【作者】 王敏；

【导师】 陆正洪；

【作者基本信息】 苏州大学 ， 会计（专业学位）， 2025， 硕士

【摘要】 近年来,医疗器械行业在全球范围内经历了快速的发展,特别是在中国,随着人口老龄化、医疗改革以及人民健康意识的提升,以及多种政策的支持,医疗器械行业迎来了新的发展机遇。在这一背景下,医疗器械企业根据其商业模式的特点,可以分为传统医疗器械企业和具有互联网+医疗背景的创新型企业。在医疗器械行业的发展中,互联网+医疗的兴起为行业带来了新的商业模式和价值创造的可能性。医疗器械企业通过整合数字医疗技术,打造智慧医疗生态系统,不仅可以提升医疗服务的质量和效率,还可以通过数据的收集和分析,为患者提供更加个性化和精准的医疗服务。这种模式下,医疗器械企业不再仅仅是设备的提供商,而是成为整个医疗健康生态系统的参与者和构建者。基于此背景,本文从商业模式的角度探讨企业价值创造的途径。研究选取迈瑞医疗作为案例,通过深入剖析其商业模式,旨在明确商业模式如何转化为企业价值的具体机制,以期深化对商业模式与企业价值创造关系的认识。本研究依托商业模式与企业价值相关理论,深入探讨了商业模式对财务管理决策的影响,以及具体财务管理决策如何作用于企业价值。为此本文构建了一个从商业模式出发,最终达到企业价值的分析框架,并通过这一框架,详细分析了商业模式对企业投资决策、筹资决策和经营决策的影响,从而揭示了商业模式创造企业价值的具体路径。以迈瑞医疗为案例,本文进行了深入的案例分析。研究得出以下结论:(1)企业的商业模式对其财务管理决策产生显著影响,其中商业模式的关键要素在企业制定投资、筹资和经营的具体财务决策时发挥着决定性作用;(2)财务管理决策是企业价值实现的关键驱动力。具体而言,投资和经营决策通过调节企业的自由现金流量,筹资决策通过调整资本成本,而投资决策通过促进企业成长性,共同作用于企业价值的三个核心要素,进而推动企业价值的增长;(3)企业价值是评估商业模式成效的重要指标,企业价值的高低直接映射了商业模式的优劣,商业模式的成功最终体现为企业价值的创造和提升。本文通过构建和运用分析框架,深化了对商业模式与企业价值关联性的认识,并确认了商业模式通过财务管理决策来实现企业价值创造的机制。在此基础上,本文对企业的发展提出下列建议:(1)坚持价值主张,持续研发创新,推进数智化转型,保持技术领先地位;(2)优化客户关系,推出定制化解决方案,完善客户反馈机制,优化客户满意度和忠诚度;(3)拓宽营销通路,建立智能化营销体系,精细化管理销售渠道,增强品牌带动销售的能力。更多还原

【Abstract】 In recent years,the medical device industry has experienced rapid development on a global scale,particularly in China.Factors such as an aging population,healthcare reform,increased health awareness among the public,and supportive policies have ushered in new opportunities for the growth of the medical device industry.Against this backdrop,medical device companies can be categorized based on their business model characteristics into traditional medical device companies and innovative companies with a background in Internet+healthcare.The rise of Internet+healthcare has introduced new business models and possibilities for value creation in the industry.By integrating digital medical technologies,medical device companies can build smart medical ecosystems,which not only enhance the quality and efficiency of medical services but also provide more personalized and precise medical services to patients through data collection and analysis.In this model,medical device companies are no longer just providers of equipment but have become participants and builders in the entire healthcare ecosystem.Based on this context,this paper explores the pathways of enterprise value creation from the perspective of business models.The study selects Mindray Medical as a case study and aims to clarify how business models are transformed into specific mechanisms for enterprise value creation,in order to deepen the understanding of the relationship between business models and enterprise value creation.This study is based on theories related to business models and enterprise value,and it delves into the impact of business models on financial management decisions and how specific financial management decisions affect enterprise value.To this end,the paper constructs an analytical framework that starts from the business model and ultimately leads to enterprise value.Through this framework,the paper analyzes in detail the impact of the business model on corporate investment decisions,financing decisions,and operational decisions,thereby revealing the specific path through which the business model creates enterprise value.Taking Mindray Medical as a case study,the paper conducts an in-depth case analysis.The study concludes the following:(1)The business model of a company has a significant impact on its financial management decisions,with key elements of the business model playing a decisive role in the formulation of specific financial decisions for investment,financing,and operations;(2)Financial management decisions are a key driver of enterprise value realization.Specifically,investment and operational decisions regulate the company’s free cash flow,financing decisions adjust the cost of capital,and investment decisions promote corporate growth,all jointly affecting the three core elements of enterprise value,thereby driving the growth of enterprise value;(3)Enterprise value is an important indicator for assessing the effectiveness of the business model,and the level of enterprise value directly reflects the quality of the business model,with the success of the business model ultimately reflected in the creation and enhancement of enterprise value.By constructing and applying the analytical framework,the paper deepens the understanding of the relationship between business models and enterprise value and confirms the mechanism through which the business model achieves enterprise value creation through financial management decisions.Based on this,the paper proposes the following suggestions for the development of enterprises:(1)Adhere to the value proposition,continue to innovate in research and development,promote digital transformation,and maintain a leading position in technology;(2)Optimize customer relationships,introduce customized solutions,improve customer feedback mechanisms,and enhance customer satisfaction and loyalty;(3)Expand marketing channels,establish an intelligent marketing system,manage sales channels with precision,and enhance the ability of the brand to drive sales.更多还原