基于ESG因素的医药企业价值评估研究

Research on Pharmaceutical Enterprise Valuation Based on ESG Factors

摘要: 在当前全球绿色经济转型趋势与我国“双碳”战略目标的共同推动下，企业积极主动地投身于绿色转型与高质量发展的实践，ESG因素成为影响企业价值不可忽视的一个因素。选取丽珠集团为例，运用熵权–TOPSIS法量化企业ESG因素，对修正系数进行Spearman相关性分析区分路径后引入ESG因素修正FCFF模型，引入股息率修正BS模型，最后运用FCFF模型和BS模型结合对医药企业价值进行评估，发现修正后的模型对医药企业价值评估更加准确。

Abstract: Driven by the current global trend toward a green economic transition and China’s dual carbon goals, enterprises are actively pursuing green transformation and high-quality development, making ESG factors a crucial determinant of corporate value. Taking Livzon Pharmaceutical Group Inc. as a case study, this research employs the entropy-weighted-TOPSIS method to quantify ESG factors. After analyzing the path of correction coefficients through Spearman correlation analysis, the study incorporates ESG factors into the FCFF model and dividend yield into the BS model. The final evaluation combines both models to assess pharmaceutical companies’ value, demonstrating that the modified approach yields more accurate valuation results.