基于哈佛框架下云南白药财务分析研究

发布时间：2018-09-11 11:33

【摘要】：近几年,国家不断出台医药政策,一方面是对企业硬件设备的要求增加;另一方面对药品的价格实施管控,加之行业内中药占据份额较小,原材料和原料药的价格持续走高等等,给中药制造企业带来了不小的经营风险和财务压力。如何能够顺利度过行业改革带来的危机成了行业内每家企业最关心的事情。云南白药自1993年上市以来一直拥有良好的业界口碑,企业整体的运营情况也较为稳定,始终在行业内保持领先地位。那么这家中药行业中的代表企业,在这场危机中有如何的表现,又是否能继续保持领先的状态。哈佛分析框架作为财务报表分析众多体系中的一种,发展至今已经较为成熟且能被大部分人认可的一种较为全面的财务分析体系。它着眼于从战略、会计、财务和前景四个方面对企业整体的财务水平进行一个全局的分析与评价。将公司的财务状况与所采用的经营战略相关联,使之对其整体的财务评价更贴合实际。因此本文运用这一方法对我国老字号中药制造企业——云南白药的财务进行分析,了解2011-2015年中这家企业整体的经营情况和财务状况,以解决上文提及的疑问并为预测企业未来发展趋势和提出合理改进建议奠定基础。本文借鉴国内外相关研究成果,结合当前国内中药制造行业的特点及现状,以哈佛分析框架为基础,采用案例分析法,选取云南白药集团年报中的财务数据和行业数据加以整理,从战略、会计、财务、前景四个层次和角度对公司进行分析。最后,对公司整体的财务状况进行评价,对存在缺陷不足的地方提出个人的建议,对优势总结归纳,为同行业其他企业的借鉴学习提供参考。
[Abstract]:In recent years, the state has continuously introduced medical policies. On the one hand, the demand for hardware equipment of enterprises is increased; on the other hand, the price of drugs is controlled, and the share of traditional Chinese medicine in the industry is relatively small. The prices of raw materials and raw materials continue to rise, which brings not small business risk and financial pressure to traditional Chinese medicine manufacturing enterprises. How to survive the crisis brought about by industry reform has become the most concerned by every enterprise in the industry. Yunnan Baiyao has had a good reputation in the industry since its listing in 1993, and the overall operation of Yunnan Baiyao has been relatively stable, and it has always maintained a leading position in the industry. Well, this representative enterprise in the traditional Chinese medicine industry, how did it perform in this crisis, and whether it can continue to maintain the leading state? As one of the many financial statement analysis systems, Harvard Analysis Framework has developed into a more comprehensive financial analysis system, which can be recognized by most people. It focuses on an overall analysis and evaluation of the overall financial level of an enterprise from four aspects: strategy, accounting, finance and prospects. The financial position of the company is associated with the business strategy adopted to make its overall financial evaluation more realistic. Therefore, this paper uses this method to analyze the finance of Yunnan Baiyao, a famous Chinese medicine manufacturer in China, to understand the overall operating situation and financial situation of this enterprise in 2011-2015. To resolve the above mentioned questions and lay the foundation for forecasting the future development trend of the enterprise and making reasonable suggestions for improvement. This paper draws lessons from the domestic and foreign related research results, combines the current domestic traditional Chinese medicine manufacturing industry characteristic and the present situation, takes the Harvard analysis frame as the foundation, uses the case analysis method, This paper selects the financial data and industry data of Yunnan Baiyao Group to analyze the company from four levels and perspectives: strategy, accounting, finance and prospect. Finally, the financial situation of the company as a whole is evaluated, personal suggestions are put forward for the deficiencies, and the advantages are summarized, which provides reference for other enterprises in the same industry.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7

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