| In November 2018,China officially launched the centralized drug purchase mode.Up to now,six rounds of centralized drug purchase have been carried out in an orderly manner,and the last round of purchase has also been put into practice.Moreover,the scope is getting larger and larger,the pilot scale is gradually expanded,and the overall medical reform is advancing in an orderly manner.During this research,the author mainly focused on Hengrui pharmaceutical company as the main research object,collected and sorted out the basic data of the enterprise from 2016 to 2020 and the financial operation data of the third quarter of2021,analyzed the current financial situation,and found that although Hengrui pharmaceutical fluctuated in terms of operation ability,solvency,development ability and profitability in the short term due to the influence of centralized purchase policy,it was relatively stable as a whole,And higher than the industry average.In addition,the discounted cash flow method and EVA are used to compare the enterprise operation data,and based on their different characteristics,their respective application effects are summarized.Finally,it is considered that they can realize the reasonable valuation of enterprise value evaluation through mutual cooperation.In addition,based on the assumptions and calculation formula of EVA index,the possible technical adjustment and Optimization in the calculation process are also defined according to the development requirements of the enterprise,so as to form a set of system wide evaluation model.Firstly,based on the enterprise sample data,the past EVA level is solved,and then its specific value is determined by the discounted cash flow method.Secondly,on the basis of this result,we compare it with the market value,and then clarify the investability and investment efficiency of the enterprise.Combined with the promotion situation of the national centralized procurement policy,we evaluate the value of Hengrui pharmaceutical.Through the calculation results,it can be found that the centralized purchase policy has an impact on the short-term value of Hengrui medicine,mainly because the traditional generic drugs are impacted by volume purchase.With the R &D of innovative drugs put into production,the negative impact of centralized purchase will also narrow or even reverse the current trend.In addition,this study also adopts relatively conservative evaluation indicators in combination with epidemic factors,hoping to provide corresponding reference for relevant investors. |
