从盈利结构视角分析医药行业上市公司盈利质量——以沃华医药为例

摘要

改革开放以来，随着我国加入世界贸易组织，上市公司越来越成为我国市场经济发展的重要主体，为我国市场经济做出了巨大贡献。然而，长期以来，在体制、机制、环境等多种因素的影响下，我国部分企业盲目追求利润数量上的增长，却忽视了利润品质的提升和提高，盈利质量状况令人堪忧。

该范文选择医药行业并以沃华医药为例，统计了其2016-2018年的财务数据，并计算相关指标，从盈利结构视角分析其盈利质量，期望通过对沃华医药盈利质量状况的调查、了解，总结其在盈利质量方面存在的问题，从而提出有针对性的解决办法和对策。进而对整个医药行业的盈利质量问题进行分析，运用相关理论与方法，选取适当的样本，对医药行业盈利质量进行分析，发现其在盈利质量方面的问题，并提出相关建议。

关键词：盈利质量；盈利结构；医药行业

Abstract

As an important means of contemporary national governance, major policies have always been the focus of the public, so the implementation of major policies audit is bound to become the current focus. Traditional post audit is no longer suitable for the current policy implementation audit. The state audit institution has carried out follow-up auditing on this innovation, carried out verification and supervision on the implementation of major policies, and strengthened the intensity of review of the implementation of policies and measures; in May 2018, the Central Committee of audit's first meeting, general secretary Xi Jinping stressed the need to strengthen the follow-up audit of major policy implementation. Therefore, in the context of full coverage of audit supervision, it is imperative to track the implementation of major policies, and audit efforts are bound to continue to strengthen. However, at present, there are some problems in our country's follow-up audit, such as the inconsistency between theory and practice, the ability of auditors to be updated, and the imperfect eva luation system. Therefore, based on the current situation of tracking audit in China, this paper systematically analyzes the existing problems of tracking audit in China, and puts forward measures and suggestions to improve the ability of auditors, the implementation of audit, optimize the transmission of policy information, improve the eva luation system, and improve the transparency of audit report disclosure.I hope to provide research significance for the aspects involved in the follow-up audit of major policy implementation.

Key words: policy measures; policy implementation; follow-up audit; traditional audit; full coverage of audit

目录

一、 前言1

二、 从盈利结构角度分析盈利质量的一般理论基础和研究方法2

（一） 主要理论观点2

（二） 分析方法2

1． 利润结构的内部分析2

2． 现金流量分析3

3． 资产结构分析3

三、 盈利结构视角下对医药行业上市公司的盈利质量分析3

（一） 数据来源和计算3

（二） 医药行业盈利质量分析——基于盈利结构视角4

1． 利润内部结构4

2． 现金流量的分析7

3． 资产结构分析8

（三） 个案分析——从盈利结构分析沃华医药的盈利质量9

1． 沃华医药盈利质量分析——基于盈利结构9

2． 现金流量分析13

3． 资产结构分析14

（四） 沃华医药盈利质量的问题及措施15

1． 主导产品相对集中风险15

2． 合规风险16

3． 产品质量风险16

4． 市场开发风险16

四、 对医药行业上市公司盈利质量的相关建议17

（一） 加强主营业务的盈利能力，进行成本管理17

（二） 增强营运资金管理，进一步优化资产结构17

（三） 加大药品创新研发力度，关注新产业和新市场17

（四） 发挥产业园区优势，充分利用园区资源17

结  论17

参考文献19