發(fā)布時間：2018-04-01 06:05

  本文選題：戰(zhàn)略轉(zhuǎn)型　切入點：現(xiàn)金流量管理　出處：《重慶理工大學(xué)》2017年碩士論文

【摘要】：“互聯(lián)網(wǎng)+”的新形勢,使得傳統(tǒng)醫(yī)藥企業(yè)面臨新的機遇與挑戰(zhàn),全球化的進一步發(fā)展,使得國內(nèi)醫(yī)藥企業(yè)承受著來自國外藥企的巨大壓力,迫使醫(yī)藥企業(yè)在經(jīng)營方向,運營模式和資源配置等方面都要做出轉(zhuǎn)變。我國制藥企業(yè)的高污染,低成本,技術(shù)含量低的發(fā)展模式已不適合現(xiàn)代社會發(fā)展;全面“二孩”的放開,人口老齡化的加劇等為醫(yī)藥企業(yè)轉(zhuǎn)型提供了廣闊空間,醫(yī)藥行業(yè)的豐厚利潤成為企業(yè)戰(zhàn)略轉(zhuǎn)型的內(nèi)在驅(qū)動。企業(yè)戰(zhàn)略是一個系統(tǒng)和全局的概念,任何成熟的戰(zhàn)略轉(zhuǎn)型必須有相應(yīng)的財務(wù)戰(zhàn)略與之配合,二者的相互配合顯得尤為重要。在財務(wù)戰(zhàn)略中,現(xiàn)金流是企業(yè)的血液,決定著企業(yè)的生存和發(fā)展能力,也體現(xiàn)著企業(yè)轉(zhuǎn)型過程中對于風(fēng)險和收益的掌控,所以本文主要研究戰(zhàn)略轉(zhuǎn)型下的現(xiàn)金流量問題。醫(yī)藥企業(yè)的轉(zhuǎn)型中涉及最多的是制藥企業(yè)的轉(zhuǎn)型,所以本文選取老牌化學(xué)原料藥企業(yè)C制藥企業(yè)為研究對象,運用PEST和五力模型分析C制藥企業(yè)戰(zhàn)略轉(zhuǎn)型的原因,然后分析了C制藥企業(yè)戰(zhàn)略轉(zhuǎn)型前后的具體路徑,最后將戰(zhàn)略轉(zhuǎn)型路徑與現(xiàn)金流量相結(jié)合,先通過縱向?qū)Ρ?分析C制藥企業(yè)戰(zhàn)略轉(zhuǎn)型前后的主要產(chǎn)品變動,現(xiàn)金流量結(jié)構(gòu)變動,現(xiàn)金財務(wù)比率的變動,再通過橫向?qū)Ρ?對比分析戰(zhàn)略轉(zhuǎn)型后C制藥企業(yè)與同行業(yè)其他處于轉(zhuǎn)型的制藥企業(yè)的現(xiàn)金流、現(xiàn)金財務(wù)比率等方面。目的是探究戰(zhàn)略轉(zhuǎn)型對C制藥企業(yè)現(xiàn)金流量的影響。通過分析發(fā)現(xiàn),戰(zhàn)略轉(zhuǎn)型初期企業(yè)研發(fā)、建設(shè)等的投入加大,現(xiàn)金流結(jié)構(gòu)偶爾出現(xiàn)有不合理情況,現(xiàn)金盈利能力和償債能力有所下降,同時轉(zhuǎn)型過程中企業(yè)內(nèi)部控制薄弱等弊端逐漸暴露。隨著戰(zhàn)略轉(zhuǎn)型的深入,依托“互聯(lián)網(wǎng)+”的大背景,創(chuàng)新經(jīng)營模式,聯(lián)合線上線下資源,使得現(xiàn)金盈利、償債等能力增強,現(xiàn)金流量結(jié)構(gòu)趨向合理,從長遠來看,戰(zhàn)略轉(zhuǎn)型有利于企業(yè)現(xiàn)金流量結(jié)構(gòu)和質(zhì)量的改善,為企業(yè)轉(zhuǎn)型提供充足穩(wěn)定的現(xiàn)金流保障。本文認為C制藥企業(yè)從低成本戰(zhàn)略向一體化和差異化戰(zhàn)略轉(zhuǎn)型的過程中,并非一帆風(fēng)順,轉(zhuǎn)型中現(xiàn)金財務(wù)質(zhì)量一度下降。這便要求C制藥企業(yè)關(guān)注現(xiàn)金流結(jié)構(gòu)的合理性,降低償債壓力及相關(guān)成本,提升企業(yè)現(xiàn)金盈利、償債等能力。本文認為企業(yè)在轉(zhuǎn)型的過程中應(yīng)關(guān)注現(xiàn)金財務(wù)指標的變化,為企業(yè)戰(zhàn)略轉(zhuǎn)型的實施提供信息支持,規(guī)避轉(zhuǎn)型中的現(xiàn)金流短缺危害。
[Abstract]:The new situation of "Internet" makes traditional pharmaceutical enterprises face new opportunities and challenges. With the further development of globalization, domestic pharmaceutical enterprises are under tremendous pressure from foreign pharmaceutical enterprises, forcing pharmaceutical enterprises to operate in the direction.Business model and resource allocation should be changed.The development mode of high pollution, low cost and low technology content of pharmaceutical enterprises in our country is no longer suitable for the development of modern society.The huge profits of the pharmaceutical industry have become the internal driving force of the strategic transformation of enterprises.Enterprise strategy is a systematic and overall concept, any mature strategic transformation must have the corresponding financial strategy to cooperate with it, the cooperation between the two is particularly important.In the financial strategy, cash flow is the blood of the enterprise, which determines the survival and development ability of the enterprise, and also reflects the control of the risk and income in the process of enterprise transformation. So this paper mainly studies the cash flow problem under the strategic transformation.The transformation of pharmaceutical enterprises is the most involved in the transformation of pharmaceutical enterprises, so this paper selects C pharmaceutical enterprises as the research object, using PEST and five-force model to analyze the reasons for the strategic transformation of C pharmaceutical enterprises.Then it analyzes the specific path before and after the strategic transformation of C pharmaceutical enterprises, and finally combines the strategic transition path with cash flow, first through vertical comparison, analyzes the changes of main products before and after the strategic transformation of C pharmaceutical enterprises.The change of cash flow structure and the change of cash financial ratio, and then through the horizontal comparison, the cash flow and cash financial ratio of C pharmaceutical enterprise and other pharmaceutical enterprises in the same industry are compared and analyzed after strategic transformation.The purpose is to explore the impact of strategic transformation on cash flow of C pharmaceutical enterprises.Through the analysis, it is found that in the early stage of strategic transformation, the investment in R & D and construction is increased, the cash flow structure is occasionally unreasonable, and the cash profitability and solvency decrease.At the same time in the process of transformation, weak internal control and other shortcomings gradually exposed.With the deepening of strategic transformation, relying on the background of "Internet", innovating business model, combining online and offline resources, making the ability of cash profit, debt service, etc., the structure of cash flow tends to be reasonable, in the long run,Strategic transformation is conducive to the improvement of cash flow structure and quality, and provides sufficient and stable cash flow guarantee for enterprise transformation.This paper holds that the transition of C pharmaceutical enterprises from low cost strategy to integration and differentiation strategy has not been smooth, and the quality of cash finance has declined once in the transition.This requires C pharmaceutical companies to pay attention to the rationality of cash flow structure, reduce debt service pressure and related costs, enhance the ability of cash profit, debt service and so on.This paper holds that enterprises should pay attention to the change of cash financial indicators in the process of transformation, provide information support for the implementation of strategic transformation of enterprises, and avoid the harm of cash flow shortage in the transition.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.72;F406.7

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