战略转型下的C制药企业现金流量管理研究

发布时间：2018-04-01 06:05

本文选题：战略转型　切入点：现金流量管理　出处：《重庆理工大学》2017年硕士论文

【摘要】：“互联网+”的新形势,使得传统医药企业面临新的机遇与挑战,全球化的进一步发展,使得国内医药企业承受着来自国外药企的巨大压力,迫使医药企业在经营方向,运营模式和资源配置等方面都要做出转变。我国制药企业的高污染,低成本,技术含量低的发展模式已不适合现代社会发展;全面“二孩”的放开,人口老龄化的加剧等为医药企业转型提供了广阔空间,医药行业的丰厚利润成为企业战略转型的内在驱动。企业战略是一个系统和全局的概念,任何成熟的战略转型必须有相应的财务战略与之配合,二者的相互配合显得尤为重要。在财务战略中,现金流是企业的血液,决定着企业的生存和发展能力,也体现着企业转型过程中对于风险和收益的掌控,所以本文主要研究战略转型下的现金流量问题。医药企业的转型中涉及最多的是制药企业的转型,所以本文选取老牌化学原料药企业C制药企业为研究对象,运用PEST和五力模型分析C制药企业战略转型的原因,然后分析了C制药企业战略转型前后的具体路径,最后将战略转型路径与现金流量相结合,先通过纵向对比,分析C制药企业战略转型前后的主要产品变动,现金流量结构变动,现金财务比率的变动,再通过横向对比,对比分析战略转型后C制药企业与同行业其他处于转型的制药企业的现金流、现金财务比率等方面。目的是探究战略转型对C制药企业现金流量的影响。通过分析发现,战略转型初期企业研发、建设等的投入加大,现金流结构偶尔出现有不合理情况,现金盈利能力和偿债能力有所下降,同时转型过程中企业内部控制薄弱等弊端逐渐暴露。随着战略转型的深入,依托“互联网+”的大背景,创新经营模式,联合线上线下资源,使得现金盈利、偿债等能力增强,现金流量结构趋向合理,从长远来看,战略转型有利于企业现金流量结构和质量的改善,为企业转型提供充足稳定的现金流保障。本文认为C制药企业从低成本战略向一体化和差异化战略转型的过程中,并非一帆风顺,转型中现金财务质量一度下降。这便要求C制药企业关注现金流结构的合理性,降低偿债压力及相关成本,提升企业现金盈利、偿债等能力。本文认为企业在转型的过程中应关注现金财务指标的变化,为企业战略转型的实施提供信息支持,规避转型中的现金流短缺危害。
[Abstract]:The new situation of "Internet" makes traditional pharmaceutical enterprises face new opportunities and challenges. With the further development of globalization, domestic pharmaceutical enterprises are under tremendous pressure from foreign pharmaceutical enterprises, forcing pharmaceutical enterprises to operate in the direction.Business model and resource allocation should be changed.The development mode of high pollution, low cost and low technology content of pharmaceutical enterprises in our country is no longer suitable for the development of modern society.The huge profits of the pharmaceutical industry have become the internal driving force of the strategic transformation of enterprises.Enterprise strategy is a systematic and overall concept, any mature strategic transformation must have the corresponding financial strategy to cooperate with it, the cooperation between the two is particularly important.In the financial strategy, cash flow is the blood of the enterprise, which determines the survival and development ability of the enterprise, and also reflects the control of the risk and income in the process of enterprise transformation. So this paper mainly studies the cash flow problem under the strategic transformation.The transformation of pharmaceutical enterprises is the most involved in the transformation of pharmaceutical enterprises, so this paper selects C pharmaceutical enterprises as the research object, using PEST and five-force model to analyze the reasons for the strategic transformation of C pharmaceutical enterprises.Then it analyzes the specific path before and after the strategic transformation of C pharmaceutical enterprises, and finally combines the strategic transition path with cash flow, first through vertical comparison, analyzes the changes of main products before and after the strategic transformation of C pharmaceutical enterprises.The change of cash flow structure and the change of cash financial ratio, and then through the horizontal comparison, the cash flow and cash financial ratio of C pharmaceutical enterprise and other pharmaceutical enterprises in the same industry are compared and analyzed after strategic transformation.The purpose is to explore the impact of strategic transformation on cash flow of C pharmaceutical enterprises.Through the analysis, it is found that in the early stage of strategic transformation, the investment in R & D and construction is increased, the cash flow structure is occasionally unreasonable, and the cash profitability and solvency decrease.At the same time in the process of transformation, weak internal control and other shortcomings gradually exposed.With the deepening of strategic transformation, relying on the background of "Internet", innovating business model, combining online and offline resources, making the ability of cash profit, debt service, etc., the structure of cash flow tends to be reasonable, in the long run,Strategic transformation is conducive to the improvement of cash flow structure and quality, and provides sufficient and stable cash flow guarantee for enterprise transformation.This paper holds that the transition of C pharmaceutical enterprises from low cost strategy to integration and differentiation strategy has not been smooth, and the quality of cash finance has declined once in the transition.This requires C pharmaceutical companies to pay attention to the rationality of cash flow structure, reduce debt service pressure and related costs, enhance the ability of cash profit, debt service and so on.This paper holds that enterprises should pay attention to the change of cash financial indicators in the process of transformation, provide information support for the implementation of strategic transformation of enterprises, and avoid the harm of cash flow shortage in the transition.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7

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