I 摘要 我国医药行业在经济增长和民生需求的推动下进入了快速发展阶段，医药 企业提高科技研发能力、扩大产业规模、加速业务模式升级转型已刻不容缓。 资金是企业快速发展的助推剂，对于以科技研发水平作为核心竞争力的医药行 业尤为如此。然而，由于医药行业高投入、高风险以及资产结构的特殊性，融 资难现象在医药行业中普遍存在，已经成为制约医药企业快速发展的关键因素。 通过国内外融资理论及融资实践可以发现，拓宽融资渠道、降低融资成本、制 定科学的融资策略，是提升企业融资能力，破解企业融资难题的有效途径。 本文以L药业公司为研究对象，通过收集、整理、分析L药业公司的相关 资料，对L药业公司的经营发展状况以及融资活动现状做了深入研究和分析。 发现了L药业公司在融资活动中存在融资结构与需求不匹配、融资成本高风险 大、内源融资能力不足、外源融资渠道窄、融资方式单一、政策优势发挥不足 的问题，并深刻剖析了这些融资问题背后的内外部原因。然后，通过选取影响 融资活动评价的主要因素，确立了融资优化的原则和思路，以资本结构理论及 企业成长周期理论为指导，结合当前L药业公司的融资环境以及医药行业的融 资特点，从内源融资及外源融资两个方面对L药业公司制定了融资优化策略。 本文旨在通过对L药业公司融资活动及融资策略的研究探讨，帮助L药业 公司提高融资能力，解决融资难题，从而促进L药业公司的长远健康发展。同 时，期望能够对医药行业破解融资难困境有所助益。 关键词：医药行业；融资问题；融资方式；融资策略 ABSTRACT II ABSTRACT Chinesepharmaceuticalindustryhasenteredastageofrapiddevelopmentdriven byeconomicgrowthandpeople'slivelihoodneeds.Itisurgentforpharmaceutical companiestoimprovescientificandtechnologicalresearchanddevelopment capabilities,expandindustry,andacceleratebusinessmodelupgradingand transformation.Fundscanbeviewedasaboosterfortherapiddevelopmentof enterprises,especiallyforthepharmaceuticalindustrywhosecorecompetitivenessis technologicalresearchanddevelopment.However,duetothehighinvestment,high risk,andparticularityoftheassetstructureinthepharmaceuticalindustry,financing difficultiesgenerallyexistinthepharmaceuticalindustry,whichhasbecomeakey factorrestrictingtherapiddevelopmentofpharmaceuticalcompanies.Basedon domesticandforeignfinancingtheoryandfinancingpractice,itcanbefoundthat broadeningfinancingchannelsandoptimizingfinancingmodelsareeffectivewaysto improvecorporatefinancingcapabilitiesandsolvecorporatefinancingproblems. TakingLPharmaceuticalCompanyastheresearchobject,thethesisshows in-depthresearchandanalysisonLPharmaceuticalCompany'sbusinessdevelopment statusandfinancingactivitiesthroughcollecting,sortingandanalyzingtherelevant informationofLPharmaceuticalCompany.Ifoundthattheexistingfinancingmodel ofLPharmaceuticalCompanyhastheproblemsofmismatchbetweenfinancing structureanddemand,highfinancingcostsandhighrisks,insufficientdevelopment ofinternalfinancingcapabilities,narrowexternalfinancingchannels,insufficient policyadvantages.Meanwhile,Ideeplyanalyzetheinternalandexternalreasons behindtheproblemsinthefinancingmodel.Then,byselectingthemainfactorsthat affecttheevaluationofthefinancingmodel,theprinciplesandideasoffinancing modeloptimizationareestablished.Guidedbythecapitalstructuretheoryand corporategrowthcycletheory,combinedwiththecurrentfinancingenvironmentofL PharmaceuticalCompanyandthefinancingcharacteristicsofthepharmaceutical ABSTRACT III industry,madethefinancingoptimizationstrategyforLpharmaceuticalcompany fromtwoaspectsofinternalfinancingandexternalfinancing. ThepurposeofthisthesisistohelpLPharmaceuticalCompanyimproveits financingabilityandsolveitsfinancingproblemsthroughtheresearchanddiscussion thefinancingactivitiesandfinancingstrategiesofLPharmaceuticalCompany,soas topromotethelong-termhealthydevelopmentofLPharmaceuticalCompany.Also, itisexpectedtohelpthepharmaceuticalindustrytosolvethefinancingdifficulties. Keywords:Pharmaceuticalmanufacturingindustry;Financing;Financingproblems; Financingstrategy 目录 IV 目录 摘要..........................................................................................................I ABSTRACT................................................................................................II 目录........................................................................................................IV 第一章绪论.............................................................................................1 第一节选题背景及研究意义............................................................................1 一、选题背景........................................................................................................................1 二、研究意义........................................................................................................................2 第二节国内外研究综述....................................................................................3 一、国外研究综述................................................................................................................3 二、国内研究综述................................................................................................................5 三、文献述评........................................................................................................................7 第三节主要研究内容及方法............................................................................8 一、研究内容........................................................................................................................8 二、研究方法........................................................................................................................9 三、技术路线........................................................................................................................9 第四节研究创新..............................................................................................10 第二章相关概念及理论基础...............................................................12 第一节相关概念..............................................................................................12 一、企业融资......................................................................................................................12 二、融资渠道......................................................................................................................12 三、融资方式......................................................................................................................12 第二节相关理论基础......................................................................................13 目录 V 一、资本结构理论..............................................................................................................13 二、企业成长周期理论......................................................................................................14 第三章L药业公司融资现状...............................................................16 第一节L药业公司概况...................................................................................16 一、L药业公司基本情况...................................................................................................16 二、L药业公司业务情况...................................................................................................17 三、L药业公司财务情况...................................................................................................18 第二节L药业公司融资环境扫描...................................................................20 一、外部环境扫描..............................................................................................................20 二、内部环境扫描..............................................................................................................25 第三节L药业公司融资方式分析...................................................................27 一、留存收益......................................................................................................................27 二、银行借款......................................................................................................................28 三、股权融资...........................................................................