基于盈利模式分析的华润三九财务绩效研究
发布时间：2019-05-12 07:41
【摘要】：如今我国医药卫生体制改革进入深水区,市场监管不断升级,医药行业发展出现了减速新常态。面对宏观环境的变化,医药企业需要不断调整自身盈利模式。与企业经营要素相匹配的盈利模式能为企业带来超额利润,而盈利模式的实施效果最终可通过公司财务绩效反映出来。因此结合企业盈利模式对其进行财务绩效研究,可以帮助企业发现经营过程中存在的问题并有针对性地解决,以有效应对行业变化。华润三九医药股份有限公司是本文的研究对象,它作为医药行业的标杆企业,其盈利模式的设计实施及其财务绩效都值得研究。本文运用了对比分析法、和案例研究法,通过将华润三九的财务绩效,与同行业不同盈利模式企业的财务绩效进行比较分析,研究出全产业链模式对华润三九财务绩效的影响,并从优化盈利模式出发,提出提高财务绩效的建议。本文通过对医药企业的盈利模式进行分类,概括出现阶段医药行业常见的几种盈利模式为产品模式、品牌模式和集团全产业链模式。根据华润三九的盈利模式的构成要素特征,将该公司的盈利模式归为全产业链模式,具体描述为以产品为核心,通过对药品研发、生产、销售的全面投入,充分利用公司的品牌效应,为企业和顾客创造价值,从而获取利润的盈利模式。为了更好地探究全产业链模式对公司财务绩效的影响,选取了分别采用产品模式的和品牌模式的两家同行,以其财务绩效指标与华润三九作比较。分析发现,相比对比的企业,公司在全产业链模式下的财务绩效不突出,这是由于公司进行产业链布局时,在注重延伸产业链长度的同时,忽视了每个环节的质量与衔接,具体表现在产业链中游生产的产品缺乏核心竞争力,盈利能力不强;在产业链下游的营销和品牌建设环节投入巨大,导致费用率过高,影响公司利润;并购后的资源整合不到位,未发挥并购带来的协同效应。针对上述问题,对公司产业链上游的研发环节、产业链下游的营销环节,以及并购整合提出建议,以更好地优化盈利模式,提高公司财务绩效。
[Abstract]:At present, the reform of medical and health system in China has entered the deep water area, the market supervision has been upgraded, and the development of pharmaceutical industry has slowed down. In the face of changes in the macro environment, pharmaceutical enterprises need to constantly adjust their own profit model. The profit model matching with the operating elements of the enterprise can bring over profit to the enterprise, and the implementation effect of the profit model can finally be reflected through the financial performance of the company. Therefore, combined with the profit model of enterprises to study its financial performance, it can help enterprises to find the problems existing in the business process and solve them pertinently, in order to effectively deal with the changes in the industry. China Resources Sanjiu Pharmaceutical Co., Ltd. is the research object of this paper. As a benchmark enterprise in the pharmaceutical industry, the design and implementation of its profit model and its financial performance are worth studying. Using comparative analysis method and case study method, this paper compares the financial performance of China Resources Sanjiu with the financial performance of enterprises with different profit models in the same industry, and studies the impact of the whole industry chain model on the financial performance of China Resources Sanya. From the point of view of optimizing the profit model, this paper puts forward some suggestions to improve the financial performance. By classifying the profit models of pharmaceutical enterprises, this paper summarizes that several common profit models in the pharmaceutical industry are product model, brand model and group whole industrial chain model. According to the characteristics of the constituent elements of the profit model of China Resources Sanjiu, the company's profit model is classified as the whole industry chain model, specifically described as a comprehensive investment in drug research and development, production and sales, taking the product as the core. Make full use of the brand effect of the company to create value for enterprises and customers, so as to obtain profit model. In order to better explore the impact of the whole industry chain model on the financial performance of the company, two peers using the product model and the brand model were selected, and their financial performance indexes were compared with those of China Resources 39. The analysis shows that the financial performance of the company in the whole industrial chain mode is not outstanding compared with the contrast enterprise, which is due to the fact that the company pays attention to extending the length of the industrial chain while neglecting the quality and cohesion of each link while carrying out the layout of the industrial chain. The specific performance is that the products produced in the middle of the industrial chain lack the core competitiveness and the profitability is not strong; The investment in marketing and brand building in the downstream of the industrial chain is huge, which leads to the high cost rate and affects the profit of the company. The resource integration after the merger and acquisition is not in place, and the synergy effect brought about by the merger and acquisition is not brought into play. In view of the above problems, this paper puts forward some suggestions on the R & D link in the upstream of the industrial chain, the marketing link in the downstream of the industrial chain, and the integration of mergers and acquisitions, so as to better optimize the profit model and improve the financial performance of the company.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
本文编号：2475221
[Abstract]:At present, the reform of medical and health system in China has entered the deep water area, the market supervision has been upgraded, and the development of pharmaceutical industry has slowed down. In the face of changes in the macro environment, pharmaceutical enterprises need to constantly adjust their own profit model. The profit model matching with the operating elements of the enterprise can bring over profit to the enterprise, and the implementation effect of the profit model can finally be reflected through the financial performance of the company. Therefore, combined with the profit model of enterprises to study its financial performance, it can help enterprises to find the problems existing in the business process and solve them pertinently, in order to effectively deal with the changes in the industry. China Resources Sanjiu Pharmaceutical Co., Ltd. is the research object of this paper. As a benchmark enterprise in the pharmaceutical industry, the design and implementation of its profit model and its financial performance are worth studying. Using comparative analysis method and case study method, this paper compares the financial performance of China Resources Sanjiu with the financial performance of enterprises with different profit models in the same industry, and studies the impact of the whole industry chain model on the financial performance of China Resources Sanya. From the point of view of optimizing the profit model, this paper puts forward some suggestions to improve the financial performance. By classifying the profit models of pharmaceutical enterprises, this paper summarizes that several common profit models in the pharmaceutical industry are product model, brand model and group whole industrial chain model. According to the characteristics of the constituent elements of the profit model of China Resources Sanjiu, the company's profit model is classified as the whole industry chain model, specifically described as a comprehensive investment in drug research and development, production and sales, taking the product as the core. Make full use of the brand effect of the company to create value for enterprises and customers, so as to obtain profit model. In order to better explore the impact of the whole industry chain model on the financial performance of the company, two peers using the product model and the brand model were selected, and their financial performance indexes were compared with those of China Resources 39. The analysis shows that the financial performance of the company in the whole industrial chain mode is not outstanding compared with the contrast enterprise, which is due to the fact that the company pays attention to extending the length of the industrial chain while neglecting the quality and cohesion of each link while carrying out the layout of the industrial chain. The specific performance is that the products produced in the middle of the industrial chain lack the core competitiveness and the profitability is not strong; The investment in marketing and brand building in the downstream of the industrial chain is huge, which leads to the high cost rate and affects the profit of the company. The resource integration after the merger and acquisition is not in place, and the synergy effect brought about by the merger and acquisition is not brought into play. In view of the above problems, this paper puts forward some suggestions on the R & D link in the upstream of the industrial chain, the marketing link in the downstream of the industrial chain, and the integration of mergers and acquisitions, so as to better optimize the profit model and improve the financial performance of the company.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
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