医药行业上市公司财务风险识别与防范研究——以海正药业为例

摘要

上市公司会面临着更严格的监管以及对投资人负有更高的责任，医药行业作为惠及民生的产业更是如此，其发展备受国家关注。经济的发展带动了人们对医药用品的需求，使得医药行业发展迅速，但与此同时，挑战也随之而来。在新医改及全国医药行业并购浪潮的作用下，医药企业面临的竞争更大，医药企业的财务风险更加突出,所以对医药企业财务风险的正确识别及防控就显得格外重要。为了更好的适应宏观环境的变化，医药企业必须充分了解所处行业特点，正确识别自身财务风险，采取一定措施增强自身抗风险能力。

本文结合近5年来医药企业的发展情况，对医药行业上市公司的财务风险进行整体分析。首先通过一系列财务比率的变化趋势来识别出了医药行业显著的4个财务风险类型。再以海正药业作为具体的研究对象，运用多种方法分析出其具体的4个财务风险,并说明了每个财务风险形成的原因。最后从4个方面给医药行业财务风险的防控提出了自己的建议。本文为医药企业对财务风险的识别与防范提供了参考，也为市场上投资者投资医药企业提供了信息。

关键词：财务风险识别；财务风险防范；医药行业；海正药业

Abstract

Listed companies will face more strict supervision and higher responsibility to investors, especially in the pharmaceutical industry, which benefits the people's livelihood, and its development is concerned by the state. With the development of economy, people's demand for medical products has been driven, which makes the pharmaceutical industry develop rapidly. But at the same time, challenges also follow. Under the influence of the new medical reform and the wave of M & A in the national pharmaceutical industry, pharmaceutical enterprises are facing greater competition and more prominent financial risks, so it is particularly important to correctly identify and prevent the financial risks of pharmaceutical enterprises. In order to better adapt to the changes in the macro environment, pharmaceutical enterprises must fully understand the characteristics of their industry, correctly identify their own financial risks, and take certain measures to enhance their anti risk ability.

Based on the development of pharmaceutical enterprises in the past five years, this paper analyzes the financial risks of Listed Companies in the pharmaceutical industry as a whole. First of all, through a series of trends of financial ratios, four significant types of financial risks in the pharmaceutical industry are identified. Then take Haizheng pharmaceutical industry as the specific research object, using a variety of methods to analyze its specific four financial risks, and explain the reasons for the formation of each financial risk. At last, the paper puts forward some suggestions for the prevention and control of financial risks in the pharmaceutical industry from four aspects. This paper provides a reference for pharmaceutical enterprises to identify and prevent financial risks, and also provides information for investors to invest in pharmaceutical enterprises in the market.

Key words: financial risk identification; financial risk prevention; pharmaceutical industry; Haizheng pharmaceutical industry

目录

一、 绪论1

（一） 研究背景与意义1

（二） 研究内容与方法1

二、 国内外文献综述2

（一） 国外文献综述2

（二） 国内文献综述2

三、 我国医药行业上市公司财务风险现状分析3

（一） 我国医药行业发展状况及特征3

1． 医药行业发展状况3

2． 医药行业财务特征3

（二） 我国医药行业上市公司面临的主要财务风险4

1． 筹资风险4

2． 投资风险4

3． 营运风险5

4． 收益分配风险5

四、 案例分析——海正药业财务风险的识别6

（一） 海正药业简介6

（二） 海正药业财务风险识别6

1． 短期偿债能力弱6

2． 长期偿债能力弱7

3． 投资获利能力弱8

4． 存货周转缓慢，运营能力不足9

（三） 海正药业财务风险的原因分析9

1． 资本结构不合理影响偿债能力9

2． 研发投入过大，回报率低10

3． 在建工程超支，资金难以回收10

4． 存货管理机制弱11

5． 药品价格下降，影响盈利11

五、 医药行业上市公司的财务风险防范对策11

（一） 拓宽筹资渠道11

（二） 加强对投资项目的可行性分析和风险管理11

（三） 加强应收账款和存货的管理12

（四） 减少收益分配风险12

六、 结论12

参考文献14