A Research On The Financial Performance,Policy And Strategy Of Hualan Biological And Shanghai RAAS

Domestic blood products industry has the characteristics of rare resources,franchise and rigid demand,and presents the development trend of demand exceeds supply for a long time.Hualan Biological and Shanghai RAAS,two giants in blood products industry,have similar main products,market occupancy and sales revenue,while the development of the former one mainly relies on endogenous growth and the latter one mainly relies on extensional merger and acquisition,their different development approach and giant market value variation deserve in-depth financial comparison study.This thesis consists of eight chapters.Chapter ? describes the research background,including theme,meaning and framework;Chapter ? analyzes the situation of blood products industry with PEST,SCP and competitive five-force models;Chapter ? adopts ECIRM model to analyze their development status from aspects of entrepreneur,capital operation,enterprise resources and management;Chapter IV explore their financial situation through interpreting their financial statements with three-dimensional analysis;Chapter V makes a comparative analysis of their main financial indicators to display the comprehensive strengthen and financial characters of the two companies;Chapter VI deeply explores the financial status based on PCVRG model;Chapter ? conducts an exploration of their financial strategies by employing financial strategy matrix,and proposes suggestions after analyzing the four financial policies;Chapter ? summarizes the full text of the analysis,and then put forward conclusions and recommendations.Through the comparative analysis of ECIRM models,financial performances,policies and strategies of the two companies,the author find that both of them are of very strong profitability and creative ability of operational cash flow,wonderful flow ability,low interest-bearing debt ratio,strong risk control ability,good growth potential,strong value-creating ability,steady financial policies and strategies.It is suggested that Hualan Biological should conduct trade sale merge by taking the advantage of abundant cash flow under the general trend of high industry concentration;and also should strengthen "three-control policy" management,enhance marketing capacity,properly broaden account receivable,decrease inventory proportion,and appropriately lowing dividend ratio in funds-shortage years.It is recommended that Shanghai RAAS should strengthen merged companies integration and efficiency improvement,march from swiftly enlarging enterprise scale to strengthening enterprise quality;And strengthen the management of operational cash flow,enhance cash-gain rate and ensure the fineness of profits;It is also suggested that Shanghai RAAS need to strengthen the integration of enterprise management,reduce the proportion of the stock pledge of the major shareholders,focus on stability and sustainability of high price earning ratio and guarantee the positive influence of capital market on product management.