医药行业是关系民生的重要行业，对社会经济发展有着重要贡献。医药行业具有发展速度 快、市场竞争力大、经济收益丰厚等特点，这使得建立医药企业的绩效评价体系显得更加重要。 很多企业的绩效评价系统中，财务指标数据最直观，通过财务绩效评价系统可以简单明了地判 断一个企业一段时期的经济状况和发展水平，因此建立财务绩效评价体系是企业众多评价系统 的重中之重。在医药行业面临越来越大的竞争压力的情况下，必须建立一套科学的财务绩效评 价体系，进一步提高企业的经济效益，不断实现企业发展的新跨越和新突破。 本文拟借鉴国内外已有的研究成果和先进经验，设计医药行业财务绩效评价指标，建立财 务绩效评价指标体系，从盈利能力、营运能力、偿债能力和成长能力四个角度选取财务绩效评 价指标，以传统的沃尔评分法为基础，合理分配各个指标权重，建立综合财务绩效评价体系。 并选取LH医药公司为范例，根据建立的财务绩效评价体系，选取同行业三家医药公司作为参 照系，系统地评价该公司的盈利能力、营运能力、偿债能力、成长能力，以及LH医药公司的 综合评分。 通过运用该评价体系，本文对LH医药公司的财务绩效评价结果表明，与行业均值和同行 业相近企业相比，LH医药公司的盈利能力、偿债能力和成长能力都呈现出较高的水平，营运 能力低于同行业对比企业，有待加强。综合评分较高，表明LH医药公司具有增值潜力和竞争 力。针对评价结果，最终提出提高LH医药公司财务绩效的对策，以全面提升LH公司的竞争 能力。 关键词：医药行业，LH医药公司，财务绩效评价，沃尔评分法，综合能力提升 医药公司财务绩效评价研究—以LH医药公司为例 II Abstract The pharmaceutical industry is an important industry related to people's livelihood and has made important contributions to social and economic development. The pharmaceutical industry has the characteristics of rapid development, large market competitiveness, and abundant economic returns. This makes the establishment of a performance evaluation system for pharmaceutical companies even more important. In many companies' performance evaluation systems, the financial indicator data is the most intuitive. The financial performance evaluation system can be used to easily and clearly judge the economic status and development level of a company for a period of time. Therefore, the establishment of a financial performance evaluation system is one of the most important evaluation systems of enterprises weight. Under the circumstances that the pharmaceutical industry is facing increasing competition pressure, it is necessary to establish a scientific financial performance evaluation system to further improve the economic benefits of enterprises and continuously achieve new leap forwards and breakthroughs in enterprise development. This article intends to draw on existing research results and advanced experience at home and abroad to design financial performance evaluation indicators for the pharmaceutical industry, establish a financial performance evaluation indicator system, and select financial performance evaluation indicators from four perspectives: profitability, operating ability, debt serviceability and growth ability. Based on the traditional Wall scoring method, the weights of various indicators are reasonably allocated to establish a comprehensive financial performance evaluation system. Based on the financial performance evaluation system established, three pharmaceutical companies in the same industry are selected as the most reference system, and the company's profitability, operating ability, debt repayment ability and growth ability are systematically evaluated. Overall rating. By using this evaluation system, the financial performance evaluation results of LH Pharmaceuticals in this paper show that compared with industry averages and similar companies in the same industry, LH Pharmaceuticals's profitability, solvency and growth ability have shown a higher level. The operating capacity is lower than that of comparable companies in the industry and needs to be strengthened. The higher overall score indicates that LH Pharmaceuticals has value-added potential and competitiveness. Aiming at the evaluation results, finally put forward countermeasures to improve the financial performance of LH pharmaceutical companies in order to comprehensively improve the competitiveness of LH companies. Key words: The pharmaceutical industry, LH Pharmaceutical Company, financial performance evaluation, Wall scoring method, integrated capacity enhancement 南京航空航天大学硕士学位论文 III 目 录 第一章 绪论 .......................................................................................................................................... 1 1.1研究背景及意义....................................................................................................................... 1 1.1.1研究背景........................................................................................................................ 1 1.1.2研究意义........................................................................................................................ 2 1.2研究综述 .................................................................................................................................. 2 1.2.1财务绩效评价研究的起源 ............................................................................................ 2 1.2.2多学科方法被应用于财务绩效评价中 ........................................................................ 4 1.2.3多种经典财务绩效评价方法研究得到广泛应用 ........................................................ 5 1.2.4研究评述........................................................................................................................ 7 1.3 论文研究的主要内容和方法 .................................................................................................. 7 1.3.1研究的主要内容 ............................................................................................................ 7 1.3.2论文研究的方法 .......................................................................................................... 10 1.4 研究贡献 ............................................................................................................................... 10 第二章 相关概念界定及理论基础 ..................................................................................................... 11 2.1财务绩效评价的基本概念 ..................................................................................................... 11 2.1.1财务绩效的内涵 .......................................................................................................... 11 2.1.2财务绩效评价的内涵 .................................................................................................. 11 2.2 财务绩效评价系统的基本构成要素 .................................................................................... 11 2.2.1财务绩效评价的主体 .................................................................................................. 11 2.2.2财务绩效评价的客体 .................................................................................................. 12 2.2.3财务绩效评价的方法 .................................................................................................. 12 2.3 财务绩效评价的理论依据 .................................................................................................... 15 2.3.1委托代理理论 .............................................................................................................. 15 2.3.2权变管理理论 .............................................................................................................. 16 2.3.3利益相关者理论 .......................................................................................................... 16 第三章 医药行业财务绩效评价体系的建立 ..................................................................................... 17 3.1医药行业基本情况 ................................................................................................................. 17 3.1.1医药行业概述...................................................................................................................... 17 3.1.2医药行业特征...........