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论文编号：	3498
作者编号：	2120082416
上传时间：	2011/6/16 10:55:34
中文题目：	我国医药流通企业融资战略管理的研究
英文题目：	Research on the Financing Strategic Management of China Pharmaceutical Distribution Enterprises
指导老师：	齐寅峰
中文关键字：	新医改政策 货币政策 医药流通企业 融资战略管理
英文关键字：	new medical reform policies monetary policy
中文摘要：	摘 要 医药行业是我国民生的重要行业。医药流通企业承载药品配送的重要职能，是连接药品生产企业与医疗机构及普通消费者的桥梁和纽带。所谓医药流通企业，又名医药商业公司，是主要从事药品批发，负责药品物流配送的企业的统称。医药流通企业运营模式为采购药品制造商的药品——库存——配送——销售至医院等医疗机构。药品流通企业正面临着变革的重要时期。我国今天，比以往任何时候，都关注药品行业给社会带来的种种问题。2006年9月，国家16个有关部委组成的医疗体制改革协调小组正式成立，标志着我国医疗体制改革进入新医改阶段，也是被称之为“后医改”时期的正式到来。两会过后，我国“十二五”关于《全国药品流通企业发展纲要》即将出台，对药品流通企业规范化管理提出更高的要求。新医改政策实施以来，药品价格更成为全社会关注的焦点，医药流通企业集中化趋势更加明确，并购已经成为未来医药流通行业的必然发展趋势。2010年1月，我国实施紧缩的货币政策，截至2011年2月9日，央行八次上调存款准备金率，存款准备金率达到19.5%的历史高点，自2011年起，银行授信规模急剧萎缩，新增贷款较去年同期呈下降趋势。面对以上政策经济问题 ，医药流通企业的经营能力，利润水平等成为摆在医药流通企业面前亟待解决的问题。 医药流通企业属药品批发业，资产负债率偏高，平均资产负债率大于70%，企业融资是医药流通企业赖以生存的重要资金来源。医药流通企业融资战略不仅关系企业生存，更已成为企业竞争力的重要体现。新医改政策的推进对医药流通行业的整合起到了催化剂作用。未来药品流通企业的发展趋势是，从区域垄断到全国布局，从内生长到外部并购并形成规模渠道高效的物流配送网络龙头企业，拥有更强的资源优势，因此，对与我国药品流通企业的财务战略，尤其是融资战略管理提出更高的要求。我国药品流通企业的融资大多尚处于被动融资的情况，以简单的贷款，倒贷等传统融资方式进行融资，既没有进行合理的管理，也没有与企业整体战略管理相结合。既不适应企业发展，更加不能应对新医改政策下的行业并购整合的新形势。进入“后医改”时期，这种情况必须改变，企业不仅需要从战略的高度完善融资战略的制定、规划、实施和管理，从而应对新形势下的新情况，变被动为主动，为企业创造先进，并缔造我国的大型医药流通企业，世界一流的医药流通企业。 本研究以我国医药流通企业融资战略管理为研究方向，并创新地结合银行授信规模划分标准和融资产品为我国医药流通企业提出了企业融资成本优势战略、企业融资纵向一体化战略和企业融资并购战略。融资成本领先战略通过规模经济等手段不仅可以降低企业融资成本，改变企业担保方式，扩大企业融资规模，还会降低资金市场和政策的不确定性造成企业融资的不确定，从而提高企业整体战略成功率。融资纵向一体化战略通过整合企业有效资源，提升企业上下游合作的紧密程度，美化企业财务报表，是构建企业竞争优势的重要战略。融资并购战略是企业应对医药流通行业兼并重组的唯一途径，通过实施融资并购战略，打造我国医药流通企业的航母企业，振兴我国医药流通行业。本研究提出为了适应我国当前的药品政策和货币政策，医药流通企业不同的融资目标，透彻分析医药流通企业融资战略现状，以经由信息系统建立，专业融资组织的建构和创新来建立其核心竞争优势。还对医药流通企业融资战略管理提出一些具体建议，其中对不同融资战略下融资方式的选择不是被动选择，需进行融资方式的创新，匹配企业发展，并做好预案。医药流通企业要强化融资战略管理组织建设机制，设立财务经理岗位，行驶经理人的职责，建立对组织内人员的培养和考核机制。完善企业融资管理系统，保证系统内信息的真实性和及时性，做到与企业ERP系统的信息共享和统一协调管理。本研究还对天津TP公司的融资战略的制定和实施的案例进行了分析。 本研究创新的将战略管理理论中的环境分析理论应用于我国药品流通企业融资战略的环境分析。将战略管理理论中的环境分析理论应用于药品流通企业融资战略选择，用经典战略管理理论中的环境分析理论分析我国药品流通企业外部和内部融资战略环境，并结合我国药品流通企业的特点，选择融资战略来获得竞争优势，促进企业的发展。并结合我国银行最新的授信标准和产品对药品流通企业规模进行划分，制定融资战略目标，并结合银行产品对药品流通企业融资战略进行策划和选择，使本文提出的我国药品企业流通企业融资战略管理思路更加符合实际，具备可操作性。对于药品流通企业融资战略的研究，以往我国主要从企业融资方式、融资渠道等融资活动角度中进行简单探讨，本研究从企业战略管理的角度，在分析了我国药品流通企业的融资环境之后，提出了其融资战略目标和具体的融资战略管理思路。 融资管理是医药流通企业的财务管理的核心，企业可经由制定融资战略，来建立其核心竞争能力。本研究通过对医药流通企业融资战略管理的研究以及对TP公司成功案例的分析，希望有助于我国医药流通企业制定并实施切实可行的融资战略，构建企业核心竞争优势，实现可持续发展。
英文摘要：	Abstract Pharmaceutical industry is an important industry for people's livelihood in China. Pharmaceutical circulation enterprise bears an important function of drug distribution. They are the connection of pharmaceutical enterprise, medical institutions and ordinary consumers. The so called pharmaceutical circulation enterprise or pharmaceutical commercial company mainly engage in business of drugs wholesale, drug logistics and distribution. Pharmaceutical circulation enterprise operation mode is: purchase drugs from manufacturers - storage - distribution - sales to hospital and medical institutions. Now they are facing a period of change. China today is paying more attention to social problems brought by pharmaceutical industry. In September 2006, health care system reform coordination group was established. It involves 16 national ministries, which marks a new period of China's medical system reformation. It also called the era of “Post medical system reformation”. After the NPC and CPPCC meeting, China is about to launch it’s "National Pharmaceutical Circulation Enterprise Development Outline” for the 12th Five Years Development Plan. The outline put forward higher standards for standardized management of pharmaceutical circulation enterprise. Since the implementation of a medical system reformation, pharmaceutical price has become the focus point of the whole society. It is obvious that centralization is the trend of pharmaceutical circulation enterprises In January 2010, the government started to implement tightened monetary policy. By February 9 2011, the central bank raised deposit reserve rate eight times and deposit reserve rate reached a historical height of 19.5%. Starting from 2011, the bank credit scale shrinks dramatically and new loans declined comparing with the same period last year. Facing the problems above, management ability and profit ability have become the problems pharmaceutical circulation enterprises need to solve. Pharmaceutical circulation enterprises are of high asset-liability ratio, average asset-liability ratio is higher than 70%, as a result financing is of vital importance for their survival. Corporate financing strategy is not only important for their survival, but also an important embodiment of enterprise competitiveness. The new medical policy promotes the integration of pharmaceutical circulation industry. In the future the trend of pharmaceutical circulation enterprises is changing from regional monopolies to national overall management, from grow within the group to external merge and form a large scale leading enterprises with efficient logistics distribution network, thus to enjoy resources advantages. Therefore, it requires higher standards of financing strategy, especially financing strategy management. Recently, pharmaceutical circulation enterprises mostly passively financing in traditional way, simply loans. There is neither reasonable management nor an overall strategy of financing. It cannot adapt to the development and can't deal with the new policy. After entering "Post medical reformation" period, this situation must be changed. Companies must form, implement and manage financing strategies from a higher perspective to actively facing new situation thus to create a large scale leading enterprises in China and even in the world. This article focuses on the financing strategies of Pharmaceutical circulation enterprise in China. It creatively combines bank credit scale classification standards and financing products to provide Chinese pharmaceutical circulation enterprise with enterprise financing cost advantage strategy, enterprises financing vertical integration strategy and enterprise financing merge strategy. Enterprise financing cost advantage strategy can not only reduce the enterprise financing costs, change enterprise assurance pattern, expand enterprise financing scale it also reduces uncertainties of capital market and policy by methods such as scale of economies. Therefore it improves success of overall strategy. Enterprises financing vertical integration will promote the cooperation of available resources from upstream and downstream by the integration of useful resources in the enterprise. It also improves enterprise financial statements. It is an important strategy to build enterprise competitive advantage. Financing merge strategy is the only way to integrate and reform pharmaceutical circulation industry. Through the implementation of the strategy, we can build giant pharmaceutical circulation enterprises in China, the revitalize the industry. This study proposed different financing goals for pharmaceutical circulation enterprises in order to adapt to China's current medical policy and monetary policy. It also thoroughly analyses the current situation of pharmaceutical circulation enterprises’ financing strategies and proposes suggestions to establish core completive advantages for the enterprises via information system, construction of professional financing organization and innovation. Meanwhile it put forwards several suggestions for pharmaceutical circulation enterprises’ financing strategy management, in which it suggests that the companies do not passively accept financing methods but need to undertake financing innovation and make plans to match with enterprise development. The company should strengthen organization mechanism of financing strategy management, set up the post of financial manager, carry out responsibilities of the managers, and meanwhile establish personnel training and assessment mechanism within the organization. It also needs to improve financing management system of the enterprise and make sure the authenticity and timeliness of the information within the system. It also needs to make sure sharing and unified coordination of financing information with enterprise ERP system. This study also case studied financing strategy planning and implementation of Tianjin TP Company. This research innovate applies environment analyze theory of the strategic management to financing strategic environment analyze and financing strategy adoption of medicine circulation enterprises in China. It analyzes external and internal financing strategic environment of medicine circulation enterprise with classic strategic management theory. It combines the characteristics of pharmaceutical circulation enterprises and suggests how to choose financing strategy to gain a competitive advantage and promote the development of the enterprise. The article divides the scale of medicine circulation enterprise with methods combined with latest bank credit classification standards and products, thus it suggests ways to formulate and choose strategic target. The study above makes the idea of financing strategy management of Chinese pharmaceutical enterprise circulation enterprises in the article more realistic and practical. Traditional studies on medicine circulation enterprises' financing strategy in China, mainly focus on simple perspectives, e.g. financing methods and channels. This study analysis the financing environment of pharmaceutical circulation enterprises from strategy management point of view and put forward its financing strategic objectives and specific financing strategy management ideas. Financing management is the core of financial management for pharmaceutical circulation enterprises. With which enterprise can establish its core competitiveness by formulated its financing strategy. By researching the pharmaceutical circulation enterprises' financing strategy management and analysis of the TP’s successful case, the article hopes pharmaceutical circulation enterprises will benefit in the formulation and implementation of feasible financing strategy to establish their core competitive advantage and realize sustainable development.
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