【摘要】：進(jìn)入21世紀(jì),人們生活水平不斷提高,但是人口的過(guò)度增長(zhǎng)、社會(huì)的老齡化問(wèn)題突顯,同時(shí)人們更加關(guān)注自己的亞健康狀態(tài),因此對(duì)新的治療方法和新的藥物的需求將持續(xù)擴(kuò)大,醫(yī)藥企業(yè)的春天正悄悄地到來(lái)。如何保持自己穩(wěn)定的市場(chǎng)占有率,不斷地提升自己的競(jìng)爭(zhēng)優(yōu)勢(shì)是醫(yī)藥企業(yè)不可回避的重要課題。作為醫(yī)藥行業(yè)的龍頭,吉林敖東藥業(yè)集團(tuán)股份有限公司(以下簡(jiǎn)稱(chēng)吉林敖東公司)為我國(guó)醫(yī)藥行業(yè)的發(fā)展,尤其是中醫(yī)藥的發(fā)展做出了巨大貢獻(xiàn)。 本文以吉林敖東公司2007-2011年5年的財(cái)務(wù)報(bào)告數(shù)據(jù)為基礎(chǔ),利用上市公司財(cái)務(wù)指標(biāo)體系“證星-若山風(fēng)向標(biāo)”框架,進(jìn)行公司償債能力、資產(chǎn)負(fù)債管理能力、盈利能力、成長(zhǎng)能力與現(xiàn)金流量五個(gè)方面的財(cái)務(wù)分析,并對(duì)公司2007年-2009年的財(cái)務(wù)評(píng)分與行業(yè)評(píng)分情況進(jìn)行比較,客觀評(píng)價(jià)公司在醫(yī)藥行業(yè)中的優(yōu)勢(shì)地位。另外,本文還利用沃爾比重評(píng)分法對(duì)2010年和2011年的五項(xiàng)能綜合評(píng)分情況進(jìn)行比對(duì)。同時(shí),本文采用兩種財(cái)務(wù)分析體系對(duì)凈資產(chǎn)收益率進(jìn)行影響因素分析,揭示影響權(quán)益凈利率的關(guān)鍵性因素；另外,本文對(duì)吉林敖東公司經(jīng)濟(jì)增加值(EVA)和凈利潤(rùn)指標(biāo)進(jìn)行對(duì)比,說(shuō)明采用經(jīng)濟(jì)增加值指標(biāo)進(jìn)行財(cái)務(wù)評(píng)價(jià)得出的結(jié)論更加科學(xué)；本文還對(duì)吉林敖東公司的主營(yíng)業(yè)務(wù)和影響財(cái)務(wù)分析結(jié)果的重要非財(cái)務(wù)指標(biāo)進(jìn)行簡(jiǎn)單闡述。 分析結(jié)果表明：吉林敖東公司四項(xiàng)能力財(cái)務(wù)指標(biāo)均優(yōu)于醫(yī)藥行業(yè)平均水平,；影響凈資產(chǎn)收益率的主要指標(biāo)是營(yíng)業(yè)凈利率和凈經(jīng)營(yíng)資產(chǎn)利潤(rùn)率；經(jīng)濟(jì)增加值(EVA)在決策時(shí)更符合實(shí)際；華東地區(qū)的中成藥收入是公司主營(yíng)業(yè)務(wù)的重點(diǎn)。 希望通過(guò)本文的財(cái)務(wù)分析,幫助公司投資者或潛在投資者對(duì)吉林敖東公司財(cái)務(wù)狀況、經(jīng)營(yíng)成果和現(xiàn)金流量做出客觀評(píng)價(jià)。
[Abstract]:In the 21st century, people's living standards continue to improve, but the excessive growth of population, the aging of society is prominent, at the same time, people pay more attention to their own sub-health status. Therefore, the demand for new treatments and new drugs will continue to expand, and the spring of pharmaceutical enterprises is quietly coming. How to maintain their stable market share and constantly improve their competitive advantage is an important issue that pharmaceutical enterprises can not avoid. As the leader of the pharmaceutical industry, Jilin Aodong Pharmaceutical Group Co., Ltd. (hereinafter referred to as Jilin Aodong Company) has made great contributions to the development of China's pharmaceutical industry, especially the development of traditional Chinese medicine. Based on the financial report data of Jilin Aodong Company from 2007 to 2011, this paper makes use of the framework of listed company's financial index system "witness star-Ruoshan wind vane" to carry out the solvency, asset and liability management ability and profitability of the company. The financial analysis of growth ability and cash flow is carried out, and the financial score and industry score of the company from 2007 to 2009 are compared, and the dominant position of the company in the pharmaceutical industry is objectively evaluated. In addition, this paper also uses Wall specific gravity score method to compare the comprehensive scores of five items in 2010 and 2011. At the same time, this paper uses two kinds of financial analysis systems to analyze the influencing factors of the rate of return on net assets, and reveals the key factors that affect the net interest rate of equity. In addition, this paper compares the economic value added (EVA) and the net profit index of Jilin Aodong Company, which shows that the conclusion of using the economic value added index to carry on the financial evaluation is more scientific. This paper also briefly expounds the main business of Jilin Aodong Company and the important non-financial indexes that affect the results of financial analysis. The results show that the four financial indexes of Jilin Aodong Company are better than the average level of pharmaceutical industry, and the main indexes that affect the rate of return on net assets are the operating net interest rate and the profit rate of net operating assets. The economic value added (EVA) is more in line with the reality in the decision-making, and the income of proprietary Chinese medicine in East China is the focus of the company's main business. Through the financial analysis of this paper, I hope to help the investors or potential investors to make an objective evaluation of the financial situation, operating results and cash flow of Jilin Aodong Company.
【學(xué)位授予單位】：長(zhǎng)春理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F426.72;F275

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