| The report of the 20 th National Congress of the Communist Party of China put forward that "the people are the people,and the people are the people".It emphasized that we should continue to promote the construction of a healthy China,put the people’s health first in the development strategy,and pointed out that we must build a multi-level medical security system,strengthen the health monitoring and management of major chronic diseases,and improve the people’s ability to prevent,treat and manage diseases.The proposal of these measures is good news for the development of the medical device industry,and the improvement of people’s living standards has further promoted the increasing demand related to medical treatment,and the medical device industry will develop rapidly.With the continuous improvement of the market demand of the industry,the internal M&A transactions of the industry are frequent,and the attention of investors is also increasing.Medical device enterprises usually have the characteristics of high risk,high income,and long R&D investment cycle.Therefore,it is particularly important to select appropriate value evaluation methods to help investors make investment and enterprise managers provide business decision suggestions.Sannuo Biology is a leading enterprise in the field of blood glucose detection in China.In recent years,it has continuously carried out horizontal mergers and acquisitions to enhance its competitiveness.Mergers and acquisitions have resulted in huge amounts of goodwill on the book,which has affected the company’s profitability and caused the outside world to pay attention to its internal value.Therefore,it is of great significance to select Sannuobi as the case study object in this paper.First of all,this paper describes the purpose and significance of the research,summarizes the achievements of domestic and foreign scholars on value evaluation,explains the relevant theories and concepts of value evaluation,compares different value evaluation methods and constructs EVA model,which lays the research foundation for the writing of this paper;Secondly,from the perspective of the medical device industry,this paper gives a macro overview of the development status of the industry and the external environmental factors of the industry,and explains the feasibility of selecting the EVA valuation model in combination with the basic business situation and enterprise characteristics of Sannuo Biological;Finally,based on the data from2017-2021,after adjusting the relevant indicators,this paper uses the EVA valuation model to calculate the intrinsic value of Sannuo Biological on the base date of the evaluation,and compares it with the valuation results under the market method and the discounted cash flow method to verify the reliability of the EVA model,and gives corresponding suggestions to Sannuo Biological according to the valuation results.Through this study,it is found that the internal value of Sanuo Biology is overestimated,and there are problems such as high debt ratio,low asset utilization efficiency,reduced profitability,and unreasonable cost.Based on this,this paper puts forward targeted improvement suggestions around strengthening internal management and asset management,increasing R&D investment,and dispersing goodwill,and proposes optimization strategies for the improvement of the company’s internal value. |
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