A Case Study On Value Evaluation Of XM Medical Beauty Company Based On Improved FCFF Model

Since 2012,the medical and beauty industry in China has developed rapidly,and the consumer demand has burst out due to the influence of the Internet red culture.In the field of industry research,the research on medical beauty industry mostly focuses on legal disputes and marketing methods.At present,the research on the evaluation of medical beauty hospital Co.,Ltd.is very limited,which can not provide a reference for the evaluation of medical beauty enterprises.But with the rise of the medical beauty industry,the public's eyes gradually turn to this emerging industry,so it is very necessary to study the enterprise value evaluation of the medical beauty industry.This paper starts from the medical beauty industry,XM medical beauty company as the research object of this paper.The traditional FCFF model is used to evaluate the enterprise value of XM medical beauty company,and the problems existing in the traditional FCFF model are analyzed.According to the existing problems,the traditional FCFF model is improved,and XM medical beauty company is evaluated after improvement.The evaluation results after improvement are compared with the evaluation values under the traditional FCFF model.The main innovations in the process of improvement are: judging the life cycle of the enterprise based on the financial data of the enterprise,supporting the applicability of FCFF model and explaining the necessity of improving the traditional FCFF model;starting from the industry environment and its own capital structure of XM medical beauty company,adopting the dynamic capital structure and combining with the re determined dynamic asset risk coefficient to get dynamic discount rate.To build a non-financial index system to quantify the impact of non-financial factors on the value of XM medical beauty enterprises.The research holds that when evaluating the enterprises in the new industries such as medical and beauty industry,we should start with the industry,pay attention to the selection and improvement of the evaluation model,which is in line with the development of the emerging industries.When evaluating the non listed companies,we can judge the life stage of the enterprise first,so as to make a basic judgment on the internal and external environment of the enterprise when improving.In the specific improvement,we should pay attention to the development of comparable companies in the market,and pay attention to the dynamic change of discount rate for the growth period with large changes in asset structure;for enterprises affected by market development,the influence of non-financial factors cannot be ignored.