论文总字数：21817字

摘 要

作为未来医疗健康的重要发展方向，生物制药行业发展受到我国政府的政策鼓励 ，国家在从“八五”到“十二五”的连续五个战略规划中都将生物制药产业列为重点 ，在“十二五”规划中将生物制药列为“重大新药创制”专项之一，进行重点扶持。而随着国家生物制药“十二五”专项规划的公布，各级政府也密集出台配套政策，从科技投入、税收激励、金融支持、政府采购等多方面支撑产业发展。

生物制药业正飞速发展，在此背景下，分析生物制药企业的发展现状，影响因素，研究企业的财务战略的实施情况，有利于生物制药上市公司的长远发展。

本文主要论述生物制药上市公司的财务战略问题，文章首先介绍了研究背景和意义，研究内容和方法。第二章为文献综述，分别是国外和国内的关于财务战略研究理论成果。第三章是财务战略相关的理论，主要是财务战略的定义，财务战略包括的内容，分别为筹资战略、投资战略和股利分配战略。第四章以十五家典型生物制药上市公司为样本，结合其近三年对外公布的财务报表对生物制药业目前的财务战略现状进行分析，从财务管理的角度研究了生物制药上市公司的筹资战略、投资战略及股利分配战略。第五章在生物制药上市公司目前财务战略现状的基础上，分析财务战略的影响因素。第六章对生物制药上市公司财务战略中存在的问题进行分析并提出改进意见。通过对现状的分析可以看出目前生物制药上市公司财务战略中存在的问题主要是资产负债率偏低、投资方向单一且分配方式具有随意性。最后一章是结束语，总结本文的研究结论及存在的不足。本文把财务战略理论用于生物制药上市公司，对生物制药上市公司的可持续发展有一定现实意义。

关键词：财务战略；股利分配；生物制药

Research on The Financial Strategy of Biological

Pharmaceutical Listing Corporation

Abstract

As an important development direction of future health care, the development of bio pharmaceutical industry by our government"s policy to encourage, the state from the "Eighth Five Year" in the "Twelfth Five Year Plan" five sequential strategic planning will bio pharmaceutical industry listed as key, in the "Twelfth Five Year Plan" will be the students as pharmaceutical is one of "creation of major new drugs" of special to focus support. And with the publication of the "Twelfth Five Year Plan" special program for the National Bio pharmaceutical, all levels of government also introduced intensive supporting policies, to support the development of the industry.

The bio pharmaceutical industry is the rapid development, in this context. Analysis the current situation of the development of the bio pharmaceutical enterprises, influence factors, research enterprise financial strategy implementation, bio pharmaceutical listed companies for the long-term development of the.

This paper mainly discusses the financial strategy of bio pharmaceutical listing Corporation, this article first introduces the research background and significance, research contents and methods. The second chapter is literature review, which is foreign and domestic research on financial strategy. The third chapter is the related theory of financial strategy, is mainly the definition of financial strategy, financial strategy contents were financing strategy, investment strategy and dividend strategy. Chapter 4 to 15 typical bio pharmaceutical listed companies as a sample, combined with the nearly three years foreign published financial statements of bio pharmaceutical industry the financial strategy present situation analysis, from the perspective of financial management of bio pharmaceutical listed companies financing strategy, investment strategy and dividend strategy. The fifth chapter in the bio pharmaceutical listing Corporation"s current financial strategy on the basis of the status quo, analysis of influencing factors of financial strategy. The sixth chapter analyzes the problems existing in the financial strategy of biopharmaceutical listing Corporation, and puts forward some suggestions for improvement. Through the analysis of the present situation, The last chapter is the conclusion, summarizes the research conclusions and the shortcomings of this paper. In this paper, the theory of financial strategy is used in the biological pharmaceutical listing Corporation, which has certain practical significance to the sustainable development of biological pharmaceutical listing Corporation.

Keywords: Financial Strategy; Dividend Distribution; Bio Pharmaceutical

目 录

摘 要 I

Abstract II

第一章 导 论 1

1.1 研究背景和意义 1

1.2 研究内容和方法 1

1.2.1 研究内容 1

1.2.2 研究方法 1

第二章 文献综述 2

2.1 国外文献综述 2

2.2 国内文献综述 2

第三章 财务战略理论分析 4

3.1 财务战略的含义 4

3.2 财务战略的内容 4

3.3 财务战略选择 4

3.3.1 财务战略选择的理论依据 4

3.3.2 财务战略的具体选择 4

第四章 生物制药上市公司的财务战略现状 7

4.1 样本选取 7

4.2 筹资战略指标分析 7

4.2.1 负债筹资指标特征 7

4.2.2 权益筹资指标特征 8

4.3 投资战略指标分析 8

4.4 股利分配战略指标分析 10

第五章 生物制药上市公司财务战略的影响因素 11

5.1 融资结构 11

5.2 盈利能力 11

5.3 资本结构 12

5.4 偿债能力 12

第六章 生物制药上市公司财务战略存在的问题及对策 14

6.1 生物制药上市公司财务战略存在的问题 14

6.1.1 筹资渠道单一且资产负债率偏低 14

6.1.2 投资方向单一 14

6.1.3 股利分配方式不稳定 15

6.2 解决生物制药上市公司财务战略问题的建议 15

6.2.1 多元化的筹资组合 15

6.2.2 科学开展战略投资 16

6.2.3 制定合理的现金股利政策 16

结 论 17

致 谢 18

参考文献（References） 19

第一章 导 论

1.1 研究背景和意义

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