导　　师： 邵希娟

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 企业价值是衡量企业业绩与整体质量好坏最准确、最全面的指标，现代财务管理的目标也逐渐由利润最大化转向企业价值最大化，随着我国证券市场的规范化发展，越来越多的证券投资者由以往浮躁地投机转为静下心来思考由上市公司内在价值折射出来的投资价值，价值投资的理念也逐渐深入人心。我曾经是一名医疗健康行业的工作者，2010年有幸进入华南理工大学攻读工商管理硕士，目前在一家金融投资机构实习，从事医疗健康产业投资的工作。医疗健康产业是朝阳产业，具有弱周期、稳定增长的特点，一直以来医药股都受到广大证券投资者的青睐。LZ公司是一家国内知名的医药上市公司，她的内在价值一直受到广泛的关注，我也非常关注她的投资价值。 论文是站在投资者的角度对LZ公司内在价值进行评估的研究。在对常用的企业价值评估方法分析、比较后，结合LZ公司的自身行业特点，将公司自由现金流贴现两阶段模型作为对LZ公司进行内在价值评估的方法。在对该模型和评估思路详细分析与论述之后，总结出具体的应用流程。论文首先进行了应用前提检验，然后对LZ公司所处内、外部环境、业务情况以及这些因素对LZ公司未来经营可能会产生的影响分别进行了分析；并以2007-2011年上半年的财务报表作为参考的基础数据，对LZ公司的主要财务指标进行了预估，然后估测出LZ公司未来的自由现金流，并贴现得到公司的内在价值。文章对LZ公司的保守估值结果在2011年12月31日时点的内在价值为752786.17万元，减去金融负债13324.96万元，得到公司的权益价值为739465.19万元，最后除以总股本295,722,016股，计算得到每股价值为25.01元，2011年12月30日LZ公司的A股收盘价为19.75元。因在估测主要财务指标时采取了相对比较保守的估测值，所以将� The enterprise value is the most accurate and comprehensive index in measuring thecorporate performance and overall quality. The objective of modern financial management isthe enterprises value maximization not the profit maximization.With the standardization ofdevelopment of China's securities market, more and more securities investors began to thinkabout the investment value reflecting from the intrinsic value of listed companies and stop toimpetuously speculate.I used to be a medical healthcare industry worker. In2010, I fortunatlyenter South China University of Technology to pursue a Master of Business Administration,and now I am practicing in a financial investment institutions,engaging in the healthcareindustry investment. For the characteristics of a sunrise industry, weak cycle, steady growth,the pharmaceutical stocks have been favored by the majority of investors in securities. LZcompany is a well-known pharmaceutical companies, her intrinsic value has been widlyconcerned, and I am also very concerned about the value of her investment. The paper is standing on the investor's point to assess the LZ company's intrinsic value.After analysis the main enterprise valuation methods and the LZ company's own situation, Ichoose the two-stage model of the free cash flow model as the assessment methlod of theintrinsic value and summed up the application process of the model. Firstly, I made the application premise inspection, then analyzed the external and internalenvironment and the LZ company business. Based on datum of the first half of the2007-2011financial statements, and estimated the LZ Company’s key financial indicators, and thenestimate the LZ's future free cash flow, and discounted the company's intrinsic value. Thisthesis concluded LZ Company’s intrinsic value at the point of the December31,2011was7,527,861,700Yuan, minus financial liabilities133,249,600Yuan to the company's equityvalue of7,394,651,900Yuan, and finally divided by the total share capital of295,722,016shares, calculated, at Dece

关 键 词： 企业内在价值评估 公司估值 现金流贴现模型

领　　域： [经济管理] [经济管理]