【作者】 刘洋；

【导师】 姚树中；

【作者基本信息】 辽宁大学 ， 会计（专业学位）， 2024， 硕士

【摘要】 随着国民经济的不断发展和人口老龄化的加剧,人们对药品需求量的增加为医药行业带来发展机遇,中医药行业的市场规模也不断扩大,中医药企业更喜欢轻资产模式,即用少量资本配置高质量资源,这是一种新的资本策略,近年来在所有行业都得到了推广,该模式以价值为驱动、以研发投入为知识资本维持着轻资产企业的运营能力与竞争力。华润三九主营自我诊疗和处方药领域,在固定资产管理、产品研发、生产环节外包、营销管理环节具有典型的轻资产运营特征,因而它具备核心竞争优势,且在同行业中轻资产运营较为成功。然而作为典型的实施轻资产运营模式的企业,近年来却出现了偿债能力和盈利能力等问题,这反映出公司的轻资产运营模式存在诸多财务风险。本文首先通过文献研究法,查阅文献,收集有关轻资产经营与财务风险的资料,对国内外学者的有关理论与研究成果进行梳理,结合微笑曲线理论和价值链理论,采用比率分析法、定量研究法和案例分析法,根据华润三九实施轻资产运营年份下的财务数据,将财务风险划分为筹资风险、投资风险、运营风险三大类,基于以上三类,选择14项典型的财务指标,建立熵权-TOPSIS评估模型,全面评估华润三九的财务风险,并对其在轻资产经营模式下面临的主要风险进行分析,归纳其原因,提出相应的对策。经过分析发现,轻资产运营模式下华润三九筹资风险的成因是多次连续并购和融资方式单一;投资风险成因是研发周期较长且研发成果转换不确定性和市场推广投入高;营运风险是由于处方药业务业绩增长不稳定、应收账款积压过多和原材料价格波动。最后,根据以上成因,给出了在轻资产经营方式下如何预防财务风险的对策,具体包含采用提高并购后资源整合能力、多元化筹资方式、科学制定企业投资决策、加强可投资性分析、加强营销费用的控制、加强科研创新以驱动业绩提升、加强应收账款动态监管以及加强中药原材料的管理。希望通过本文的研究,可以让其他的一些中医药类型的企业从中可以学习拓展轻资产转型的思路,有效解决轻资产运营下的医药行业财务风险问题,从而推动医药企业高效、持续、稳健的发展。更多还原

【Abstract】 With the continuous development of the national economy and the aggravation of the aging population,the increasing demand for drugs has brought development opportunities to the pharmaceutical industry,and the market size of traditional Chinese medicine industry has also been expanding.Traditional Chinese medicine enterprises prefer the light asset model,which uses a small amount of capital to allocate high-quality resources,which is a new capital strategy that has been promoted in all industries in recent years.This model drives value and maintains the operational ability and competitiveness of light asset enterprises with research and development investment as knowledge capital.Sanjiu is mainly engaged in self-diagnosis and prescription drug fields,and has typical light asset operation features in fixed asset management,product research and development,production outsourcing,and marketing management.Therefore,it has core competitive advantages and has been successful in light asset operation in the same industry.However,as a typical enterprise implementing the light asset operation model,it has recently faced problems of debt repayment ability and profitability,reflecting the existence of many financial risks in the company’s light asset operation model.This paper firstly conducts a literature review by collecting and reviewing relevant literature on light asset operation and financial risk.It summarizes the theories and research findings of domestic and foreign scholars,combines the Smiling Curve Theory and Value Chain Theory,and employs the ratio analysis method,quantitative research method,and case analysis method.Based on the financial data of HCR Sanjiu during the years of light asset operation,the paper divides financial risks into three categories:financing risks,investment risks,and operational risks.Based on these three categories,14 typical financial indicators are selected,and an entropy weight-TOPSIS evaluation model is established to comprehensively evaluate the financial risks of HCR Sanjiu.The paper also analyzes the main risks that HCR Sanjiu faces in the light asset operation mode,summarizes the reasons for these risks,and puts forward corresponding countermeasures.After the analysis,it is found that the causes of financing risks in the light asset operation mode of HCR Sanjiu are multiple consecutive mergers and a single financing method;the causes of investment risks are long research and development cycles and uncertain conversion of research and development results and high market promotion expenses;the causes of operational risks are unstable performance growth of prescription drug business,excessive accumulation of accounts receivable,and fluctuation of raw material prices.Finally,based on the above causes,countermeasures were given to prevent financial risks in the light asset operation mode,including improving the resource integration ability after mergers,diversifying financing methods,scientifically formulating enterprise investment decisions,strengthening investment feasibility analysis,strengthening control over marketing expenses,strengthening scientific and technological innovation to drive performance improvement,strengthening dynamic monitoring of accounts receivable,and strengthening management of Chinese herbal raw materials.It is hoped that through this study,other pharmaceutical enterprises of the same type can learn to expand the light asset transformation,effectively solve the financial risks of light asset operation in the pharmaceutical industry,and thus promote the efficient,sustainable,and stable development of pharmaceutical enterprises.更多还原