Enterprise Value Evaluation Of Pharmaceutical Company By The Income Value Method Improved

The pharmaceutical industry is growing faster and faster,and it has influence on our people whose daily life.With the development of China's economy and the degree of population aging accelerated,the demand of health services and will further increase.In order to reflect the value of pharmaceutical enterprises better,to provide the basis for the development of strategic management,to implement the pharmaceutical companies,This paper selects relevant cases in the pharmaceutical industry and conducts research on the status of its corporate value assessment.Cash flow model,also widely used in western developed countries,but due to China's market factors,the relevant parameters of cash flow model is difficulted to apply,the cash flow of future and the discount rate is an important parameter affecting the assessment results,especially the impact of discount rate in value assessment,the changes will be very due to small fluctuations in the value of.In the evaluation practice,the static discount rate is usually used to assess the impact of the financial changes on the enterprise value.The purpose of this paper is to improve the discount rate dynamically,making use of the influence of the model factor itself to make iterative calculation,so that the capital structure and beta value can be dynamically presented,and then calculate the dynamic discount rate,and evaluate the business value,so that the evaluation result is closer to the real value of the enterprise.This paper is the analysis and improvement on the basis of previous research,trying to provide reference data for assessment practice day,provides a possible direction for the development of the theory and practice.This paper mainly studies the application of the income method in the evaluation of the value of the pharmaceutical industry.Firstly,it elaborates on the evaluation method of the company's value and the development of the pharmaceutical industry.Based on the characteristics of the pharmaceutical industry,it analyzes the applicability of the income method and the cost method and market.The limitations of the law.The calculation method of the discount rate in the income method parameters is improved.The iterative method is used to calculate the value of the enterprise equity.The change of the capital structure affects the beta value and the evaluation value of the enterprise.Then use case analysis to apply the method.The application of the case is the focus of this article.First,the purpose of the assessment,the object of assessment,and the assessment hypothesis are described in the evaluation process.Secondly,a detailed analysis of the background,operations,and financial status of the entire case was conducted.Then the cash flow model was applied in the case,including the prediction of various future data,the determination of the discount rate,and the calculation of the valuation value of the enterprise.Finally,the results of the comparison between the improved method and the traditional method are compared,the causes of the differences are analyzed,and the relevant conclusions and prospects are drawn.