中国医药公司投资价值研究

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1、AbstractWiththeimprovementoftheChinesefinancialmarketandthediversificationofthefinancialproducts,peoplebegintopaymoreattentiontothevalueevaluation.Valueevaluationistheimportantbasistoimprovethescientificityforinvestment,isalsooneoftheeffectivewaystoreducetheinvestmentr

2、isk.Valueevaluationisofgreatimportanceforindividualinvestors,institutionalinvestors,acquirers,orthecompany'smanagers.TheChinesegovernmentandthepublicpaymoreattentiontothepharmaceuticalcompaniesastheprocessofhealthsystemreform,thechangeofpopulationstructure,theurbanizat

3、ionandgrowthofPercapitadisposableincomelevel.Thepharmaceuticalindustryoccupiedamoreimportantpositioninthenationaleconomy.Thearticlechoosesthecompanyinpharmaceuticalindustryastheanalysistarget.ThisarticlewillusethemethodofcaseanalysistostudytheChinaMehecoCorporation'sin

4、vestmentvalue.TheauthorwillfirstanalyzethestatusofChina’smacro-economicenvironmentandthepharmaceuticalsindustryandfocusesonChinaMehecoCorporation.Basedontheannualreportsfrom2008to2012,theauthorwillanalyzethecompany’sfinancialstatements,evaluatetheoperatingperformance,a

5、ndmakeareasonableforecast.Thecompany’sinvestmentvaluewillbeestimatedbytheFCFFmethod.Throughtheanalysisofmultipleperspectivesofmacroeconomy,industrycompetitionandcorporatefinance,theauthorwillpresenttheriskofinvestingthecompany.Thestudywillshowprospectofdevelopmentandth

6、evalueforinvestmentofthecompany.Keywords：Thepharmaceuticalindustry;Financialanalysis;Valuationassessment6目录第1章引言.......................................................81.1选题背景.....................................................81.2研究意义及方法..............................

7、.................91.3研究框架和内容...............................................9第2章价值评估理论方法和相关文献综述............................112.1价值评估方法................................................112.2国内外相关文献综述..........................................13第3章宏观经济环境分析与医药行业分析............

8、................153.1宏观经济环境分析............................................153.2医药行业分析.................................