在新冠肺炎疫情背景下，中医药在抗疫中效果显著，进而推进中药行业的复兴。与此同时，“十四五规划”中亦提出：大力发展中医药行业，号召中药新药创新。在该背景下，如何科学准确地评估企业价值，使中药企业找准定位，提升企业价值，成为重点关注。为此，本文在对国内外企业价值评估、价值评估方法以及适用性的理论与应用进行探讨的基础上，运用层次分析和熵值法等构建了中药企业综合估值模型，应用了YL药业案例数据实践了该模型，并检验其适用性。

主要研究工作及结论：（1）对国内外企业价值评估及方法适用性相关研究进行归纳总结，介绍综合估值法。研究表明：目前企业价值评估方法主要分为成本法、市场法和收益法，本文为完整体现企业价值，综合考虑企业过去、现在和未来，采用AHP法和熵值法结合的综合估值法。另外，因自由现金流折现法和市盈率法相对成熟，选择这两种方法将辅助验证所构估值模型的适用性。（2）深入分析中药行业的发展状况和特征，建立中药企业综合估值模型。研究表明：该模型是通过筛选成本、市场、收益三维度及九个指标建立企业价值评估指标体系，运用AHP法与层次分析法，结合目标企业近五年股本总和及年末收盘价均值所构建的。（3）将综合估值模型应用于YL药业中，并结合P/E模型和FCFF估值模型加以验证综合估值模型的适用性，并对中药业提出相关建议。研究表明：P/E模型低估YL药业价值，综合估值模型相比FCFF估值法更能够全面反映企业的整体价值，总结出综合估值模型高于市场价值的原因在于YL药业的创新力、种植基地等因素，从而对中药业的价值提升提出可行性建议。

本文进一步丰富了中药企业估值研究成果，对YL药业价值评估的单个案例研究也是对中医药企业价值评估方法研究的相互补充，为评估中医药企业价值研究提供了理论依据与借鉴。

Against the backdrop of the new pneumonia epidemic, Chinese medicine has been effective in fighting the epidemic and promoting the revival of the Chinese medicine industry. At the same time, the 14th Five-Year Plan also proposes to vigorously develop the Chinese medicine industry and calls for new drug innovation in Chinese medicine. In this context, how to scientifically and accurately assess the enterprise value, so that Chinese medicine enterprises can find the right position and enhance the enterprise value has become a key concern. To this end, based on the theories and applications of enterprise value assessment, value assessment methods and applicability at home and abroad, this paper constructs a comprehensive valuation model for Chinese medicine enterprises using hierarchical analysis and entropy method, applies YL Pharmaceutical case data to practice the model and tests its applicability.

Main research work and conclusions: (1) summarize the domestic and foreign research related to enterprise value assessment and method applicability, and introduce the integrated valuation method. The research shows that: the current enterprise value assessment methods are mainly divided into cost method, market method and income method, and this paper adopts the integrated valuation method combining AHP method and entropy value method for the complete embodiment of enterprise value and comprehensive consideration of enterprise's past, present and future. In addition, since the discounted free cash flow method and the price-earnings ratio method are relatively mature, the selection of these two methods will assist in validating the constructed valuation model. (2) In-depth analysis of the development status and characteristics of the Chinese medicine industry and the establishment of a comprehensive valuation model for Chinese medicine enterprises. The study shows that the model is constructed by screening three dimensions of cost, market and revenue and nine indicators to establish an enterprise value assessment index system, applying the AHP method and hierarchical analysis method, and combining the total equity and the average value of year-end closing price of the target enterprises in the past five years. (3) The comprehensive valuation model is applied to YL Pharmaceutical, and the applicability of the comprehensive valuation model is verified by combining the P/E model and FCFF valuation model, and relevant recommendations are made to YL Pharmaceutical. The study shows that the P/E model underestimates the value of YL Pharmaceutical, and the integrated valuation model can reflect the overall value of the company more comprehensively than the FCFF valuation method. It concludes that the reason for the integrated valuation model being higher than the market value is the innovation power and cultivation base of YL Pharmaceutical, and thus makes feasible suggestions for the value enhancement of Chinese Medicine Industry.

This paper further enriches the valuation research results of Chinese medicine enterprises, and the single case study on the valuation of YL Pharmaceuticals is also a mutual complement to the research on the valuation methods of Chinese medicine enterprises, which provides a theoretical basis and reference for the valuation research of Chinese medicine enterprises.

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