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论文编号：	13041
作者编号：	2120192971
上传时间：	2022/3/8 14:37:52
中文题目：	H 私募股权机构医药项目投资价值分析方法改进研究
英文题目：	Research on Improvement of Investment Value Analysis Method of Pharmaceutical Projects of H PE Institution
指导老师：	边泓
中文关键字：	私募股权投资；医药项目；投资价值分析；退出方式
英文关键字：	Private equity investment, Medical project, Investment value analysis，Exit mode
中文摘要：	私募股权投资正值蓬勃发展时期，是解决当前中小企业融资难问题的一种重要方式。医药项目由于高技术产生的高回报在很长一段时间后才可能实现，这种前期资金的大量无收益投入和最终产品能否市场化的未知性，与银行等传统金融机构的债权融资要求大相径庭，因此，很难获得银行等大型金融机构的投资。但是却与私募股权投资偏好高风险与高收益的投资特点相符，近年来越来越多的私募股权投资机构扩大基金规模用以投资医药项目，但是专业技术要求高、研发投入大、项目回收期长等都成为投资医药项目过程中做出决策的难点。在私募股权投资决策中，现有信息对各类决策支持力度不够；另一方面投资决策主观性强，缺乏一套完整的投资价值分析方法。 本文从私募股权投资机构H机构角度出发，以H机构投资X公司医药项目的投资决策为案例，结合医药项目特点全面考察被投资企业，并对H机构的决策及执行的整个流程进行分析，对H机构投资X公司的投资价值分析过程中的决策支持信息存在的不足之处进行挖掘。H机构投资价值分析中主要存在问题为缺少与公司战略及项目退出模式相关的投资价值评测手段。在改进投资价值分析方法方面，参考现有价值分析指标以及行业标准，结合医药行业的特点，以IPO为最终退出渠道，进而建立了H机构投资医药项目的价值分析方法。改进后的价值分析方法主要从项目投资期长度、IPO成功概率、IPO难度和IPO获利空间四个方面评判项目价值，将这四个方面作为判断医药项目投资与否决策的一级指标，从而建立符合医药行业特点的私募股权投资价值分析方法，并与投资规模相对应，更加科学的做出投资价值分析。 本文旨在通过H机构投资医药项目的现状，进行决策支持信息的完善和投资价值分析方法的改进，为H机构投资医药项目提供与企业战略目标更紧密相连的理论依据和分析方法，希望有助于促进私募行业的良好发展。
英文摘要：	Private equity investment is in a period of vigorous development, which is an important way to solve the financing difficulties of small and medium-sized enterprises. The high return of pharmaceutical projects due to high technology can only be realized after a long time. The large amount of unprofitable investment of early funds and the uncertainty of whether the final product can be market-oriented are very different from the debt financing requirements of traditional financial institutions such as banks. Therefore, it is difficult to obtain the investment of large financial institutions such as banks. However, it is consistent with the high-risk and high-yield investment characteristics of private equity investment preference. In recent years, more and more private equity investment institutions have expanded the fund scale to invest in pharmaceutical projects. However, high professional and technical requirements, large R&D investment and long project payback period have become the difficulties in making decisions in the process of investing in pharmaceutical projects. In the decision-making of private equity investment, the existing information is not enough to support all kinds of decisions; On the other hand, investment decision-making is subjective and lacks a complete set of investment value analysis methods. From the perspective of private equity investment institution H, this paper takes the investment decision of H institution in the pharmaceutical project of X company as an example, comprehensively investigates the invested enterprises in combination with the characteristics of pharmaceutical projects, analyzes the whole process of decision-making and implementation of H institution, and excavates the shortcomings of decision support information in the process of investment value analysis of H institution in X company. The main problem in the investment value analysis of H institution is the lack of investment value evaluation means related to the company's strategy and project exit mode. In terms of improving the investment value analysis method, referring to the existing value analysis indicators and industry standards, combined with the characteristics of the pharmaceutical industry, taking IPO as the final exit channel, this paper establishes the value analysis method of H institution's investment in pharmaceutical projects. The improved value analysis method mainly evaluates the project value from four aspects: the length of the project investment period, the probability of IPO success, the difficulty of IPO and the profit space of IPO, and takes these four aspects as the primary indicators to judge whether the pharmaceutical project is invested or not, so as to establish a private equity investment value analysis method in line with the characteristics of the pharmaceutical industry, which corresponds to the investment scale, Make more scientific investment value analysis. This paper aims to improve the decision support information and the investment value analysis method through the current situation of H institution 's investment in pharmaceutical projects, so as to provide a theoretical basis and analysis method more closely connected with the enterprise's strategic objectives for H institution's investment in pharmaceutical projects, hoping to help promote the good development of the private fund-raising industry.
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