Study On Sustainable Growth Strategy Of FXYY From The Financial Perspective

With the optimization and adjustment of China's economic structure and industrial structure,the transformation and upgrading of all walks of life will follow.The National Development and Reform Commission(NDRC)has issued a series of notifications on drug price reduction.The continuous introduction of health care reform policies has made pharmaceutical companies face greater market competition pressure,and the competition among pharmaceutical manufacturers has become increasingly fierce.Therefore,stable and sustainable growth has become the most urgent and direct demand of many pharmaceutical enterprises.But in reality,many enterprises blindly pursue high-speed growth and neglect sustainability,which leads to financial crisis and even near bankruptcy.If enterprises want to develop at a high speed,they must invest more funds and face greater financial pressure.If they encounter uncontrollable factors such as macro-economy or poor management,they are likely to face financial crisis and lose control of operation.However,too slow development may lead to low efficiency.of enterprise resource utilization and even market shrinkage.Therefore,sustainable growth has become a major problem for the survival and development of enterprises.From the perspective of financial sustainable growth,this paper chooses data from 2013 to 2017 to study the sustainable growth of pharmaceutical enterprises.This paper summarizes the existing literature,defines the concepts of sustainable development and sustainable growth,compares and analyses Higgins model and Van Horn model by combining the actual situation of FXYY Company,and finally chooses Van Horn model,and elaborates the influencing factors of sustainable growth from both internal and external aspects.The main part introduces the company's specific situation,carries out financial analysis on the sustainable growth status of the company from the perspective of profitability,operating ability,solvency,development ability and dividend policy,calculates and compares the difference between the sustainable growth rate and the actual growth rate of FXYY Company,and the causes behind the difference are lack of innovation in marketing mode and imbalance in profit structure.The problems such as poor management of accounts receivable,slow return of funds and unbalanced allocation of R&D expenses are analyzed.Finally,according to the above analysis,some feasible suggestions are put forward:innovating the sales model,optimizing the profit structure,implementing the process management of accounts receivable,optimizing cash flow management,and adjusting the structure of R&D expenses.