紫鑫药业融资方案的优化研究 随着经济的不断发展，我国国民的健康意识不断提高，2017年的十九大报告 指出，我国应实施健康中国战略，完善国民健康政策，从此，中国医药欧亿·体育（中国）有限公司进入 了一个新的发展时期。医疗体制改革不断深化，药品研发、医疗保险支付、招投 标、批量购买、新版基础药品目录等相关监管政策接续颁布，新版医疗保险目 录、国家药品价格谈判、两票制、分级诊断和治疗、一致性评估等逐步的实施， 促进了医药欧亿·体育（中国）有限公司的健康发展，医药欧亿·体育（中国）有限公司正进入快速发展的轨道，从此更加规范发 展，医药产业将迎来更大的发展机遇。现代社会医药欧亿·体育（中国）有限公司涉及到民生，关切到人 们的健康安全，国家大力支持医药欧亿·体育（中国）有限公司的发展，鼓励企业创新研发，尤其是针对 重点难点的疾病，医药企业的创新研发也代表着全世界、全人类的医药科技的进 步。然而，医药欧亿·体育（中国）有限公司的研发创新并非易事，“高投入、高风险、高收益、长周 期”三高一长的特点严重制约了医药欧亿·体育（中国）有限公司的发展。 本文以吉林紫鑫药业股份有限公司为研究对象，对其融资情况进行深入剖 析，归纳总结其融资问题成因，从而优化其融资方案，具有一定的理论意义和现 实意义。吉林紫鑫药业股份有限公司于1998年5月正式成立，作为一家以科技为 主要特点的股份制企业，其经营项目包括了药用动植物的养殖，以及药用项目的 研发、生产以及销售，是吉林省制药生产企业中的后起之秀。紫鑫药业作为吉林 省医药产业的知名企业，其经济发展的优良对吉林省医药产业具有较好的示范作 用。随着社会大环境的不断变化和欧亿·体育（中国）有限公司的竞争越发激烈，紫鑫药业需要大量的融 通资金为企业的创新发展保驾护航。但是，就目前紫鑫药业的融资情况而言，过 度依赖单一融资渠道、融资成本高等问题导致企业出现了融资困境。因此，如何 把控风险、提高财务管理水平、合理拓宽融资路径、降低融资成本、积极应对国 家政策带来的机遇与挑战不仅是紫鑫药业应该在日后管理中着重关注的问题，更 是紫鑫药业应该不断追求的目标。 II 本文采用了文献分析法和实证研究分析法，将融资结构理论知识与紫鑫药业 的实际情况相结合，从分析紫鑫药业的战略环境、财务环境和融资问题方面入 手。本文结合紫鑫药业实际情况进行战略分析，评价其欧亿·体育（中国）有限公司环境、发展趋向和未 来发展战略等；同时，结合紫鑫药业财务数据进行分析，基于对企业财务状况的 了解，着重从盈利能力方面以及现金流入量方面对企业进行着重财务分析。基于 对以上方面的了解，从而发现紫鑫药业融资过程中存在的纰漏，例如内部融资能 力不足、售后回租濒临到期、融资结构不合理、融资成本偏高。针对紫鑫药业上 述存在的这些问题，本文提出了优化紫鑫药业融资策略的方案及改进建议，建议 其提高内部融资能力、优化融资租赁业务、改善融资结构、严控融资成本，从而 帮助紫鑫药业解决融资困境，在医药欧亿·体育（中国）有限公司“大年”的大环境下，力争把握机遇、 适时发展。本文对提高本企业公司治理与财务管理水平、理性选择融资路径、调 整融资结构、优化融资方案、提高企业的利润率和市场竞争力具有理论研究价值 和现实意义，同时也可以为其他医药欧亿·体育（中国）有限公司企业提供一定的参考建议。 关键词： 融资策略，资产流动性，融资渠道，创新发展 III Abstract Optimization Research on Financing Plan of ZIXIN Pharmaceutical Industrial Company With the continuous development of the economy, the health consciousness of our citizens has been continuously improved. The report of the 19th National Congress of 2017 pointed out that China should implement a healthy China strategy and improve its national health policy. Since then, the Chinese pharmaceutical industry has entered a new development period. The reform of the medical system has continued to deepen, and related regulatory policies such as drug research and development, medical insurance payment, bidding, bulk purchase, and new version of the basic drug list have been promulgated. The gradual implementation of assessment and other measures has promoted the healthy development of the pharmaceutical industry. The pharmaceutical industry is entering a rapid development track. From then on, it will be more standardized and the pharmaceutical industry will usher in greater development opportunities. In modern society, the pharmaceutical industry involves people's livelihood and concerns about people's health and safety. The country strongly supports the development of the pharmaceutical industry and encourages innovative research and development of enterprises, especially for key and difficult diseases. The innovative research and development of pharmaceutical companies also represents the world and the entire human race to advances in medical technology. However, the R&D and innovation of the pharmaceutical industry is not easy, and the characteristics of “high investment, high risk, high return, and long cycle” are seriously restricting the development of the pharmaceutical industry. This article takes Jilin Zixin Pharmaceutical Co., Ltd. as the research object, analyzes its financing situation in depth, and summarizes the causes of its financing problems, so as to optimize its financing scheme, which has certain theoretical and IV practical significance. Jilin Zixin Pharmaceutical Co., Ltd. was formally established in May 1998. As a joint-stock enterprise with science and technology as its main characteristics, its business projects include the cultivation of medicinal animals and plants, as well as the research and development, production and sales of medicinal projects. It is a rising star among pharmaceutical manufacturers in Jilin Province. As a well-known enterprise in the pharmaceutical industry of Jilin Province, Zixin Pharmaceutical has a good demonstration role for the pharmaceutical industry of Jilin Province. With the continuous change of the social environment and the increasingly fierce competition in the industry, Zixin Pharmaceuticals needs a lot of financing funds to escort the innovation and development of enterprises. However, as far as the current financing situation of Zixin Pharmacy is concerned, excessive reliance on a single financing channel and high financing costs have led to financing difficulties for enterprises. Therefore, how to control risks, improve the level of financial management, reasonably broaden financing paths, reduce financing costs, and actively respond to the opportunities and challenges brought by national policies are not only issues that Zixin Pharmaceutical should focus on in future management, but also The goal that Xin Pharma should continuously pursue. This article uses the literature analysis method and empirical research analysis method to combine the theoretical knowledge of financing structure with the actual situation of Zixin Pharmaceutical, starting from analyzing the strategic environment, financial environment and financing issues of Zixin Pharmaceutical. This article combines strategic analysis of Zixin Pharmaceutical's actual situation, evaluates its industry environment, development trend and future development strategy, etc. At the same time, it analyzes Zixin Pharmaceutical's financial data and analyzes its financial status, focusing on profitability. And cash inflows, focusing on financial analysis. Based on the understanding of the above aspects, it was found that there were flaws in Zixin Pharmaceutical's financing process, such as insufficient internal financing capacity, the near-term expiration of after-sale leaseback, irrational financing structure, and high financing costs. In response to the above problems of Zixin Pharmaceutical, this article proposes solutions and suggestions for optimizing Zixin Pharmaceutical's financing strategy. It is recommended that it improve its internal V financing capabilities, optimize financing leasing business, improve financing structure, and strictly control financing costs, so as to help Zixin Pharmaceutical solve the financing dilemma and strive to seize opportunities and develop in a timely manner in the context of the "big year" of the pharmaceutical industry. This article has theoretical research value and practical significance for improving the corporate governance and financial management level of the company, rationally choosing financing paths, adjusting financing structure, optimizing financing schemes, improving the profitability and market competitiveness of enterprises, and it can also be used for other pharmaceutical industry companies. Provide some suggestions. Keywords： Financing strategy, asset liquidity, financing channel, innovative development VI 目 录 第 1 章 绪论 .....................