| The gradual intensification of market competition in China’s pharmaceutical manufacturing industry,the introduction of the new medical reform in the post-epidemic era has led to the market situation of declining drug prices,and the development of "Internet + medical" has brought unprecedented opportunities and challenges to pharmaceutical manufacturing enterprises.Pharmaceutical enterprises pay more and more attention to the overall strategy planning,and financial strategy is one of the most important components of the overall strategy,the design and implementation of financial strategy directly affects the future development of enterprises.Therefore,more and more pharmaceutical enterprises begin to pay attention to the design and implementation of financial strategy in order to obtain greater financial support for the implementation of the overall strategy of the enterprise.Renhe Pharmacy Co.,LTD.(hereinafter referred to as "Renhe Pharmacy")is a large pharmaceutical manufacturing enterprise.At present,its development is facing the status quo of stagnation,and there may be some problems in the formulation and implementation of its financial strategy policies.Therefore,this paper explores the problems existing in the financial strategy of Renhe Pharmacy and puts forward optimization suggestions based on the financial strategy matrix to help Renhe Pharmacy and other similar enterprises achieve long-term sustainable development.The financial strategy matrix can point out the direction for the adjustment and optimization of financial strategy.In this paper,literature research method,case study method,comparative analysis method,based on the theory of financial strategy matrix to study the current financial strategy of Renhe Pharmacy,and to evaluate it,put forward the corresponding financial strategy optimization suggestions.In the first part,this paper uses the literature research method to explain the related concepts and theories of financial strategy,including the concept and type of financial strategy,the concept and type of financial strategy matrix,etc.In the second part,this paper briefly introduces the basic situation of Renhe Pharmacy and its internal and external environment,including PEST analysis,SWOT analysis,etc.,and summarizes and analyzes the current financial strategy of Renhe Pharmacy from four aspects:financing strategy,investment strategy,operating strategy and dividend distribution strategy.In the third part,by calculating the financial indicators of Renhe Pharmacy,this paper constructs the financial strategy matrix model of Renhe Pharmacy from2017 to 2021,analyzes its value creation ability and capital status,judges the quadrant position of Renhe Pharmacy,and then evaluates the current financial strategy of Renhe Pharmacy and puts forward suggestions for optimization.This paper analyzes the financial strategy matrix of Renhe Pharmacy from 2017 to 2021,and draws the conclusion that Renhe Pharmacy is in the first quadrant for five years,that is,Renhe Pharmacy belongs to value-adding cash-shortage company from 2017 to 2021.At the same time,based on the current situation of financial strategy of Renhe Pharmacy,combined with the financial strategy that should be adopted by enterprises in the first quadrant,and analyzed with the key indicators of four listed enterprises in the pharmaceutical industry whose market value ranking is reasonably separated,the paper found that the financial strategy policy of Renhe Pharmacy does not match the current situation.Renhe Pharmacy’s financial strategy has the following characteristics.In terms of financing strategy,there are some characteristics of over-reliance on self-accumulation financing,equity financing and under-utilization of external debt financing.In the aspect of investment strategy,there is active expansion investment strategy,continuous merger and acquisition of enterprises;Horizontal integration investment strategy,investment shows a trend of aggregation;Follow the trend of investment projects,investment risk is larger;Characteristics of insufficient investment in research and development.The existence of operation strategy: excessive working capital,development mode focusing on marketing,unreasonable talent structure,product structure to be optimized and the characteristics of OEM OEM product operation mode.The existence of dividend distribution strategy: the dividend distribution is unstable and discontinuous,and the dividend distribution does not conform to the characteristics of actual and attempted equity incentive and employee stock ownership plan.Based on the financial strategy matrix,this paper puts forward some suggestions to optimize the financial strategy of Renhe Pharmacy.At the level of financing strategy,the optimization suggestions are as follows: appropriately increase long-term and short-term debt,issue convertible corporate bonds,make full use of commercial credit and enhance the company’s business capacity to absorb government subsidies.At the level of investment strategy,the optimization suggestions are as follows:increase the investment in independent research and development,accelerate the integration of invested projects,slow down the horizontal integration process of enterprises,properly implement the vertical integration investment strategy and monitor the risks of investment projects.At the level of operation strategy,the optimization suggestions are as follows: establish the inventory management system,improve the management level of accounts receivable,optimize the talent structure,strengthen the quality control of branded products and establish the public opinion monitoring mechanism.At the level of dividend distribution strategy,the optimization suggestions are as follows: improve dividend distribution policy and perfect equity incentive system. |
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