【作者】 陈红；

【导师】 邹燕；

【作者基本信息】 西南财经大学 ， 会计（专业学位）， 2025， 硕士

【摘要】 近年来,随着社会经济水平的显著提升,公众对健康管理的关注度与投入度持续增强,这为医药产业创造了广阔的发展空间。然而,我国医药行业仍面临结构性挑战,主要表现为仿制药占据主导地位,原创药物研发能力相对不足。与此同时,跨国制药企业加速进入中国市场,进一步加剧了行业竞争态势,促使本土企业需提升核心竞争力以应对市场变革。医药关系民生,国家在这方面的政策也在不断深化和改革,例如“两票制”,“一致性评价”,“药品带量采购”等措施,使医药行业的竞争变得更加激烈。特别是在“药品带量采购”背景下,医药企业的利润被大大压缩,使许多医药企业不得不改变传统的运营模式来提升企业价值。因此,众多医药企业积极探索新的发展路径,而轻资产运营模式就是其中的一种。该模式的核心在于通过降低对厂房、设备等有形资产的依赖,转而将资源投入到研发、营销等具有高附加值的环节。通过加大创新药的研发,摆脱仿制药低利润、价格战的窘况,最大化企业资金的价值,最终实现企业的价值增长。对于医药制造业企业来说,企业的可持续发展与创新研发能力密切相关,而轻资产运营模式的核心就在于更加注重研发和营销等环节,提升企业的创新能力进而能够提高医药企业的核心竞争力。基于这一背景,本文着手探讨轻资产运营模式对企业创新绩效所产生的具体影响。以采用轻资产运营模式的化学制药上市公司华东医药作为研究对象,运用多种研究方法分析该企业实施轻资产运营模式后的创新绩效,并据此得出相关结论和建议,希望能够为医药行业其他企业提供可借鉴的经验和启示。首先,本文梳理了轻资产运营模式与企业创新绩效的相关文献。基于价值链理论、微笑曲线理论、优序融资理论以及企业核心竞争力理论,构建了轻资产运营模式的分析框架。并对华东医药轻资产运营模式的情况及动因进行了分析。其次,本文进一步分析了华东医药轻资产运营模式的特征,结合实施其实施轻资产运营模式的路径,从资源配置策略与融资战略这两个维度展开了细致探讨。最后,本文选取了华东医药2014年至2023年的相关数据,通过图表形式直观展示了轻资产运营模式在创新投入、创新产出以及创新贡献三个方面的影响,最后得出结论并提出相关建议。通过研究发现,华东医药实施轻资产运营模式后,不仅显著提高了企业的创新绩效,还优化了企业的资源配置与融资结构。华东医药轻资产实施轻资产运营模式从资源配置和融资战略两个维度进行,不仅提高了华东医药的创新投入和创新产出,也提高了华东医药的盈利能力、优化了营收结构,还在一定程度上提升了企业的市场价值。更多还原

【Abstract】 In recent years,with the significant improvement of social and economic level,the public’s attention and investment in health management have continued to increase,which has created a broad space for the pharmaceutical industry to develop.However,China’s pharmaceutical industry is still facing structural challenges,which are mainly manifested in the dominance of generic drugs and the relative lack of original drug research and development capabilities.At the same time,multinational pharmaceutical companies have accelerated their entry into the Chinese market,which has further intensified the competitive situation in the industry,prompting local enterprises to enhance their core competitiveness to cope with market changes.Pharmaceuticals are related to people’s livelihood,and the state’s policies in this area are also deepening and reforming,such as the“two-invoice system”,“consistency evaluation”,“drug band purchasing”and other measures,which have made the The competition in the pharmaceutical industry has become more intense.Especially in the context of“Drug Band Purchasing”,the profit of pharmaceutical enterprises has been greatly compressed,so that many pharmaceutical enterprises have to change the traditional mode of operation to enhance the value of the enterprise.Therefore,many pharmaceutical companies are actively exploring new development paths,and the asset-light operation mode is one of them.The core of this model is to reduce the reliance on tangible assets such as plants and equipment,and instead invest resources in R&D,marketing and other high value-added segments.By increasing the research and development of innovative drugs,we can get rid of the dilemma of low profits and price wars of generic drugs,maximize the value of corporate capital,and ultimately realize the growth of corporate value.For pharmaceutical manufacturing enterprises,the sustainable development of enterprises is closely related to the innovation and research and development ability,and the core of the asset-light operation mode is to pay more attention to research and development and marketing and other aspects,to enhance the enterprise’s innovation ability to improve the core competitiveness of pharmaceutical enterprises.Based on this background,this paper begins to explore the specific impact of asset-light operation mode on the innovation performance of enterprises.Taking East China Pharmaceutical,a listed chemical pharmaceutical company that adopts the asset-light operation mode,as the research object,the paper uses various research methods to analyze the innovation performance of the enterprise after the implementation of the asset-light operation mode,and draws relevant conclusions and recommendations accordingly,in the hope that it can provide other enterprises in the pharmaceutical industry with experience and inspiration that can be used as a reference.First of all,this paper combs through the relevant literature on asset-light operation mode and enterprise innovation performance.Based on the value chain theory,the smile curve theory,the preferential financing theory and the enterprise core competitiveness theory,the analytical framework of the asset-light operation mode is constructed.It also analyzes the situation and motivation of Huadong Medicine’s asset-light operation mode.Secondly,this paper further analyzes the characteristics of Huadong Pharmaceutical’s asset-light operation mode,and discusses in detail from the dimensions of resource allocation strategy and financing strategy in conjunction with the path of implementing its asset-light operation mode.Finally,this paper selects the relevant data of Huadong Pharmaceutical from 2014 to 2023,and visualizes the impact of the asset-light operation mode in innovation input,innovation output and innovation contribution through the form of charts and graphs,and finally draws conclusions and puts forward relevant recommendations.Through the study,it is found that after the implementation of asset-light operation mode of Huadong Pharmaceutical,it not only significantly improves the innovation performance of the enterprise,but also optimizes the resource allocation and financing structure of the enterprise.The implementation of asset-light operation mode of Huadong Pharmaceutical light assets from the resource allocation and financing strategy of the two carried out,not only improve the creation of input and innovation output of Huadong Pharmaceutical,but also improve the profitability of Huadong Pharmaceutical,optimize the revenue structure,but also to a certain extent to enhance the market value of the enterprise.更多还原