随着中国经济的提升，中国资本市场在最近十年得到了飞速发 展。企业通过登陆资本市场为自身发展带来了更好的融资渠道和平 台，但许多成功IPO的企业没有实现上市的初衷，这些企业没有利 用好上市公司平台的资源使自身得到更好的发展。这其中尤其突出 的是许多规模较小的中小市值上市公司在没有明确未来成长路径规 划下而陷入发展的瓶颈，未能通过企业上市使自身优势和股东价值 快速提升。本文运用公司成长的相关理论知识，通过对康美药业成 长路径的研究，进而总结出中小市值上市公司实现成功的要素和路 径。 本文重点论述了处于传统行业的康美药业，如何通过上市的平 台，从上市初的小市值公司经过十多年的发展成为一家覆盖全产业 链的行业标杆公司。通过康美药业的成长路径分析，总结出使其成 功发展的内在逻辑：中小企业初期发展以内生式为主，通过不断提 升主业的实力来巩固自身优势；在企业规模到达一定体量时，企业 发展以外延式为主，通过对产业链上下游的并购整合，使企业自身 的优势近一步加强，掌握产业链中的核心资源和优势，实现上下游 之间的协同效应，产生最大的经济效益和股东价值。康美药业成长 路径的内在逻辑可以为遇到成长困境的中小市值上市公司提供借鉴 和启示。 关键词：中小市值上市公司，成长路径，内生式增长，外延式增长 A RESEARCH ON THE GROWTH PATH OF SAMLL AND MEDIUM-SIZED LISTED COMPANIES —TAKING KANGMEI PHARMACEUTICAL Co., Ltd. AS AN EXAMPLE ABSTRACT With the improvement of China's economy, China's capital market has developed rapidly in the last decade. Enterprises have brought better financing channels and platforms for their own development by logging into the capital market. However, many successful IPO companies have not achieved the original intention of listing. These enterprises have not used the resources of the listed company platform to make themselves better developed. What is particularly striking is that many small and medium-sized listed companies with small and medium-sized market values have fallen into the bottleneck of development, failing to improve their own advantages and volume. This article focuses on the Kangmei Pharmaceutical industry in the traditional industry. How to use the listed platform to become an industry benchmarking company covering the whole industry chain after more than ten years of development from the initial small-cap companies. Through the analysis of the growth path of Kangmei Pharmaceutical, the internal logic of its successful development is summarized: the initial development of small and medium-sized enterprises is mainly endogenous, and the strength of the main industry is continuously improved to consolidate its own advantages; when the scale of the enterprise reaches a certain volume, The development of the enterprise is mainly based on extension. Through the integration of mergers and acquisitions in the upstream and downstream of the industrial chain, the company's own advantages are further strengthened, mastering the core resources and advantages in the industrial chain, achieving synergy between upstream and downstream, and generating the greatest economy. Benefits and shareholder value. The internal logic of Kangmei Pharmaceutical's growth path can provide reference and enlightenment for small and medium-sized listed companies that are experiencing growth difficulties. KEY WORDS: Small And Medium-Sized Listed Companies, Growth Path, Endogenous Growth, Epitaxial Growth 目 录 第一章 绪论 ..................................................................................................................................... 1 1.1 研究的意义 ................................................................................................................................ 1 1.2 研究的内容 ................................................................................................................................ 1 1.3 研究的方法 ................................................................................................................................ 2 1.4 研究发现及创新点 .................................................................................................................... 2 1.5 论文结构 .................................................................................................................................... 3 第二章 理论基础与文献综述 ......................................................................................................... 5 2.1 理论基础 .................................................................................................................................... 5 2.2 文献综述 .................................................................................................................................... 6 第三章 中药饮片行业的发展现状 ................................................................................................. 8 3.1 中药饮片行业发展现状概述 .................................................................................................... 8 3.2 政策支持 .................................................................................................................................. 10 3.3 中药饮片行业问题及对策 ...................................................................................................... 11 3.3.1 中药饮片行业问题 ............................................................................................................... 11 3.3.2 中药饮片行业问题之对策 ................................................................................................... 12 第四章 康美药业成长过程分析 ................................................................................................... 14 4.1 康美药业基本情况 .................................................................................................................. 14 4.1.1 企业概况 ............................................................................................................................... 14 4.1.2 股权结构 ............................................................................................................................... 14 4.1.3 组织架构 ............................................................................................................................... 15 4.2 康美药业比较优势 .................................................................................................................. 16 4.2.1 产业资源优势 ....................................................................................................................... 16 4.2.2 社会资源优势 ....................................................................................................................... 17 4.2.3 人才优势 ............................................................................................................................... 17 4.3 康美药业成长过程 .................................................................................................................. 18 4.3.1 第一阶段——上市前（1997-2001）.................................................................................. 19 4.3.2 第二阶段——涉足中药饮片领域，向上游中药材延伸（2002-2011） .......................... 19 4.3.3 第三阶段——由药材贸易到药品贸易（2012-2017） ...................................................... 20 4.4 康美药业成长情况 .................................................................................................................. 21 4.4.1 营收增长率 ........................................................................................................................... 21 4.4.2 净利润增长率 ....................................................................................................................... 23 4.4.3 总资产增长率 ....................................................................................................................... 24 第五章 康美药业成长路径的模式分析 ....................................................................................... 26 5.1 成长基础——企业上市 .......................................................................................................... 26 5.1.1 上市前 ........................................................