随着人们生活质量的提高、思想观念的转变还有人口老龄化的迅速增长， 使得生物医药行业成为世界上发展最快的行业之一，并且一直处于上升的发展 趋势，身为世界第二大经济体的我国，在生物医药领域有着不可或缺的地位。 在这个经济迅速发展的时代下，我国的生物医药企业慢慢发展起来，在市场中 发展最快的就是中小型生物医药企业，因为它们有着成本低、效率高、创新强 的优势。不过中小型生物医药企业普遍存在着发展规模小，因为它们大多存在 着融资的问题，还有高投入、高风险和长周期等行业市场因素的影响，所以导 致出现了一系列的问题，所以这种类型企业的融资问题有待尽快解决的。 凡事都要进行实践探索，从实践更容易研究出中小型生物医药企业的融资 方案。对中小企业融资展开深入的探索，本篇论文以北京三源药业有限公司为 例，对国内外的相关研究历史与发展现状进行陈述，再将融资模式和理论进行 有机结合，为文章的探究奠定一定的基础；然后从三源公司基本情况、外部融 资环境以及内部融资环境的财务状况、融资现状等方面分析了公司在融资方面 存在的问题；再分析资金需求估测未来的资金需求量；接着在从内源融资和外 源融资两个方面，对初步设定的融资方案进行分析，最终选择最适合公司发展 的融资方案；最后结尾部分是促进融资方案而展开的具体措施。 综上所述，本文的五个章节都是对上面的问题分别进行的探索。本文的主 要目的在于希望通过分析中小型生物医药企业融资方案，再结合具体措施能够 为三源公司指明方向，这样也可以其他同类公司的发展带来一定的借鉴意义。 关键词：融资，融资方案，内源融资，外源融资 EMBA学位论文 作者：郭辉 北京三源药业有限公司融资方案研究 II RESEARCH ON FINANCING SCHEME OF BEIJING SANYUAN PHARMACEUTICAL COMPANY Abstract With the improvement of people's quality of life, the change of ideas, and the rapid growth of population aging, the biomedical industry has become one of the fastest growing industries in the world, and has been in an upward trend, becoming the second largest in the world. China, an economy, has an indispensable position in the field of biomedicine. In this era of rapid economic development, China's biopharmaceutical companies have gradually developed. The fastest growing in the market are small and medium-sized biomedical companies, because they have the advantages of low cost, high efficiency, and strong innovation. However, small and medium-sized biomedical companies generally have small development scales, because most of them have financing problems, and they are affected by market factors such as high investment, high risk, and long cycle. Therefore, a series of problems have arisen. The financing problems of these types of enterprises need to be resolved as soon as possible. Everything must be explored in practice, and it is easier to study financing schemes for small and medium-sized biomedical companies from practice. In-depth exploration of SME financing, this paper uses Beijing Sanyuan Pharmaceutical Co., Ltd. as an example to state the relevant research history and development status at home and abroad, and then organically combines financing models and theories to explore the article. Lay a certain foundation; then analyze the company's financing problems from the basic situation of Sanyuan Company, the external financing environment, the financial status of the internal financing environment, and the financing status quo; and then analyze the capital needs to estimate the future capital requirements Then, from the aspects of internal financing and external financing, the preliminary analysis of the financing scheme is analyzed, and the financing scheme that is most suitable for the company's development is finally selected; the last part is the specific measures to promote the financing scheme. EMBA学位论文 作者：郭辉 北京三源药业有限公司融资方案研究 III In summary, the five chapters of this article are the exploration of the above issues. The main purpose of this article is to hope that by analyzing the financing schemes of small and medium-sized biomedical companies, combined with specific measures, it can point the way for Sanyuan Company, which can also bring some reference to the development of other similar companies. Key words:Financing, financing scheme,internal financing, external financing EMBA学位论文 作者：郭辉 北京三源药业有限公司融资方案研究 IV 目录 中文摘要 ..................................................................................................... I Abstract ..................................................................................................... II 第一章绪论 ................................................................................................ 1 1.1 研究背景及其意义 ......................................................................................... 1 1.1.1 研究背景 ................................................................................................... 1 1.1.2 研究意义 ................................................................................................... 2 1.2 国内外研究现状 ............................................................................................. 3 1.2.1 国外研究现状 ........................................................................................... 3 1.2.2 国内研究现状 ........................................................................................... 4 1.2.3 文献述评 ................................................................................................... 7 1.3 研究方法和内容 ............................................................................................. 8 1.3.1 研究方法 ................................................................................................... 8 1.3.2 研究内容 ................................................................................................... 9 第二章融资相关理论 ............................................................................. 11 2.1 融资模式 ....................................................................................................... 11 2.1.1 内源融资和外源融资 ............................................................................. 11 2.1.2 直接融资和间接融资 ............................................................................. 11 2.1.3 股权融资和债务融资 ............................................................................. 12 2.2 融资理论 ....................................................................................................... 12 2.2.1 古典融资理论 ......................................................................................... 12 2.2.2 现代融资结构理论 ................................................................................. 13 第三章三源公司融资环境与现状分析 ................................................. 16 3.1 三源公司概况 ............................................................................................... 16 3.1.1 三源公司简介 ......................................................................................... 16 EMBA学位论文 作者：郭辉 北京三源药业有限公司融资方案研究 V 3.1.2 三源公司组织结构 ................................................................................. 17 3.2 三源公司融资外部环境分析 ....................................................................... 17 3.2.1 政治法律环境分析 ................................................................................. 17 3.2.2 经济金融环境分析 ................................................................................. 18 3.2.3 社会文化环境分析 ................................................................................. 18 3.2.4 行业技术环境分析 ................................................................................. 19 3.3 三源公司融资内部环境分析 ....................................................................... 20 3.3.1 三源公司财务分析 ................................................................................. 20 3.3.2 三源公司能力分析 ................................................................................. 23 3.4 三源公司融资现状及存在的问题分析 ....................................................... 25 3.4.1 三源公司融资现状分析 ...............................................................