会计学院知识库

  实现高质量发展是我国现阶段经济发展的主要目标。在“十四五”规划中，作为战略新兴产业，生物制药产业的快速高质量发展是增强我国科技实力的重要路径之一。目前，生物制药行业前景广阔，吸引了诸多企业进入，使得行业竞争加剧。在此背景下，研究生物制药行业企业的盈利质量，有助于其及时调整生产经营活动，保障企业高质量发展。 

  本文在梳理盈利质量影响因素、评价方法的基础上，结合生物制药行业发展现状、现有学者的研究成果以及盈利质量金字塔模型，从盈利水平、结构性、收现性、持续性、稳定性五个角度选取13个指标。在此基础上，利用因子分析法构建生物制药行业盈利质量评价体系，并以沃森生物为具体案例企业，对其盈利质量进行研究。

  通过分析发现，沃森生物现有及在研疫苗非独家且产品竞争力较弱、疫苗产品适用人群类型单一、主要盈利产品单一导致主营业务盈利能力较低；由于客户性质特殊以及客户高度分散却未对其设置信用等级管理制度导致应收账款占用大量资金，盈利收现性较差；沃森生物疫苗营销过度依赖第三方导致销售费用大额支出，挤压盈利空间。据此，本文提出四点沃森生物盈利质量提升的建议：第一，增强“沃森生物”品牌知名度。即以信息化管理提高疫苗质量及可信度，同时“线上+线下”普及Ⅱ类疫苗接种知识以扩大企业影响；第二，以需定研促进疫苗产品多样性。即促进儿童适用疫苗研发转向“多联多价”以及推进成人用Ⅱ类疫苗研发；第三，内外双举措提升现金回流效率。即政府搭建第三方Ⅱ类疫苗资金结算中心以及设置客户信用等级管理制度；第四，推动产销一体化扩大“直营”规模。本文通过对沃森生物的研究以期多方位促进其盈利质量水平的提升。

关键词：因子分析法  沃森生物  盈利质量  

     Achieving high-quality development is the main goal of China's current economic development. In the 14th Five-Year Plan, As a strategic emerging industry, promoting the rapid and high-quality development of biopharmaceutical industry is one of the important ways to strengthen China's scientific and technological strength. At present, biopharmaceuticals have a broad prospect, attracting many enterprises to enter, which intensifies the competition in the industry. Under this background, studying the profit quality of biopharmaceutical industry will help them adjust their production and operation activities in time and ensure the high-quality development of enterprises.

      On the basis of combing the influencing factors, evaluation methods and characteristics of profit quality, combining the development status of biopharmaceutical industry, the research results of existing scholars and the pyramid model of profit quality, this paper selects 13 indicators from five angles of profit level, structure, cash yield, sustainability and stability, and uses factor analysis method to construct the profit quality evaluation system of biopharmaceutical industry. Taking Walvax as a specific case, this paper studies its profit quality.

       Through analysis, it is found that the existing and under-developed vaccines in Walvax are not exclusive, and their product competitiveness is weak; the types of vaccine products applicable to people are single, and the main profitable products are single, which leads to the low profitability of the main business; Due to the special nature of customers and the high dispersion of customers, but no credit rating management system has been set for them, accounts receivable occupy a large amount of funds, and the profitability is poor; Walvax's vaccine marketing relies too much on the third party, which leads to large sales expenses and squeezes the profit margin. Accordingly, this paper puts forward four suggestions to improve the profit quality of Walvax: First, to enhance the brand awareness of "Walvax". That is, to improve the credibility of vaccine quality by information management, and at the same time "online+offline" popularize class II vaccination knowledge to expand the influence of enterprises; Second, to promote the diversity of vaccine products by research on demand. That is, to promote the shift of vaccines suitable for children to "polyvalent" and to develop Class II vaccines for adults; Third, internal and external measures to improve the efficiency of cash flow. That is, the government set up a third-party II vaccine fund settlement center and set up a customer credit rating management system; Fourthly, promote the integration of production and marketing and expand the scale of "direct operation". Through the study of Walvax, this paper aims to promote the improvement of its profit quality level in many ways.

Key words: factor analysis method；Walvax；earnings quality