兰州佛慈制药股份有限公司在1929年始建于上海，证监会在2011年10月 24日审核通过了兰州佛慈制药的首发申请，股票代码：002644。随着规模的扩 大和行业的发展，佛慈制药在兰州新区新建厂区，固定资产投资较大，拥有大批 先进的大型生产设备和规范严格的生产车间，并加大新产品的研发力度，在提高 核心竞争力的同时抢占甘肃、陕西等地区的中成药市场，具备稳定的销售渠道， 但公司整体的销售规模未能随着市场逐步增大。公司继承了中成药的传统专业技 术，在国家政策的大力扶持下坚持创新，积极响应党中央提出的“健康中国”、 “一带一路”等国家战略，着重提升全民身体素质，在占据西北地区关键地理位 置的基础上，推动中医药行业在国际化交流合作中稳健发展。 本文根据佛慈制药2014-2018年的财务数据，从盈利能力、偿债能力、营运 能力和发展能力四个角度出发，与同行业的三家医药公司进行对比分析，结合财 务诊断相关理论对四家公司进行经营环境诊断、财务报表诊断、财务指标诊断及 会计政策诊断，并利用主成分分析法和杜邦分析法对佛慈制药进行综合财务诊 断，认为佛慈制药的财务状况存在风险。本文还采用相关性分析及改进的功效系 数法，确定了财务风险评估指标体系，构建出适用于佛慈制药的财务风险模型， 以诊断佛慈制药在水平和垂直方向的财务风险，并采用公司2014-2018年的财务 数据验证了模型的有效性。 结果表明，佛慈制药的财务风险随着搬迁后将会有所增加，尤其2018年的 各项指标下滑明显，需要引起公司足够的重视。此外，本文根据佛慈制药的整体 风险状况指出诊断问题，并针对具体的财务风险提出相应的防范对策。 关键词：财务诊断，功效系数法，佛慈制药，对策与建议 兰州大学硕士学位论文作者：张瑞安兰州佛慈制药股份有限公司财务诊断报告研究 IV ResearchonFinancialDiagnosisReportofLanzhouFoci PharmaceuticalCo.,Ltd. Abstract LanzhouFociPharmaceuticalCo.,Ltd.wasfoundedinShanghaiin1929.The SecuritiesRegulatoryCommissionreviewedandapprovedLanzhouFoci Pharmaceutical'sinitialapplicationonOctober24,2011,stockcode:002644.Withthe expansionofthescaleandthedevelopmentoftheindustry,FociPharmaceuticalshas builtanewplantintheLanzhouNewDistrictwithalargeinvestmentinfixedassets. Ithasalargenumberofadvancedlarge-scaleproductionequipmentandstrict productionworkshops.ThecorecompetitivenessalsoseizestheproprietaryChinese medicinemarketinGansu,Shaanxiandotherregions,withstablesaleschannels,but thecompany'soverallsalesscalehasnotgraduallyincreasedwiththemarket.The companyhasinheritedthetraditionalexpertiseofproprietaryChinesemedicines, persistedininnovationwiththestrongsupportofnationalpolicies,andactively respondedtonationalstrategiessuchas"HealthyChina"and"BeltandRoad" proposedbythePartyCentralCommittee.Onthebasisofgeographicallocation,the Chinesemedicineindustryispromotedtodevelopsteadilyininternationalexchanges andcooperation. BasedonthefinancialdataofFociPharmaceuticalfrom2014to2018,this articlecomparesandanalyzesthreepharmaceuticalcompaniesinthesameindustry fromthefourperspectivesprofitability,solvency,operationalcapabilities, developmentcapabilities,andcombinesthefinancialdiagnosisrelatedtheoriestothe fourcompanies.Thecompanyconductsdiagnosisofoperatingenvironment, diagnosisoffinancialstatements,diagnosisoffinancialindicatorsanddiagnosisof accountingpolicies,andusestheprincipalcomponentanalysisandDuPontanalysisto conductacomprehensivefinancialdiagnosisofFociPharmaceuticals,andbelieves thatthefinancialsituationofFociPharmaceuticalsisatrisk.Thispaperalsousesthe correlationanalysisandimprovedefficacycoefficientmethodtodeterminethe financialriskassessmentindexsystem,buildafinancialriskmodelsuitableforFoci PharmaceuticalstodiagnosethefinancialrisksofFociPharmaceuticalshorizontally 兰州大学硕士学位论文作者：张瑞安兰州佛慈制药股份有限公司财务诊断报告研究 V andvertically,andadoptthecompanyFinancialdatafor2014-2018validatethe effectivenessofthemodel. TheresultsshowthatthefinancialrisksofFociPharmaceuticalswillincrease withtherelocation,especiallytheindicatorsof2018havefallensignificantly,andthe companyneedstopaysufficientattention.Inaddition,thisarticlepointsoutthe diagnosisproblemsbasedontheoverallriskstatusofFociPharmaceuticals,and proposescorrespondingcountermeasuresforspecificfinancialrisks. Keywords:financialrisk,riskwarning,efficacycoefficientmethod 兰州大学硕士学位论文作者：张瑞安兰州佛慈制药股份有限公司财务诊断报告研究 VI 目录 中文摘要..................................................................................................III Abstract........................................................................................................IV 第一章绪论................................................................................................1 1.1研究背景和意义.............................................................................................1 1.1.1研究背景................................................................................................1 1.1.2研究意义................................................................................................2 1.2研究思路和方法............................................................................................2 1.2.1研究思路................................................................................................2 1.2.2研究方法................................................................................................3 1.3研究内容与框架............................................................................................4 1.3.1研究内容................................................................................................4 1.3.2研究框架................................................................................................5 第二章财务诊断理论综述.......................................................................7 2.1财务诊断的相关理论....................................................................................7 2.1.1企业财务诊断理论................................................................................7 2.1.2财务诊断的内容....................................................................................7 2.1.3财务诊断的方法....................................................................................8 2.1.4功效系数法基础理论............................................................................9 2.2财务诊断发展情况........................................................................................9 2.2.1国外发展情况......................................................................................10 2.2.2国内发展情况......................................................................................10 2.3财务诊断研究情况......................................................................................11 2.3.1国外研究情况......................................................................................11 2.3.2国内研究情况......................................................................................11 兰州大学硕士学位论文作者：张瑞安兰州佛慈制药股份有限公司财务诊断报告研究 VII 2.3.3国内外研究情况评述..........................................................................12 第三章佛慈制药财务现状.....................................................................14 3.1佛慈制药基本情况......................................................................................14 3.1.1公司简介..............................................................................................14 3.1.2股本情况..............................................................................................15 3.1.3职工结构..............................................................................................16 3.1.4经营现状..............................................................................................17 3.1.5研发投入..............................................................................................21 3.2佛慈制药行业背景......................................................................................22 3.2.1医药制造行业政策现状......................................................................22 3.2.2中成药制造行业发展趋势..................................................................23 3.3佛慈制药财务现状..........................................................