the evaluation of the value of innovative enterprises is an urgent problem to be solved.With the current population characteristics of China and the accelerating aging population,the medical device industry has also maintained a trend of continuous growth.The pharmaceutical manufacturing industry is listed as one of the seven innovative industries in China,and medical devices are a sub-sector of pharmaceutical manufacturing.The industry's scale and revenue continue to grow,and the number and amount of M&A transactions in domestic and cross-border companies are increasing.Therefore,the evaluation of the value of medical device companies is becoming increasingly important.The evaluation of the value of medical device enterprises is divided into three parts: First,the situation of global medical device development,especially China's medical device industry.Second,the evaluation characteristics of the medical device industry and the factors influencing the value of the enterprise.Third,the market model is used to construct a new model for evaluating medical device enterprises,and the combination of empirical and case methods is used to evaluate the enterprise value of the specific medical enterprise Lepu Medical.The medical device industry has its characteristics.Due to the existence of a large number of intangible assets,the capitalization of some R&D expenses and the success of product development,the cost method and the income method are not fully applicable,and the application of market law is at the key indicators.And the choice of comparable companies,the practice still has greater subjectivity and randomness.Therefore,this article will use the improved market law to evaluate the value of listed companies in the medical device industry.The research on emerging industries will meet the development needs of the asset evaluation industry,and will play a theoretical role in the healthy development of the medical device industry.This paper takes the listed companies in the medical device industry in 2015-2017 as the research sample.It mainly studies the application of the market law in the medical device industry based on the enterprise value evaluation theory and the theory of enterprise innovation value.The ways to improve the market law mainly include the following two aspects: First,the multiple regression analysis method is used to study the multiple independent variables that affect the stock price of the enterprise,and select the representative value ratio that affects the value of the medical device enterprise.Second,the cluster analysis method is used to separate the medical device industry.The industry's high-value consumables select comparable companies on two levels and derive the stock price of the company after cluster analysis.In addition,the traditional P/B estimation model is used to compare the results with regression models and cluster analysis.The conclusions of the study show that,overall,the stock price prediction effect of multiple linear regression method is better than the cluster analysis method for predicting stock price and traditional PB valuation method.The innovations in this paper are reflected in:(1)The focal length is evaluated by the medical device company.Medical equipment is an innovative enterprise.Different from the existing valuation research of high-tech,GEM and other enterprises,this paper focuses on the development of the medical device industry and its evaluation methods.It has enriched the current assessment of medical device companies in the field of asset appraisal,and practiced the practice of putting medical device enterprise value assessment in an important research position.(2)Expanded research methods for value assessment of medical device companies.This paper optimizes the application of market law,uses regression analysis to select value ratio,cluster analysis selects the combination of comparable methods and comparable methods of PB valuation model,and enriches the method selection of medical device enterprises.(3)Introduce innovation capability assessment indicators.This paper is based on the current "asset evaluation criteria-enterprise value",as well as reference to the past scholars in the enterprise value assessment of the choice of indicators,the most common indicators are scale,operational capacity,solvency,profitability and growth ability,cited in this article in.On this basis,the index of innovation ability is introduced,which is in line with the characteristics of medical device enterprises,and has a deeper understanding of the valuation of medical and medical enterprises.