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论文编号：	13295
作者编号：	2320190664
上传时间：	2022/6/10 11:49:57
中文题目：	M制药公司供应链融资研究
英文题目：	Study on Supply Chain Financing of M Pharmaceutical Company
指导老师：	黄福广
中文关键字：	供应链融资；应收账款；应付账款
英文关键字：	Supply chain financing; Accounts receivable; Accounts payable
中文摘要：	摘 要 在我国的医药制造行业中，前期工程施工建设、公用设施和生产设备的投入金额较大，投资期较长。除了这种重资产运营外，还需要满足GMP（Good Manufacturing Practice良好生产规范)要求，很多中小型制药企业的资本金投入跟不上发展建设投入的步伐，运营过程中几乎都需要外部资金的助力。然而，由于中小型制药企业本身授信条件一般，以及金融机构融资限制问题，多数中小型企业不容易获得银行的贷款。尽管我国政府出台了很多支持中小型企业发展的政策，但是金融机构的支持政策和执行动力不足，融资问题一直是中小型企业成长阶段的绊脚石。 供应链融资的出现和发展在一定程度上解决了部分中小企业的融资问题。供应链融资强调在实际交易背景下的业务活动，以及融资需求企业与供应链上下游企业间合作的整体性和稳定性，而不是像以往单纯强调融资需求企业的财务情况、现金流和收入能力。供应链融资模式在一定程度上降低了融资需求企业的准入门槛，尤其是为创业期和成长期的中小企业带来了融资的可能性。同时，金融机构通过供应链整体业务，减少了信息不对称的误判，有效的避免了信用风险，也增加了金融机构自身的业务收益。 本文以东北地区一家中小型外商独资企业——M制药公司为研究对象。M制药公司致力于生产抗肿瘤药物及技术转移服务，在生产和技术服务业务供应链中占有重要地位。肿瘤药市场需求逐年增加，世界卫生组织发布2021年全球新增癌症病例1,929万例，死亡996万例。我国近5年癌症病例平均年增长率为3.06%。全球最大医药服务公司IQVIA艾昆纬尽职报告显示，M制药公司未来三年销售额分别为3.4亿、4.9亿、5.2亿，前景较好。M制药公司对上游企业有持续大量采购需求。M制药公司获得国外新药中国上市许可权，下游销售商争抢M制药公司销售代理权，竞争激烈，在生产制造供应链业务上，与上下游核心企业有一定的谈判砝码。M制药公司在技术服务供应链中也占有重要地位，表现在：M制药公司为欧美药企提供工艺开发、验证服务，为国内药企进行研发技术转移，掌握国内外医药资源，承担着资源整合中心这样的重要地位。M制药公司无菌工艺全球领先，在美国拥有技术专利，有技术服务特质，即国内外药企对M制药公司技术服务需求是专用性投资，一旦中断，前期投资毫无价值，国内外药企一旦启动与M制药公司合作，必须保持长期持续战略合作。M制药公司占有供应链重要地位。 M制药公司上游企业多达760家供应商，包括一些世界500强、上市企业、跨国企业、大型央企，他们企业现金流充沛、信用好、有自己的核心技术、技术壁垒高、很难被替代、在制药上游行业市场竞争力强、行业优势明显，这些上游企业具备核心企业的实力。M制药公司下游企业，均是跨国知名药企、上市医药集团等经营规模较大的医药企业，资产总额较高，现金流良好，信用等级较高，他们有医药研发核心技术、有较大的市场占有率，可主导供应链上下游企业运营节奏，下游企业完全具备供应链核心企业的能力。 M制药公司业务发展产生融资需求，通过银行传统借贷实现了部分融资，也进行了供应链融资。现有供应链融资业务和预期计划相比，以及同比银行与其他当地公司融资业务，存在一定的问题。问题一，现有供应链融资成本较高。包括：现有供应链融资费用较高，基准利率上浮10%，还涉及平台费手续费、设备评估费，根据调查，可以协商维持基准利率、免手续费、降低评估费；现有供应链融资效率低，时间成本高，手续多，审核时长29个工作日，可降到7个工作日；现有供应链融资关联业务附加成本较高，例如向核心企业定向采购等，可进一步谈判。问题二，供应链融资渠道未被充分利用，包括上游融资渠道未被充分利用，仅货权融资一项，上游有多个核心企业，M制药公司有谈判能力；没有与下游核心企业建立供应链融资，没有利用下游核心企业的专用性投资、捆绑持续合作价值，进行供应链融资；没有利用外企特性以及国外分公司优势进行海外融资，海外供应链融资形式更加多样、灵活。问题三，缺乏供应链融资业务及风险管控，包括：现有供应链融资业务水平较低，M制药公司没有专业的供应链融资管理人员，没有供应链融资业务流程和信息管理；缺乏对上下游核心企业的管理，没有针对核心企业的管理流程，没有职责清晰的核心企业管理组织，没有核心企业分类管理和绩效管理；供应链融资风险管理有待加强，缺乏供应链融资风险控制体系，业务闭合有风险，缺少风险结构化。 本文重点分析了现有供应链融资成本较高问题的现状及原因，针对这些原因，分别提出供应链融资改进措施，同时也对其他供应链融资问题逐个提出供应链融资建议。包括：通过优化应收账款、完善应付账款融资和加强银行合作关系降低供应链融资成本；通过应收账款融资、供应链医药库存融资、医药数字化平台供应链融资和海外供应链融资拓宽供应链融资渠道；以及通过加强供应链融资业务能力、上下游核心企业供应链融资管理和供应链融资风险管理来加强供应链融资业务及风险管控。 通过M制药公司供应链融资改进措施，可以充分利用供应链融资来解决企业融资问题，突破瓶颈，创造自身发展机会。加速供应链物流和资金流运作，提高供应链效率。同时，通过供应链融资可以增强M制药公司和上下游企业的合作粘性，带动整体供应链上下游企业的共同发展，提高整个供应链的整体竞争力。本文的供应链融资研究对M制药公司现阶段融资有一定的实践意义，并对有类似特点的中小型外资制药企业的融资业务有一定的借鉴意义。
英文摘要：	Abstract In China's pharmaceutical manufacturing industry, the investment amount of preliminary engineering construction, public facilities and production equipment is very large and the investment period is long. In addition to this heavy asset operation, it also needs to meet the requirements of GMP (good manufacturing practice). The capital investment of many small and medium-sized pharmaceutical enterprises can not keep up with the pace of development and construction investment, and almost all of them need the help of external funds in the process of operation. However, due to the insufficient credit conditions of small and medium-sized pharmaceutical enterprises themselves and the financing restrictions of financial institutions, it is difficult for most small and medium-sized enterprises to obtain bank loans. Although our government has issued many policies to support the development of small and medium-sized enterprises, financing difficulties have been always perplexing the development of small and medium-sized enterprises. The emergence and development of supply chain financing have solved part of the financing problems of some small and medium-sized enterprises to a certain extent. Supply chain financing emphasizes the business activities under the background of actual transactions, and the integrity and stability of cooperation between financing demand enterprises and upstream and downstream enterprises in the supply chain, rather than simply emphasizing the financial situation, cash flow and income capacity of financing demand enterprises as before. This financing model reduces the access threshold of financing demand enterprises to a certain extent, especially brings the possibility of financing for small and medium-sized enterprises in the entrepreneurial period. At the same time, through the overall business of the supply chain financing, financial institutions reduce the misjudgment of information asymmetry, and avoid credit risk effectively, and increase the income of their own business. This paper takes M Pharmaceutical Co., Ltd., a small and medium-sized wholly foreign-owned enterprise in Northeast China, as the research object. M pharmaceutical Co., Ltd. is committed to the production of anti-tumor drugs and technology transfer services, and plays an important role in the supply chain of production and technology services. The market demand for cancer drugs is increasing year by year. The World Health Organization released there is 19.29 million new cancer cases and 9.96 million deaths in 2021. The average annual growth of cancer cases in China in recent five years was 3.06%. The due diligence report of IQVIA the world's largest pharmaceutical service company, shows that the sales of M pharmaceutical Co., Ltd. in the next three years will be 340 million, 490 million and 520 million RMB respectively, with good prospects. M pharmaceutical Co., Ltd. has a large requirement and continuous procurement demand for upstream suppliers. M pharmaceutical Co., Ltd. has obtained the listing license of foreign new drugs in China, and the downstream sellers compete for the sales agency right from M pharmaceutical Co., Ltd.. Their competition is fierce. In the manufacturing supply chain business, M pharmaceutical Co., Ltd. have a certain negotiating weight with the upstream and downstream core enterprises. M pharmaceutical M pharmaceutical Co., Ltd. also occupies an important position in the technical service supply chain, which is reflected in: M pharmaceutical Co., Ltd. provides process development and verification services for European and American pharmaceutical enterprises, transfers R & D technology for domestic pharmaceutical enterprises, grasps domestic and foreign pharmaceutical resources, and assumes the important position of resource integration center. M pharmaceutical Co., Ltd. is a global leader in aseptic technology and has technical patents in the United States. It has the characteristics of technical service, that is, the demand of domestic and foreign pharmaceutical enterprises for the technical service of M pharmaceutical Co., Ltd. is a special investment. Once the investment is interrupted, the early investment is worthless. Once the domestic and foreign pharmaceutical enterprises start to cooperate with M pharmaceutical Co., Ltd., they must maintain long-term and sustainable strategic cooperation. M pharmaceutical Co., Ltd. occupies an important position in the supply chain. The upstream enterprises of M pharmaceutical Co., Ltd. have up to 760 suppliers, including some of the world's top 500, listed enterprises, multinational enterprises and large state owned enterprises. Their enterprises have abundant cash flow, good credit, have their own core technology and high technical barriers, which are difficult to be replaced. They have strong market competitiveness and obvious industry advantages in the upstream pharmaceutical industry. These upstream enterprises have the strength of core enterprises. The downstream enterprises of M pharmaceutical Co., Ltd. are large-scale pharmaceutical enterprises such as multinational well-known pharmaceutical enterprises and listed pharmaceutical groups. They have high total assets, good cash flow and high credit rating. They have pharmaceutical R&D core technology and large market share, and can dominate the operation rhythm of upstream and downstream enterprises in the supply chain. The downstream enterprises fully have the ability of core enterprises in the supply chain. The business development of M pharmaceutical Co., Ltd. has generated financing demand, and part of the financing has been realized through traditional bank lending and supply chain financing. There are some problems in the existing supply chain financing business compared with the expected plan, as well as the financing business of banks with other local companies. Problem 1: the financing cost of the existing supply chain is high. Including the high financing rate and service charge of the existing supply chain, the increase of the benchmark interest rate by 10%, as well as the platform fee, handling fee and equipment evaluation fee, that according to the investigation, it can negotiate to maintain the benchmark interest rate, avoid handling fee and reduce the evaluation fee; The existing supply chain financing efficiency is low, the time cost is high, there are many procedures, and the audit time is 29 working days, which can be reduced to 7 working days; The additional costs of existing supply chain financing related businesses are high, such as targeted procurement from core enterprises, which can be further negotiated. Problem 2: the supply chain financing channels have not been fully utilized, including the upstream financing channels have not been fully utilized, there are only cargo right financing, as there are multiple core enterprises in the upstream, and M pharmaceutical Co., Ltd. has the ability to negotiate; No supply chain financing has been established with downstream core enterprises, and no supply chain financing has been carried out by taking advantage of the specific investment and binding continuous cooperation value of downstream core enterprises; Without using the characteristics of foreign enterprises and the advantages of foreign branches for overseas financing, the forms of overseas supply chain financing are more diverse and flexible. Problem 3: lack of supply chain financing business and risk control, including the low level of existing supply chain financing business, M pharmaceutical Co., Ltd. has no professional supply chain financing management personnel, and there is no supply chain financing business process and information management; Lack of management of upstream and downstream core enterprises, no management process for core enterprises, no core enterprise management organization with clear responsibilities, no classified management and performance management of core enterprises; Supply chain financing risk management needs to be strengthened，there is a lack of supply chain financing risk control system and there are risks in business closure and lack of risk structure. This paper focuses on the analysis of the current situation and reasons for the high cost of supply chain financing. In view of these reasons, this paper puts forward the improvement measures of supply chain financing, and also puts forward the suggestions of supply chain financing for other supply chain financing problems one by one. Including: reducing the cost of supply chain financing by optimizing accounts receivable, improving accounts payable financing and strengthening bank cooperation; Broaden supply chain financing channels through accounts receivable financing, supply chain pharmaceutical inventory financing, pharmaceutical digital platform supply chain financing and overseas supply chain financing; And strengthen supply chain financing business and risk control by strengthening supply chain financing business capability, supply chain financing management of upstream and downstream core enterprises and supply chain financing risk management. Through the improvement measures of supply chain financing of M pharmaceutical Co., Ltd., it can make full use of supply chain financing to solve enterprise financing problems, break through bottlenecks and create their own development opportunities. Accelerate the operation of supply chain logistics and capital flow, and improve the efficiency of supply chain. At the same time, supply chain financing can enhance the cooperation viscosity between M pharmaceutical Co., Ltd. and upstream and downstream enterprises, drive the common development of upstream and downstream enterprises in the overall supply chain, and improve the overall competitiveness of the whole supply chain. The research on supply chain financing in this paper has certain practical significance for the financing of M pharmaceutical Co., Ltd. at the present stage, and has certain reference significance for the financing business of small and medium-sized foreign-funded pharmaceutical enterprises with similar characteristics.
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