近年来，随着我国医药行业产业结构调整不断深化，相关政策频出，医药制造行 业市场整体增速放缓，加之医药制造行业高技术、高投入、高风险特点，企业面临较 大现金流压力。TJTY药业股份有限公司（以下简称TJTY药业公司）是化学原料药 及药物制剂的一家老牌医药制造企业。自2013 以来，由于生产原料涨价，前期投入 加大，且下游客户资金链运转不畅，经营管理松散等各方面因素，致使近年来TJTY 药业公司资金链处于紧绷状态，科学优化TJTY药业公司现金流量管理体系迫在眉睫。 本文在充分理解国内外现金流量管理理论基础上，结合TJTY药业公司现金流管 理现状及四年报表数据，对TJTY药业公司现金流量质量、现金流量结构、现金流量 比率、财务弹性、现金周转期方面进行充分分析。在分析的基础上，以解决实际问题 为导向,归纳总结TJTY药业公司现金流量管理方面存在的经营现金流质量差、资金周 转速度较慢、偿债能力恶化、筹资方式单一等问题。进一步探究其问题产生原因，继 而对现金流量管理提出优化管理建议，如明确现金流量管理目标、加快战略产业调整， 增加OPM战略、实施跨部门协同作战、实行全面预算管理、扩展融资渠道等。以期 优化TJTY药业公司现金流量管理体系，促使公司现金流良好运转，增强企业抗风险 能力，实现在竞争激烈的市场环境中求得稳定发展的目标。 关键词：医药制造行业；TJTY药业公司；现金流量管理；优化 海南大学硕士学位论文 Abstract In recent years, with the deepening of the industrial structure adjustment of China's pharmaceutical industry and the frequent emergence of relevant policies, the overall growth rate of the pharmaceutical manufacturing industry has slowed down, coupled with the high-tech, high-input and high-risk characteristics of the pharmaceutical manufacturing industry. Enterprises are facing greater cash flow pressure. TJTY Pharmaceutical Co., Ltd. (hereinafter referred to as TJTY Pharmaceutical Co., Ltd.) is a veteran pharmaceutical manufacturer of chemical raw materials and pharmaceutical preparations. Since 2013, due to the increase in the price of production raw materials, the increase of early investment, the poor operation of downstream customers' capital chain, loose management and other factors, the capital chain of TJTY Pharmaceutical Company has been in a tight state in recent years, so it is urgent to scientifically optimize the cash flow management system of TJTY Pharmaceutical Company. On the basis of fully understanding the theory of cash flow management at home and abroad, combined with the current situation of cash flow management and four-year report data of TJTY Pharmaceutical Company, this paper makes a full analysis on the cash flow quality, cash flow structure, cash flow ratio, financial elasticity and cash turnover of TJTY Pharmaceutical Company. On the basis of the analysis, under the guidance of solving practical problems, this paper summarizes the problems existing in the cash flow management of TJTY Pharmaceutical Company, such as poor quality of operating cash flow, slow capital turnover, deterioration of debt paying ability, single way of financing and so on. Further explore the causes of the problems, and then put forward suggestions for optimizing cash flow management, such as defining the objectives of cash flow management, speeding up the adjustment of strategic industries, increasing OPM strategy, implementing inter-departmental cooperation, implementing comprehensive budget management, expanding financing channels, and so on. With a view to optimizing the cash flow management system of TJTY Pharmaceutical Company, promoting the good operation of the company's cash flow, enhancing the enterprise's anti-risk ability, and achieving the goal of stable development in the highly competitive market environment.