我国经济进入新常态以来，国家实施“中国制造2025”战略，要求到2025 年中国制造业整体素质大幅提升。医药制造业作为突破发展的十大重点领域之一， 必须实现产业升级转型，加快提升整体竞争力。由此，我国医药制造业企业的健 康发展备受关注，财务视角下公司可持续发展能力成为企业运营发展的核心，如 何提升该能力成为亟待解决的问题。 本文参考国内外学者有关企业可持续发展、企业成长和企业能力理论，总结 国内外研究现状，进行财务视角下企业可持续发展能力探究。文章选取我国医药 制造业283家上市公司作为样本公司，从公司的财务资源、企业能力以及企业财 务效率三个方面分别选取了资产总额、固定资产、净利润等17个财务指标，构 建医药制造业上市公司财务可持续发展能力评价指标体系。对选取的指标确定为 输入和输出指标两种类型，分别进行主成分分析，把分析结果进行DEA分析， 得出反映企业财务可持续发展能力的效率评价结果，对该结果进行横纵向分析， 得出的结论是：（1）我国医药制造业上市公司纯技术效率偏低，导致行业整体 大部分企业未达到综合有效。（2）医药制造产业发展不平衡，行业内企业财务 资源配置情况有待改善。（3）连续规模不变的企业较少，企业财务可持续发展 能力难以维持。（4）政策变动对医药制造业上市公司财务可持续发展能力影响 较大。针对财务可持续发展能力存在的不足，提出进行财务技术创新、加快产业 结构升级、资源优化配置以及完善国家政策四条建议。 关键词：财务可持续发展能力；PCA分析；DEA分析；医药制造上市公司 III Abstract Since China's economy entered the new normal, the implementation of the "made in China 2025" strategy requires the overall quality of China's manufacturing industry to be greatly improved by 2025. As one of the ten key areas of breakthrough development, pharmaceutical manufacturing industry must realize industrial upgrading and transformation, and accelerate the promotion of overall competitiveness. Therefore, the healthy development of pharmaceutical manufacturing enterprises in China has attracted much attention. From the perspective of finance, the sustainable development ability of companies has become the core of enterprise operation and development. How to improve the ability has become an urgent problem to be solved. Based on the theories of sustainable development, growth and capability of enterprises, this paper summarizes the research status at home and abroad, and explores the sustainable development capability of enterprises from the perspective of finance. This paper selects 283 listed companies in China's pharmaceutical manufacturing industry as sample companies, and selects 17 financial indicators, including total assets, fixed assets and net profit, from three aspects of financial resources, enterprise capacity and financial efficiency. The principal component analysis of the selected indicators is carried out, and the evaluation index system of financial sustainable development ability of Listed Companies in pharmaceutical manufacturing industry is constructed. The results show that: (1) the pure technical efficiency of Listed Companies in China's pharmaceutical manufacturing industry is low, resulting in that most of the enterprises in the industry as a whole do not achieve comprehensive efficiency. (2) The development of pharmaceutical manufacturing industry is unbalanced, and the allocation of financial resources of enterprises in the industry needs to be improved. (3) There are few enterprises with constant scale, so it is difficult to maintain the ability of financial sustainable development. (4) Policy changes have a great impact on the financial sustainability of pharmaceutical manufacturing listed companies. In view of the deficiency of financial sustainable development ability, this paper puts forward four suggestions: financial technology innovation, accelerating the upgrading of industrial structure, optimal allocation of resources and improving national policies. Key words: Financial sustainability; PCA analysis; DEA analysis; Pharmaceutical manufacturing listed companies. IV 目 录 关于学位论文使用授权的声明 ................................................................ I 摘要 ........................................................................................................ II Abstract ..................................................................................................... III 目 录 ....................................................................................................... IV 第一章 绪论............................................................................................... 1 一、研究背景........................................................................................................ 1 二、研究目的及意义............................................................................................ 1 （一）研究目的............................................................................................ 1 （二）研究意义............................................................................................ 1 三、国内外研究现状............................................................................................ 2 （一）国外研究现状.................................................................................... 2 （二）国内研究现状.................................................................................... 4 （三）文献述评............................................................................................ 5 四、研究内容及方法............................................................................................ 6 （一）研究内容............................................................................................ 6 （二）研究方法............................................................................................ 6 （三）技术路线图........................................................................................ 7 五、研究创新点.................................................................................................... 7 六、本章小结........................................................................................................ 8 第二章 相关概念界定和理论基础 .......................................................... 9 一、医药制造业企业定义及特征........................................................................ 9 （一）医药制造业企业范围界定................................................................ 9 （二）医药制造业企业特征........................................................................ 9 二、企业财务可持续发展能力概念界定.......................................................... 10 （一）企业可持续发展能力...................................................................... 10 （二）企业财务可持续发展能力.............................................................. 10 三、相关理论基础.............................................................................................. 10 （一）企业成长能力理论.......................................................................... 10 （二）企业可持续发展理论...................................................................... 12 （三）企业财务可持续增长理论.............................................................. 12 三、本章小结...................................................................................................... 13 第三章 医药制造业上市公司财务可持续发展能力现状分析 ............ 14 一、企业财务资源分析...................................................................................... 14 二、企业能力分析.............................................................................................. 15 （一）企业偿债能力分析.......................................................................... 15 （二）企业盈利能力分析.......................................................................... 15 V （三）企业运营能力分析.......................................................................... 16 （四）企业发展能力分析.......................................................................... 17 三、企业财务效率分析...................................................................................... 18 四、本章小结.........................