基于杜邦分析法的我国生物医药行业财务状况分析  

Analysis of Financial Situation of Biological Medicine Industry in China by Using Dupont Analysis

作　　者：张龙[1] 陈丹镝[1] 陈迪[1] 刘军[1] 

机构地区：[1]四川大学华西公共卫生学院,成都610041

出　　处：《中国药房》2014年第21期1924-1927,共4页China Pharmacy

摘　　要：目的:厘清我国生物医药行业的财务状况,促进其进一步健康发展。方法:依据国家发展和改革委员会经济运行局编制的2010、2011年中国医药统计年报,绘制我国生物医药行业财务报表;运用杜邦分析法,以净资产收益率为核心,结合资产净利率、销售净利率、总资产周转率和权益乘数等指标,探讨该行业主要财务指标之间的内在联系,并采用横向和纵向对比方法,综合评价该行业的财务状况与经营成果。结果:经横向比较显示,我国生物医药行业净资产收益率、总资产周转率和权益乘数3个指标低于我国医药工业整体水平,资产净利率和销售净利率则高于我国医药工业整体水平,表明我国生物医药行业拥有良好的利润回报能力,但负债运用能力不足;经纵向比较显示,我国生物医药行业的净资产收益率、资产净利率和销售净利率呈增长趋势,总资产周转率和权益乘数呈下降趋势,表明该行业处在扩大增长阶段,发展前景良好。结论:政府应重视生物医药行业,继续加大支持力度;鼓励新药研发,带动行业发展;鼓励市场竞争,促进生物医药企业间进行收购与兼并。企业则要加强自查能力,促进营运能力提升;合理利用多层次资本市场体系,适度提高负债水平。OBJECTIVE：To clarify the financial situation of the biological medicine industry in China,and to promote the further development of it.METHODS：The financial statements of biological medicine industry were drawn according to Chinese medicine statistical yearbook 2010 and 2011 published by the Bureau of Economic Operation of National Development and Reform Commission.Dupont analysis method was adopted to discuss the internal relation of main financial indicators in the industry,using earning rate of net assets as the core,combined with the net interest rate of the assets,sales net interest rate,total assets turnover and equity multiplier as index.The method of horizontal and vertical contrast was used to evaluate of the financial position and operating results of the industry comprehensively.RESULTS：The vertical comparison showed that return on net assets,total assets turnover and equity multiplier of biological medicine industry were lower than those of pharmaceutical industry,while earning rate of net assets and sales net interest rate of it were higher than those of pharmaceutical industry.It showed that biological medicine industry had good ability of profit return but lack of debt capacity in China.Horizontal comparison showed that the return on net assets,the net interest rate of the assets and sales net interest rate were increasing in the biological medicine industry;but the total asset turnover and equity multiplier presented decreasing tendency.It showed that the biological medicine industry was expanding and growing,and it had good prospects for development.CONCLUSIONS：From the government level,great importance should be attached to biological medicine industry and help it more;encourage the new drug RD to drive the development of the whole industry;encourage market competition and agree biological medicine companies to make acquisition and merger.From the enterprise level,the self-examination ability should be strengthened to promote operation ability;multi-level capital market system should be

关 键 词：杜邦分析法 生物医药 财务状况 

分 类 号：R95[医药卫生—药学]