会计学院知识库

  企业应对外部环境的变化可以从多个方面入手，但财务弹性是不容忽视的重要手段。当前环境下，医药行业面临着多种不确定性，究其原因：市场竞争激烈、政策管控严格、行业增速缓慢。所以，合理储备财务弹性是企业规避风险，准确把握最佳投资时机的必要条件。哈药股份作为国内首家上市的医药制造业企业，面对行业政策的不断变化以及新冠疫情等因素的不利影响，如何使企业获得可持续发展，就成了企业必须要首先处理的问题。因此，为了应对环境带来的不确定性，储备适当的财务弹性是企业的不二选择。

  本文将理论与实际相结合，采用案例研究的方法，选取哈药股份作为研究对象，以不确定性理论、优序融资理论以及动态能力理论为理论基础，获取2016-2021年的财务数据，探究哈药股份财务弹性储备情况。首先，阅读并整理分析全国内外有关财务弹性的文献；其次，从对哈药股份财务状况的分析中，得出案例公司可能面对的风险；最后，先通过单一指标分析哈药股份财务弹性现状，再引入因子分析法剖析解读影响企业财务弹性的关键指标。结果表明研究期内哈药股份财务弹性先逐渐增大后变小，波动较大。在此基础上，针对哈药股份财务弹性中存在的问题，从改善现金持有情况、降低财务杠杆、拓宽融资渠道、调整股利分配政策等方面，提出了相应的优化对策，以期为相关部门更好地指导医药企业的良性发展，同时也为企业如何运用财务弹性来应对经营风险提供了现实指导。

    Financial risk resistance is an indispensable choice for corporations to proactively adapt their business to the exterior environment and proactively respond to the adverse effects of environmental changes. In more years the drug business has been slowing down, policies have become stricter and market competition has intensified. It increases the increasing risks associated with an uncertain business environment. As the first listed pharmaceutical manufacturing company in China, the issue of how to achieve sustainable development in the face of changing industry policies and the adverse impact of the new epidemic has become the first issue that companies must deal with. Therefore, It is imperative to maintain appropriate budgetary resiliency to deal to the adverse effects due to the changing context.       

     This paper combines theory and practice, adopts a case study approach, selects HaPharma Corporation as the research object, and financial data for 2016-2021 were obtained to explore the financial inelasticity level of the corporation according to the theory of indeterminacy, optimal ordering financing theory, and the theory of dynamic ability. Firstly, the current situation of financial elasticity research at home and abroad was sorted out; secondly, the risks that the case company might face were derived by analyzing the current business situation of HaPharma; finally, the current situation of HaPharma's financial elasticity was analyzed by a single indicator first, and then factor analysis was introduced to analyze and interpret the key indicators affecting the financial elasticity of the enterprise. The results show that the financial elasticity of Harbin Pharmaceutical Company gradually increases and then decreases during the study period, with large fluctuations. On this basis, the corresponding optimization measures are proposed in terms of improving cash holdings, reducing financial leverage, broadening financing channels, and adjusting dividend distribution policies to address the problems in financial elasticity of Harbin Pharmaceutical Company, with a view to providing better guidance to relevant departments for the sound development of pharmaceutical enterprises, and also providing realistic guidance on how enterprises can use financial elasticity to cope with business risks.