Research On The Motivation And Performance Of Financial Asset Allocation In Pharmaceutical Enterprises

With the announcement of the policies Improving the Centralized Procurement of Drugs in Public Hospitals and Deepening the Key Tasks of Medical and Health System Reform in 2016,the profit growth of pharmaceutical enterprises has slowed down,and they are facing problems such as internal structure optimization and transformation and upgrading.Driven by industry factors and enterprise factors,more and more pharmaceutical companies choose to allocate financial assets.Enterprises allocate financial assets for different reasons at different stages,and the allocation of financial assets may have both positive and negative impacts on enterprise performance.This dissertation combines preventive savings theory,investment substitution theory and modern portfolio theory to classify enterprise risk assets into financial assets and operating assets.According to the allocation of financial assets of Yunnan Baiyao,the allocation of financial assets is divided into three stages: initial allocation,continuous increase in allocation,and gradual decrease in allocation of financial assets.Combining the development factors of the pharmaceutical industry and the factors of the enterprise itself,the motivation for allocating financial assets of Yunnan Baiyao is analyzed.In addition,asset allocation effectiveness indicators,financial indicators and enterprise value indicators are used to analyze the performance changes of enterprises with different stages of financial asset allocation.According to the research results,it is shown that: firstly,the motivation for initially allocating financial assets is to increase corporate profits and enhance corporate profitability;The motivation for continuously increasing the allocation of financial assets is to respond to industry policies,compensate for operating income,achieve diversified operations,obtain additional income and enhance the development ability of enterprises;The motivation for gradually reducing the allocation of financial assets is to return to the main business,expend investment scope and enhance enterprise value.Secondly,with the improvement of the degree of financial asset allocation of enterprises,the effectiveness of financial asset allocation presents a trend of first rising and then declining,while the effectiveness of operational asset allocation presents a downward trend.Thirdly,with the improvement of the allocation of financial assets,the operational and growth capabilities showed a downward trend,while profitability and solvency capabilities showed a trend of first rising and then declining.Forth,as the allocation of financial assets in enterprises increases,the enterprise value shows a downward trend.Generally,less financial asset allocation has a certain degree of promoting effect on corporate performance,while excessive financial asset allocation has a inhibiting effect on corporate performance.Finally,based on the research conclusions,this article proposes countermeasures and suggestions for pharmaceutical enterprises and the government: Firstly,pharmaceutical enterprises should attach importance to the development of their main businesses and strictly grasp the degree of financial asset allocation.Secondly,the government should optimize the survival environment of pharmaceutical enterprises,increase regulatory efforts,and strictly control the degree of financial asset allocation of pharmaceutical enterprises.