会计学院知识库

        2016年10月，国家国务院办公室颁布《“健康中国 2030”规划纲要》，将健康中国建设提升至国家战略地位，并特别强调了坚持中西医并重，传承发展中医药事业。全国的中医药产业也从此步入高速发展的黄金时期。但是，在经济政策环境持续向好，产业与市场规模也不断扩大，收入与利润也持续改善的大背景下，中医药行业却常面临现金流出现问题而引发的财务风险。其中，作为中华老字号的中医药企业广誉远，由于拥有国家保密级处方，虽然维持了相当不错的的营业收入，盈利状况看似良好，常年的总收入和毛利率都能够维持在较高水平，但是从现金流角度分析，经营现金流量净额却为负数，应收账款和销售费用金额巨大，可能引发的财务风险不容忽视。

  由此，本文结合中医药行业背景和广誉远自身特点，依托现金流视角下财务风险分析理论框架，采用经改进的Z-score财务风险评价模型，基于广誉远2016-2020年的年度报告，从现金流视角对其财务风险进行分析与评价。结果表明，在此五年期间，广誉远现金流状况不容乐观，特别是在2020年，风险已达临界值区域。具体体现在经营活动现金流短缺、投资活动现金使用过度和筹资活动中的现金流不够稳定。基于识别和评价结果，本文提出，欲从现金流角度对财务风险加以控制，广誉远需在经营活动中制定合理的销售政策，提高存货周转率，规范关联方交易以控制销售费用和存货仓储费用管理；制定投资计划，优化投资过程及加强投后管理工作；筹资活动需预测资金需求，优化筹资结构。通过从现金流视角下对广誉远进行财务风险的评价与控制研究，期望能够为整个中医药行业带来启示，积极探寻健康运行方式与可持续发展路径，进而发挥中药“治未病”的独特优势。

     In October 2016,The state Council issued the Outline of the “Healthy China 2010” Plan,which elevates the building of a healthy China to a national strategic position and emphasizes the importance of both Traditional Chinese Medicine(TCM) and western medicine ,and the inheritance and development of TCM.TCM industry thus entered the golden period of rapid development.However,under the background of improving policies,expanding market size and increasing revenue and profit,TCM industry has been exposed to financial risks caused by cash flow.Among them,GuangYuYuan,as a representative TCM enterprise with a long history and good reputation in China,appears to be a good profitability,maintaining a high operating income and gross profit margin all year round.However,from the perspective of cash flow,the net operating cash flow is negative,and the amount of receivables is huge,which may cause financial risks that cannot be ignored.

    Therefore,based on the background of TCM industry and GuangYuYuan’s own characteristics,relying on the theoretical framework of financial risk analysis and identifies and evaluates its financial risks from the perspective of cash flow based on its annual report from 2016 to 2020.The results show that by 2020,Guangyuyuan has been in critical financial risk area and the cash flow status is also in the gray area.It is embodied in the shortage of operating cash flow,the large fluctuation of net investment cash flow and the shortage of cash flow in financing.Based on the identification and evaluation results,this paper proposes that GuangYuYuan should control the financial risk from the perspective of cash flow,and strengthen the management of amounts receivable and inventory and the control of sales expanses in business activities.To make reasonable investment plans and improve the investment process in investment activities;Formulate scientific and reasonable financing plans in financing activities and adjust the proportion and structure of financing.Through the financing risk evaluation and control research of GuangYuYuan from the perspective of cash flow,it is expected to bring enlightenment to the whole TCM industry and actively explore.In this way,the unique advantages of TCM in preventing disease can be brought into full play.