会计学院知识库

摘 要

随着我国进行供给侧结构性改革，经济已进入高质量发展阶段，产业结构不断调整，服务业占比不断上升，导致实体企业发展空间受到压缩，同时实体企业还面临着融资和经营困难的问题。目前证券和股票市场不断完善和发展，金融业的利润持续上升。在这种趋势下，实体企业开始开展金融化活动。医药制造行业是我国的重要支柱产业，未来发展前景十分可观。近年来，由于各种内外部因素的影响，许多医药制造企业开始将资金投入到金融领域。云南白药作为医药行业的领军企业和金融化程度较高的企业，研究其金融化下的财务绩效问题具有一定的现实意义。

本文在梳理了国内外相关文献并确定了本文的理论基础的基础上详细分析了云南白药的金融化现状和动因；然后运用熵值法对云南白药的财务绩效从横纵两个方向和偿债、盈利、运营、发展、研发能力五个维度进行对比，分析其现存的问题与不足。通过上述研究发现：第一，云南白药金融化受内外两方面因素影响。第二，云南白药存在过度金融化现象。第三，金融化对云南白药财务绩效存在负面影响。第四，金融化对企业的研发能力产生了一定程度的抑制作用。最后建议政府应加强对企业金融化的监管，鼓励实体企业专注于主营业务和实体投资。同时，云南白药公司应该增强金融风险防范意识，合理配置自身的金融资产，并重视自身主营业务的发展。

通过对云南白药金融化对企业财务绩效的影响进行分析，丰富了关于企业金融化对财务绩效的微观层面研究，同时为我国其他企业开展金融化活动提供了建议，使实体企业能够充分利用适度金融化所带来的积极影响，并避免过度金融化可能产生的不利影响。

关键词：金融化 财务绩效 云南白药

Abstract

With the implementation of supply-side structural reform in China, the economy has entered a stage of high-quality development. The industrial structure is continuously adjusted and the proportion of the service industry is steadily increasing. As a result, traditional manufacturing industries are facing problems of limited development space and financing and operational difficulties. Meanwhile, the securities and stock markets are experiencing continuous improvement and development, with profits in the financial industry increasing. Consequently, manufacturing enterprises have begun to shift their focus towards financialization as they "off virtual to real". The pharmaceutical manufacturing industry plays a crucial role in China's economy with promising prospects for growth. In recent years, influenced by both internal and external factors, this sector has started allocating financial assets. Yunnan Baiyao, a leading enterprise in the pharmaceutical industry with a strong emphasis on financial management,so it is of practical significance to study its financial performance under financialization.

This paper first reviews relevant literature and theoretical foundations from both domestic and abroad sources. Subsequently, it provides an in-depth analysis of Yunnan Baiyao's current state of financialization along with its motivations behind such actions. Furthermore, this research has adopted entropy method to compare and analyze the existing problems and shortcomings of Yunnan Baiyao's financial performance from the vertical and horizontal directions and five dimensions of debt repayment, profit, operation, development as well as research & development capabilities. According to the above research, it can be concluded as follows. Firstly, Yunnan Baiyao's financialization is influenced by both internal and external factors. Secondly, there exists an excessive level of financialization within Yunnan Baiyao. Thirdly, financialization exerts a negative impact on the financial performance of Yunnan Baiyao. Fourthly, financialization moderately hampers the R&D capabilities of enterprises. Lastly, it is recommended that the government should strengthen its supervision over enterprise financialization and encourages entity businesses to prioritize their core operations and physical investments. At the same time, The Yunnan Baiyao Company should concurrently enhance its awareness of financial risk prevention and allocate its own financial assets reasonably, focusing on the development of its core business.

By analyzing the impact of Yunnan Baiyao financialization on the financial performance of enterprises, the study on the financial performance of enterprises from the micro level will be enriched. And suggestions are also provided for other Chinese enterprises to carry out financialization activities so that entities can make full use of the positive impact of moderate financialization in the process of financialization and avoid the adverse impact of excessive financialization.

Keywords：Financialization; Financial performance; Yunnan Baiyao