现今，经济发展迅速，企业面临着日益激烈的市场竞争和日趋复杂的市场环境。 企业的生存与发展不仅正面临着众多机遇，也迎接着极大的挑战。想要更好更快更 健康的发展，科学有效地识别企业的风险，探索风险的成因，制定相应的风险应对 和控制措施至关重要，只有这样，才能使企业提前做好风险预警，及时纠正偏差， 提高竞争力，防止风险爆发带来的困境。我国医药制造业由 2011 年的 5000 多家增 长为 2017 年的 7000 多家。各种迹象表明，为了能更好了适应新变化、新环境，制 药业必须投入更多的资金去发展，创新技术，这对制药业的财务管理体系提出了越 来越高的要求。制药企业只有及时识别、有效控制财务风险，才能够在激烈的市场 竞争中抓住机遇，化解危机，占领更多的市场份额，完成跨越式发展。 本文以 HY 药业股份有限公司为研究对象，采用文献检索和案例分析法，通过 防护性、前馈性和反馈性控制方法，对 HY 药业生产经营管理的各个环节进行财务 风险研究，以寻求科学有效的财务风险应对和控制措施。 本文研究结论如下：一是在筹资风险阶段存在短期负债比例过高、短期负债偿 债能力较弱、负债规模增长过快等问题；二是在投资阶段存在投资比例不合理、缺 乏投资可行性分析和风险管理、投资类型局限、金融资产投资收益不稳定等问题； 三是在回款阶段存在应收账款质量较低、客户信用状况评级缺乏等问题；四是在收 益分配阶段存在盈利能力减弱、收益分配管理不善、资金储备不够合理等问题。本 文提出以下相关对策：第一，在筹资阶段应正确认识企业负债、缩减流动负债规模、 合理控制资金筹集量和合理控制资金筹集量等风险控制；第二，在投资阶段应加强 投资的可行性分析、实施多元化投资战略和建立投资风险管理系统等风险控制；第 三，在回款阶段应构建客户资信评价体系、健全销售人员绩效考核制度和落实催账 制度等风险控制；第四，在收益分配阶段应合理规划收益分配比例、注意收益分配 传递的信息和合理储备资金等风险控制。本文希望为其他制药企业有效地进行财务 风险管理提供参考与借鉴。 关键词：HY 药业；财务风险；财务风险识别；财务风险控制HY 药业股份有限公司财务风险管理研究 I ABSTRACT With the rapid economic development nowadays, enterprises are facing increasingly fierce market competition and gradually complex market environment. Enterprises are facing a number of opportunities as well as great challenges for their survival and development. In order to develop better, faster and healthier, it is crucially important to scientifically and effectively identify the risks of enterprises, explore the causes of risks, and formulate corresponding risk response and control measures. Only in this way can enterprises do a good job of risk early warning and timely correction of deviations, and can they improve competitiveness and prevent the plight of risk outbreaks. The pharmaceutical manufacturing industries in China have grown from more than 5,000 in 2011 to more than 7,000 in 2017. Various signs show that to better adapt to the new changes and new environment, the pharmaceutical industry must invest more to develop and innovate technology, which puts forward higher requirements for the financial management system of the pharmaceutical industry. Only by timely identification and effective control of financial risks, pharmaceutical enterprises can seize the opportunity in the fierce market competition, resolve the crisis, occupy more market share, and achieve great-leap-forward development. Taking HY Pharmaceutical Co.,Ltd as the research subject and adopting literature search and case analysis method, researches on the financial risk in every aspect of its production and operation management have been carried out through protection, feed-forward and feedback control methods, so as to seek scientific and effective financial risk response and control measures. Conclusions of this study are as follows. First, in the financing risk stage, there are a plenty of problems, such as the high ratio of short-term liabilities, the weak debt paying ability of short-term liabilities and the excessive growth of liabilities. Second, in the investment stage, problems encompassing the unreasonable proportion of investment, the lack of investment feasibility analysis and risk management, the limitation of investment types, the instability of financial assets investment returns show. Third, in the fund-callback stage, accounts receivable is of low quality and clients’ credit standing is not sufficient. Fourth, in the stage of income distribution, there are such problems as diminished profitability, poor income distribution management and unreasonable fund reserves. The following countermeasures are put forward in this paper. First of all, in theABSTRACT II first stage, it is necessary to correctly understand the risk control of enterprise liabilities, reducing the scale of current liabilities and reasonably control the amount of funds raised. Second, in the stage of investment, it is in need to strengthen the risk control such as the feasibility analysis of investment, the implementation of diversified investment strategy and the establishment of investment risk management system. In the third stage, it is necessary to construct a credit evaluation system for clients, improve the performance appraisal system for salespeople and press for payment of debt. At the last stage, it is suitable to plan the proportion of income distribution reasonably, pay attention to the information transmitted by income distribution and control the risk of reasonable reserve funds. It is hoped to provide reference for pharmaceutical enterprises to carry out financial risk management effectively. KEYWORDS:HY Pharmaceutical Company; financial risk; financial risk identification; financial risk controlHY 药业股份有限公司财务风险管理研究 1 目 录 第一章 绪论.................................................................................................... 1 第一节 研究背景及意义................................................................................................ 1 一、研究背景.................................................................................................................1 二、研究意义.................................................................................................................2 第二节 文献综述及评述................................................................................................ 2 一、国外相关文献综述.................................................................................................2 二、国内相关文献综述.................................................................................................4 三、文献评述.................................................................................................................5 第三节 研究内容与方法................................................................................................ 6 一、研究内容与思路.....................................................................................................6 二、研究方法.................................................................................................................7 第四节 本文创新点........................................................................................................ 8 一、研究对象的选择.....................................................................................................8 二、研究方法的选择.....................................................................................................8 第二章 相关概念界定及理论基础................................................................9 第一节 相关概念界定.................................................................................................... 9 一、财务风险.................................................................................................................9 二、财务风险识别.........................................................................................................9 三、财务风险管理.......................................................................................................10 第二节 财务风险相关理论.......................................................................................... 10 一、财务风险的类型...................................................................................................10 二、财务风险的特