会计学院知识库

  随着经济不断发展、老龄化及政策驱动等因素，我国医药行业进入快速发展阶段。但是我国逐渐注重对医药行业的治理，积极推动供给侧改革，淘汰落后产能，加大制药企业市场规范力度，同时国外医药巨头紧盯我国医药市场，对我国医药企业的发展带来一定的挑战。在竞争激烈环境下，企业若想保持稳定的发展，就需要提高自身核心竞争力，而财务竞争力作为核心竞争力的重要组成部分，对其进行科学合理的评价至关重要，关乎着企业未来的发展。

  本文首先梳理了国内外学者对财务竞争力相关研究的成果，整理出财务竞争力的具体内涵，介绍了财务竞争力评价所用到的理论基础；其次，本文选取海正药业为研究对象，对其进行简单介绍，主要包括经营和研发方面的情况介绍；再次，依据医药行业的特点构建以偿债能力、盈利能力、营运能力、成长能力、获现能力以及研发能力六个指标构成的财务竞争力评价指标体系，借助因子分析法和熵权法对海正药业的财务竞争力情况进行评价研究，得出海正药业各个公共因子以及综合能力的具体排名；最后，通过分析评价结果，找出影响海正药业财务竞争力的问题主要有：成本费用管控不足、应收账款周转率偏低、偿债能力弱、资金利用率低等；根据分析情况对海正药业提出降低成本费用、提高营业收入、优化应收账款管理和资本结构、提升资金利用效率等建议。

   With the continuous economic development, aging and policy-driven factors, China's pharmaceutical industry has moved into a phase of rapid development. But China is gradually emphasizing the governance of the pharmaceutical industry, actively promoting supply-side reform, eliminating backward production capacity, and increasing the market regulation of pharmaceutical enterprises, while foreign pharmaceutical giants are focusing on China's pharmaceutical market, bringing certain challenges to the development of China's pharmaceutical enterprises.In a highly competitive environment, enterprises need to improve their core competitiveness if they want to sustain stable development, and financial competitiveness, as an important part of core competitiveness, is vital to be evaluated scientifically and rationally, which is related to the future development of enterprises.

   This paper firstly collates the results of domestic and foreign scholars' research on financial competitiveness, organizes the specific connotation of financial competitiveness, and theoretical bases used for financial competitiveness evaluation are introduced; Secondly, this paper selects Hisun Pharmaceuticals as the research object and briefly introduces it, mainly including the operation and research and development; again, based on the characteristics of the pharmaceutical industry, we construct a financial competitiveness evaluation index system consisting of six indicators: solvency, profitability, operating capacity, growth capacity, profitability and research and development capacity, and evaluate the financial competitiveness of Hisun Pharmaceuticals with the help of factor analysis and entropy method. Finally, through the analysis of the evaluation results, the problems affecting the financial competitiveness of Hisun Pharmaceuticals were identified as follows: inadequate cost control, low turnover of accounts receivable, weak solvency, and low utilization of capital, etc. Based on the analysis, Hisun Pharmaceuticals proposed to reduce costs, increase operating income, optimize accounts receivable management and capital structure, and improve the competitiveness of the company. Based on the analysis, Hisun Pharmaceuticals made recommendations to reduce costs, improve operating income, optimize accounts receivable management and capital structure, and enhance capital utilization efficiency.