当前成熟类商业医药公司投资策略中的风险控制分析

发布时间：2018-03-21 12:44

本文选题：投资者机会　切入点：投资风险　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：当前,中国医药流通领域发生了很大变化,各种并购,重组活动日渐频繁。国家医改政策的调整,使处于供应链前端的生产性企业也作出了相应的战略调整,行业产业链的整合给商业性医药公司带来了新的投资机遇。在现有的医药商业领域中,业务竟争十分激烈,不同的企业选择了不同的应对策略,正确的政策解读,市场规模化与精准营销给投资者带来了新机会。资金筹措,资金运营与资金管理重点关注是现金流,是企业宏观业务战略下的重要执行步骤,其直接关系到企业运营质量的好坏。股权式、债权式、风险投资及内部资产重组与剥离等行为在宏观战略的指引下,必须十分重视风险。医药公司投资中的风险偏好、风险度量、测算,及风险参照体系的建立使得风险可以预见,可以度量,可以调整,采取行之有效的应对措施,客观上有利于降低风险,提高了投资收益率。公司应建立起规范的动态的风控体系。文章从传统的投资学理论入手,阐述了医药行业投资行为的分类,一般性理论及其特征；从宏观与微观经济学以及业务规范竞争角度出发,阐述了新形势下能够把握的投资机会；从企业成长周期性角度出发,阐述了现实中对医药业务相关投资领域的方向性调整的必然性；通过抽取KMC公司多年来资本运营实务,解析了当前整个行业中投资行为的合理性与风险产生场景,并归纳出一些有效手段和科学决策的方法；通过尝试使用一般投资决策的方法和工具进行分析,验证医药行业投资决策中采用的一些实用性方法和有效的工具的有效性。最后,从方法论的角度,得出了医药投资领域中一般性决策思路合理性的结论,及适合于成熟类医药商业公司一般性投资策略与风险控制方法。
[Abstract]:At present, great changes have taken place in the field of pharmaceutical circulation in China. Various mergers and acquisitions and reorganization activities are becoming more and more frequent. The adjustment of the national medical reform policy has made the productive enterprises in the front end of the supply chain making corresponding strategic adjustments. The integration of the industry chain brings new investment opportunities to the commercial pharmaceutical companies. In the current pharmaceutical business field, business competition is fierce, different enterprises choose different coping strategies, correct policy interpretation, market scale and precision marketing bring new opportunities for investors. Capital operation and capital management focus on cash flow, which is an important implementation step under the macro business strategy of an enterprise. It is directly related to the quality of the operation of an enterprise. Under the guidance of macro strategy, the behaviors of venture capital and internal assets reorganization and divestiture must attach great importance to risk. The risk preference, risk measurement, measurement, and risk reference system in pharmaceutical company investment make the risk predictable. It can measure, adjust and take effective measures to reduce the risk and increase the return on investment objectively. The company should establish a standard dynamic risk control system. Starting with the traditional theory of investment, this paper expounds the classification, general theory and characteristics of the investment behavior of the pharmaceutical industry, and sets out from the angle of macro and microeconomics as well as the competition of business norms. This paper expounds the investment opportunities that can be grasped under the new situation, expounds the inevitability of the directional adjustment in the field of pharmaceutical business related investment in reality from the perspective of the periodicity of enterprise growth, and through the extraction of the practice of capital operation of KMC Company for many years, This paper analyzes the rationality and risk generation scenario of investment behavior in the whole industry, and summarizes some effective means and scientific decision-making methods, which are analyzed by trying to use the methods and tools of general investment decision. To verify the effectiveness of some practical methods and effective tools used in investment decisions in the pharmaceutical industry. Finally, from the point of view of methodology, the paper draws the conclusion that the general decision-making thinking in the field of pharmaceutical investment is reasonable, and it is suitable for the general investment strategy and risk control methods of mature pharmaceutical commercial companies.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F272.3

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