会计学院知识库

  近年来，随着我国人口老龄化问题的不断加剧以及健康意识不断提升，药品需求量也不断增加，然而药品的价格却居高不下。究其原因，主要是药品的流通环节配送流程多且复杂、“过票”经营和洗钱等违法现象屡禁不止。这也加重了医药流通环节的贿赂、回扣等问题，不利于医药卫生体制改革深入发展。因此，为了降低药品价格，制约医药流通环节中的违法及违规现象，国务院医改办、国家卫计委等八部委联合发布出台了“两票制”政策。“两票制”政策本身是为了减少医药流通环节，改善部分药品、医用耗材的价格乱象。但是医药企业本身应收账款规模就比较大，流通环节的减少使医药企业的存货及应收账款压力更大，加重了企业的财务风险。

  文章的案例研究对象是大型医药上市公司华东医药。首先，结合财务数据和指标分析对该企业的财务风险进行识别，并从企业内外部角度分析其财务风险成因。其次，运用改进后的功效系数法结合Pearson相关性分析及熵值法对华东医药的财务风险进行量化计算，并对近六年各个指标的单项评价指数与各类风险的综合评价指数进行分析。最后针对华东医药财务风险的成因及评价结果，提出财务风险防范措施的相关建议。

  根据分析可知，在“两票制”背景下，华东医药存在筹资渠道单一、应收账款缺乏控制等问题，同时在投资和营运方面存在一定的风险。因此，华东医药应结合企业的实际情况和财务风险水平，拓宽筹资渠道，重视存货管理和成本费用控制，加强应收账款管控，提高企业的核心竞争力。

        In recent years, with the aggravation of China's aging population and the continuous improvement of health awareness, the demand for drugs is increasing, but the price of drugs remains high. The main reasons are the multiple and complex distribution processes in the circulation of drugs, the illegal phenomena such as "over-invoice" operation and money laundering.This also aggravates the problems of bribery and kickbacks in the circulation of medicine, which is not conducive to the in-depth development of the reform of the medical and health system. Therefore, in order to reduce drug prices and restrict violations of laws and regulations in the circulation of medicine, eight ministries and commissions including the medical reform office of the State Council and the national health and Family Planning Commission jointly issued the "two-vote system" policy. The policy of "two-invoice system" itself is to reduce the link of medicine circulation and improve the price chaos of some drugs and medical supplies.However, the scale of accounts receivable of pharmaceutical enterprises is relatively large. The reduction of circulation links makes the inventory and accounts receivable of pharmaceutical enterprises more pressure, which aggravates the financial risk of enterprises.

        This paper takes Huadong Medicine, a large pharmaceutical enterprise as the research object. Firstly, the financial risk of the enterprise is identified by combining the financial data and indicators of the enterprise,and analyzes the causes of financial risk from the internal and external perspective of the enterprise.Secondly, the improved efficacy coefficient method combined with Pearson correlation analysis and entropy method is used to quantify the financial risk of Huadong Medicine,and nearly six years single efficacy coefficient of each target and comprehensive efficacy coefficient for all kinds of risk analysis.Finally, according to the causes and evaluation results of financial risk of Huadong Medicine, put forward some suggestions on financial risk prevention measures.

        According to the analysis, under the background of "two-vote system", Huadong Medicine has problems such as single financing channel and lack of control over accounts receivable. At the same time, there are certain risks in investment and operation. Therefore, Huadong Medicine should combine the actual situation and financial risk level of the enterprise, broaden the financing channels, pay attention to inventory management and cost control, strengthen the control of accounts receivable and improve the core competitiveness of the enterprise.