發(fā)布時(shí)間：2018-03-21 12:44

  本文選題：投資者機(jī)會(huì)　切入點(diǎn)：投資風(fēng)險(xiǎn)　出處：《西南交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)前,中國(guó)醫(yī)藥流通領(lǐng)域發(fā)生了很大變化,各種并購,重組活動(dòng)日漸頻繁。國(guó)家醫(yī)改政策的調(diào)整,使處于供應(yīng)鏈前端的生產(chǎn)性企業(yè)也作出了相應(yīng)的戰(zhàn)略調(diào)整,行業(yè)產(chǎn)業(yè)鏈的整合給商業(yè)性醫(yī)藥公司帶來了新的投資機(jī)遇。 在現(xiàn)有的醫(yī)藥商業(yè)領(lǐng)域中,業(yè)務(wù)竟?fàn)幨旨ち?不同的企業(yè)選擇了不同的應(yīng)對(duì)策略,正確的政策解讀,市場(chǎng)規(guī)�；c精準(zhǔn)營(yíng)銷給投資者帶來了新機(jī)會(huì)。資金籌措,資金運(yùn)營(yíng)與資金管理重點(diǎn)關(guān)注是現(xiàn)金流,是企業(yè)宏觀業(yè)務(wù)戰(zhàn)略下的重要執(zhí)行步驟,其直接關(guān)系到企業(yè)運(yùn)營(yíng)質(zhì)量的好壞。股權(quán)式、債權(quán)式、風(fēng)險(xiǎn)投資及內(nèi)部資產(chǎn)重組與剝離等行為在宏觀戰(zhàn)略的指引下,必須十分重視風(fēng)險(xiǎn)。醫(yī)藥公司投資中的風(fēng)險(xiǎn)偏好、風(fēng)險(xiǎn)度量、測(cè)算,及風(fēng)險(xiǎn)參照體系的建立使得風(fēng)險(xiǎn)可以預(yù)見,可以度量,可以調(diào)整,采取行之有效的應(yīng)對(duì)措施,客觀上有利于降低風(fēng)險(xiǎn),提高了投資收益率。公司應(yīng)建立起規(guī)范的動(dòng)態(tài)的風(fēng)控體系。 文章從傳統(tǒng)的投資學(xué)理論入手,闡述了醫(yī)藥行業(yè)投資行為的分類,一般性理論及其特征；從宏觀與微觀經(jīng)濟(jì)學(xué)以及業(yè)務(wù)規(guī)范競(jìng)爭(zhēng)角度出發(fā),闡述了新形勢(shì)下能夠把握的投資機(jī)會(huì)；從企業(yè)成長(zhǎng)周期性角度出發(fā),闡述了現(xiàn)實(shí)中對(duì)醫(yī)藥業(yè)務(wù)相關(guān)投資領(lǐng)域的方向性調(diào)整的必然性；通過抽取KMC公司多年來資本運(yùn)營(yíng)實(shí)務(wù),解析了當(dāng)前整個(gè)行業(yè)中投資行為的合理性與風(fēng)險(xiǎn)產(chǎn)生場(chǎng)景,并歸納出一些有效手段和科學(xué)決策的方法；通過嘗試使用一般投資決策的方法和工具進(jìn)行分析,驗(yàn)證醫(yī)藥行業(yè)投資決策中采用的一些實(shí)用性方法和有效的工具的有效性。 最后,從方法論的角度,得出了醫(yī)藥投資領(lǐng)域中一般性決策思路合理性的結(jié)論,及適合于成熟類醫(yī)藥商業(yè)公司一般性投資策略與風(fēng)險(xiǎn)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.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.72;F272.3

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本文編號(hào)：1643909