摘要
随着经济全球化趋势的不断发展、信息技术的进步和企业管理思想的创新，市场
竞争的模式也在发生着转变。企业是市场竞争的主体，必须要与时俱进、开拓创新，
让供应链取代企业成为市场竞争的主体。企业通过与上、下游合作伙伴间的资源整合
和紧密协作，促使供应链整合来提升企业的财务绩效和市场的竞争力。本文旨在分析
国内制药上市公司供应链整合对公司财务绩效的影响，揭示供应链整合对企业财务绩
效是否有促进作用。本文搜集了 143 家国内制药上市公司的供应链整合的样本数据，
运用描述性统计分析、相关性分析以及线性回归分析的方法，讨论并研究各个变量之
间的关系。研究发现：供应链整合可以降低公司的期间费用，提高企业总资产的周转
率和利用效率；通过向上、下游合作伙伴让利的方式，提升整个供应链上企业间的利
益均衡和稳定发展。在实证研究结论的基础上，本文提出国内制药上市公司应该提高
供应链整合能力，整合优化供应链链条，消除非增值的环节，合理有效地利用资源并
加强企业间深度地协作，降低运营管理成本，提高制药企业的财务绩效的同时也能提
升我国制药行业在国际市场上的竞争实力。
关键词: 供应链整合; 企业财务绩效; 制药上市公司
Abstract
Along with gradually development of economic globalization trend, progress of
information technology and innovation of management theories, the mode of market
competition has also being changed significantly. As the major competition player in the
market, firms must change with times, exploration and innovation internally and
externally. Supply chain management will be the major player in the market competition
instead of firms. Through the resource integration and closely collaborations with the
upstream and downstream firms, supply chain integration will be the important facilitator
to promote the firm’s financial performance and competition in the market. This article is
to research the relationships among the supply chain integration, firm’s operation
performance and financial performance and prove whether the supply chain integration
will promote the firm’s financial performances, meanwhile conducting descriptive
statistics analysis, relativity analysis and linearity aggression analysis to research the
relationships among these variables by utilizing samples collected from 143 domestic
pharmaceutical firms. This research proves that it will decrease the firm’s period expense,
increase the turnover and utilization rate of assets by improving its supply chain
integration. It is well to balance the mutual benefits and ensure a stable development
among firms by surrendering its part of the profits to the upstream & downstream firms.
Based on the conclusion of this article, pharmaceutical firms should improve their supply
chain integration ability, integrate and optimize the supply chain procedures to eliminate
the non-value-added processes, utilize the resources well and enhance the deeply
collaborations among firms, and control its operation and management cost well. Finally,
it improves the firm’s financial performances and the global market competition of China
pharmaceutical industry as well.
Keywords: Supply Chain Integration; Enterprises’ Financial Performance; Listed
Pharmaceutical Enterprise