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随着我国市场经济的转型升级，一方面国民对自身的健康问题愈加的重视；另一方面外来医药巨头在华扩张下不断冲击着我国医药产业,这无疑对竞争力不足的我国医药企业是雪上加霜。医药行业自“十二五”规划后被列为重点行业进行发展，同时受到国民的热切关注，在未来的医药产业中如何进行战略升级将影响其深远发展。

在国家政策的支持下，我国医药企业通过多元化经营战略不断扩张其规模，外部资本市场越来越不能满足企业日益增长的融资需求，此时企业通常依靠内部资本市场的力量，通过内部借贷等运作方式缓解融资约束。但是很多多元化企业由于跨行业经营过程中的判断失误从而使得企业的资本运作受到阻碍乃致资金链断裂，整体走向下坡路，这些失败的案例警示着企业家关注企业所面临的内外部环境，由此越来越多的企业回归核心业务，集中资源经营形成自己的竞争优势。百年企业云南白药在首次跨入日化产业获得成功后，后期日化及房地产的业务拓展都不够乐观。因此，在归核化战略下，集团的内部资本市场能否有效运行，能否为集团带来好的经济效益都是值得研究的问题。

本文在回顾国内外相关文献的基础上，首先从理论层面总结归纳了战略导向性内部资本市场运作机制，该机制以企业内部资本市场所面临的环境为起点，阐明环境决定战略，战略决定内部资本市场功能及方式，进而得到运作的经济效果。本文将云南白药作为研究案例,在介绍了战略变革后，结合战略导向性内部资本市场运作机制理论，分析企业内部资本市场面临的环境，明确企业运作主体，而后探讨其归核化期间，集团内部资本市场功能定位及运作方式所发生的变化，总结归核化战略下内部资本市场运作的特点，并从内部资本市场运作效率和财务指标两个角度对内部资本市场在实践中的运作效果进行了计算和评价，得出正确战略引导下内部资本市场的合理运作不仅与经济效果具有一致性，而且有利于企业的长久发展。

With the transformation and upgrading of China's market economy, on the one hand, people pay more and more attention to their own health problems;On the other hand, foreign pharmaceutical giants continue to impact China's pharmaceutical industry under the expansion of China, which is no doubt to the lack of competitiveness of China's pharmaceutical enterprises is worse.Since the 12th Five-year Plan, the pharmaceutical industry has been listed as a key industry for development, and it has attracted the keen attention of the people. How to carry out strategic upgrading in the future of the pharmaceutical industry will affect its far-reaching development.

With the support of national policies, pharmaceutical enterprises in China continue to expand their scale through diversified operation strategy, and the external capital market is increasingly unable to meet the growing financing needs of enterprises. At this time, enterprises usually rely on the strength of the internal capital market to ease financing constraints through internal borrowing and other operation methods.But many diversified enterprise because the cross-industry business judgment in the process of making enterprise capital chain rupture, is the capital operation impeded of the overall decline, these failures warning the enterprise internal and external environment faced by entrepreneurs attention, thus more and more companies to return to the core business, centralized resource management form their own competitive advantage.After Yunnan Baiyao, a century-old enterprise, successfully entered the daily chemical industry for the first time, the business development of daily chemical and real estate in the later period was not optimistic enough.Therefore, under the refocusing strategy, it is worth studying whether the internal capital market of the Group can operate effectively and whether it can bring good economic benefits to the Group.

In this paper, on the basis of the review of related literature at home and abroad, first of all, from the theoretical level of strategic orientation internal capital market operation mechanism were summarized, the mechanism for internal capital market environment as a starting point, facing to clarify environmental decision strategy, strategic decision function and internal capital markets, the operation of the economic effect is obtained.To yunnan baiyao as case study, this article, after introduced the strategic change, combined with the strategic orientation theory of internal capital market operational mechanism, analysis of enterprise internal capital market environment, clear enterprise operation main body, and then discuss the refocusing strategy, internal capital markets function and of the change works, summarizes the characteristics of internal capital markets under the refocusing strategy, and from the internal capital market operational efficiency and financial index two angles of internal capital market in the practice operation effect was calculated and evaluated,It is concluded that the rational operation of internal capital market under the guidance of correct strategy is not only consistent with the economic effect, but also conducive to the long-term development of enterprises.