摘要
摘要
2020年新冠肺炎考验着人们在生命安全方面的应对能力，也推动了医药产
业的发展。然而受市场竞争条件限制，医药商业流通企业数量众多、市场鱼龙混
杂，甚至产生区域分割现象。由于市场占有率低、渠道和资金压力大，医药行业
中的医药商业流通企业想要发展壮大应持续引入资金投资，提升融资能力。因此，
融资问题成为制约着医药商业流通企业长期发展的因素之一。
展开对医药商业流通企业融资能力的研究，进一步提高医药商业流通企业融
资水平，是当前医药行业的重点、热点问题。本文选择 H医药集团作为案例研
究，并对 H医药集团融资策略进行深入分析和研究。首先归纳整理国内外相关
领域的文献和理论，构成系统的理论基础。其次利用 SWOT方法对企业战略进
行初步认识和了解，并在此前提下，分析企业在经营、融资、财务等方面存在的
问题，并详细探索问题产生的原因后逐一解决。接着依据企业融资规模、期限、
结构、成本、风险五方面详细分析的结果，评估企业内外源融资策略在融资活动
中的合理性，并深入分析企业融资策略存在的问题及成因。最后在融资策略改进
原则和可行性前提下，分析和计算企业未来资金需求。依据预测的结果，在基于
加权平均资本成本和风险最优的前提下，选择出适合企业当前发展的最优融资策
略组合方案。提出合理对策以优化企业融资策略，制定相应的配套保障措施，促
进企业融资策略能够更好地开展和实施。上述企业融资策略的优化对策可帮助 H
医药集团缓解融资问题，提升融资能力。应将企业融资策略与企业战略目标相结
合，构造多层次、多元化、合理化的资本结构。此外加强融资能力，降低融资成
本，控制财务风险，以合理完善的融资决策，推动企业又好又快发展。
关键词：企业融资；融资策略；融资风险；医药商业流通企业
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abstract
Abstract
The impact of COVID-19 in 2020 will not only test people's ability to cope with
life safety, but also stimulate the development of the pharmaceutical circulation
industry from another aspect. However, restricted by the market competition
conditions, the number of private enterprises in the medical circulation industry is
large, the market is mixed, and even the phenomenon of regional segmentation. Due
to low market share and large pressure on channels and funds, private pharmaceutical
circulation enterprises should continue to introduce capital investment to improve
their financing ability if they want to develop and grow. Therefore, the financing
problem has become one of the factors restricting the long-term development of
private pharmaceutical circulation enterprises.
It is the current focus and hot issue to carry out the research on the financing
ability of private medical circulation enterprises and further improve the financing
level of private medical circulation enterprises. This paper chooses H Pharmaceutical
Group as a case study, and conducts in-depth analysis and research on its financing
strategy. First, summarize and sort out the literature and theories in relevant fields at
home and abroad to form the theoretical basis of the system. Secondly, the SWOT
method is used to have a preliminary understanding of the enterprise's strategy. On
this premise, the problems existing in the operation, financing, finance and other
aspects of the enterprise are analyzed in detail to analyze the causes of the problems
and solve them one by one. Thirdly, according to the detailed analysis results of
enterprise financing scale, term, structure, cost and risk, the rationality of enterprise
internal and external financing strategy in fund-raising activities is evaluated, and the
existing problems and causes of enterprise financing strategy are deeply analyzed.
Fourth, on the premise of improving principles and feasibility of financing strategy,
analyze and calculate the future capital needs of enterprises. According to the
predicted results, on the premise of the optimal weighted average cost of capital and
risk, the optimal financing strategy combination scheme suitable for the current
development of enterprises is selected. Put forward reasonable countermeasures to
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abstract
optimize enterprise financing strategy, in order to ensure that the countermeasures can
be carried out and implemented, put forward the corresponding safeguard measures.
The above optimization strategies for financing strategy can help H Group solve
financing problems. It should combine corporate financing strategy with corporate
strategic objectives to construct a multi-level, diversified and reasonable capital
structure. In addition, it is necessary to strengthen the ability of raising funds, reduce
the cost of raising funds and control financial risks. With reasonable and perfect
financing decisions, promote the sound and rapid development of the enterprise.
Keywords:Corporate financing;Financing strategy;Financing risks;Private pharmac
-eutical circulation enterprises
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