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论文编号：	7484
作者编号：	2220130904
上传时间：	2015/6/10 16:07:01
中文题目：	互联网背景下熙康医疗健康公司估值研究
英文题目：	Research on the valuation of XI KANG health company under the background of Internet
指导老师：	黄福广
中文关键字：	互联网；医疗健康；企业价值；评估模型
英文关键字：	Internet; medical and healthcare; enterprise value; evaluation model
中文摘要：	互联网背景下熙康医疗健康企业是互联网和传统健康产业的相结合的企业，其主要业务内容包含健康体检及检后管理服务、互联网医疗业务。传统体检行业已经接近成熟期，然而互联网医疗及移动健康管理行业处于刚刚起步阶段，业务快速发展。本文主要论述熙康公司在互联网背景下的潜在价值，并运用收益法-实物期权定价组合模型解决潜在价值评估难点。通过完整的案例分析，在评估过程中，通过调整财务报表数据、引用行业指标、风险参数线性回归分析、对比类似公司指标等方法。论证收益法-实物期权定价评估模型在熙康公司价值评估中合理性及局限性。 本文理论部分首先就企业价值评估各种方法进行综述，讨论分析了三种传统评估方法及高新技术领域常用的实物期权定价模型的适用性及局限性。案例分析部分首先从宏观、行业和公司战略三个层面对熙康公司估值背景分析；其次，针对互联网背景下的熙康公司价值驱动因素的影响，提出互联网影响熙康公司估值的两大潜在价值要素：健康云平台共享生态系统、互联网健康大数据。阐述互联网背景影响下的熙康医疗健康公司的潜在价值。进而根据熙康公司的价值特征构建收益法-实物期权定价组合模型，并针对熙康公司自身特点调整估值模型参数。然后结合公司历史财务情况，分现时资产价值评估和潜在价值评估。传统产业体检及检后服务按照收益法评估价值，移动互联网医疗业务潜在价值运用实物期权定价模型评估，最终得到了熙康公司整体评估价值。最后通过市场认可价值与评估价值的差异分析，总结选择的评估模型的正确性及局限性。 从评估结果与市场结果的对比分析来看，运用改进后的收益法-实物期权定价模型的评估模型有效地评估熙康公司的整体价值。希望通过本文对互联网背景下的熙康公司价值评估研究，对未来新兴的互联网医疗健康公司价值评估的日常实务操作和理论研究有一些参考和借鉴。也希望以后的研究者能在此基础上提出更严谨的评估方法。
英文摘要：	Combined the Internet and traditional healthcare industries, Hee Kang Medical & Healthcare Company’s main business involves two industries, i.e. the medical check-up with its following services and mobile internet medical care. The traditional medical check-up industry is almost in the mature period, meanwhile the internet medical care and mobile healthcare management industry just stepped into the period of rapid development. This paper mainly elaborates Hee Kang’s potential value under the Internet background and solves the difficulties of potential value evaluation by using the portfolio model of income approach - real options pricing. Through comprehensive case study analysis and various methods including linking theory with practice, qualitative and quantitative, scenario analysis, etc., it fully demonstrates the whole process to evaluate Hee Kang by using the model of income approach - real options pricing. This paper is divided into two parts, theoretical analysis and case studies. In the theoretical analysis part, it firstly reviews the enterprise value assessment method, discusses the applicability and limitations of three traditional evaluation methods and real options pricing model which is usually adopted in high tech industry. In the case studies part, firstly, it analyzes HEE Kang’s evaluation background from the levels of macro, industry and company strategy; secondly, it raises two factors of the internet’s influence on Hee Kang’s value assessment: health cloud platforms and internet health big data. It elaborates the Hee Kang’s potential potential value under internet background. Then based on real options pricing model, it will build the portfolio model of income approach - real options pricing according to Hee Kang's value characteristics, and adjust the valuation model parameters along with Hee Kang’s unique characteristics. Thereafter it combines with the company historical financial performance to conduct evaluation by current assets value and potential assess value separately. For traditional medical check-up with its following services, it will be evaluated by the income approach; while for mobile internet medical business, its potential value will be evaluated by the real options pricing t approach, thus finally we can acquire the Hee Kang’s overal assessed value. At last, it will compare the difference between market value and evaluated value to summarize the validity and the limitations of the selected evaluation model. From the comparison of evaluation results and market results, it will successfully evaluate Hee Kang’s internal value by using improved model of income approach - real options pricing. I hope the discussion and application of the evaluation model on internet medical health care company in this paper can provide a useful reference on evaluation for the emerging medical and healthcare management companies in transition or other emerging industries. I also hope that the future researchers can raise more precise evaluation method based on this paper.
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