随着中国经济的快速发展，人民生活水平的提高，农村、城镇医药体系政策的完善， 公民健康意识的增强，人们的医疗消费水平也得到很大的提升，医药行业时刻充满着新 的机遇。同时，随着“降价令”和新版GMP的出台也为医药行业带来巨大的挑战。ZF 医药公司作为中小民营医药公司的代表，虽然近几年一直保持不断发展的势头，但在经 营管理中仍然存在问题和不足。因此，本文基于战略角度对其财务状况和经营业绩进行 全面综合分析，总结经验揭示不足，不仅能为经营者和投资者提供参考，同时也为中小 民营医药制造行业提供一定的借鉴意义。 本文运用哈佛分析框架，以ZF医药公司为研究对象，选取2015-2018年四年的财 务数据，从公司战略、会计、财务、前景四个维度进行综合分析。首先，从战略角度出 发，利用PEST分析法分析公司所处的宏观经济环境，利用波特五力模型分析公司所处 的竞争环境，利用SWOT分析法来剖析其内外部优势并提出最适合公司发展的战略；其 次，结合公司所选战略和医药行业特征，识别关键会计要素，并对其会计政策和会计估 计进行评价，提升会计信息质量，并为后续财务分析提供保障；再次，财务分析中运用 趋势分析比率分析法将ZF医药公司与同行业竞争者进行对比，深入剖析ZF医药公司的 偿债能力、营运能力、盈利能力、发展能力，并最后通过杜邦分析体系对公司的财务状 况和经营业绩进行综合评价；最后，结合行业环境运用定性定量结合的方法对ZF医药 公司未来发展前景进行预测揭示面临的风险。在文章最后，通过上述分析总结ZF医药 公司经营中存在的问题并提出合理建议。 本文研究认为ZF医药公司在行业的发展中机遇与挑战并存，公司目前实施的战略 清晰务实，但公司经营中存在不足，如应收账款收款政策不利、资产结构不合理、偿债 能力和盈利能力欠佳等一系列问题。针对这些问题，本文提供合理建议，为管理者和决 策者提供参考价值，同时也为正处于扩张型的中小民营制药公司提供借鉴意义。 关键词：医药行业；ZF医药公司；哈佛分析框架；战略分析；财务分析 II Abstract With the rapid development of China's economy, the improvement of people's living standard, the improvement of medical system policies in rural and urban areas, and the enhancement of citizens' health awareness, people's medical consumption level has been greatly improved, and the medical industry is full of new opportunities. At the same time, with the "price reduction order" and the release of the new version of GMP also brings great challenges to the pharmaceutical industry. As a representative of small and medium-sized private pharmaceutical companies, ZF pharmaceutical company has maintained the momentum of continuous development in recent years, but there are still problems and deficiencies in the operation and management. Therefore, based on the strategic perspective, this paper makes a comprehensive and comprehensive analysis of its financial status and business performance, summarizes the experience and reveals the deficiencies, which can not only provide reference for the operation and investors, but also provide certain reference significance for small and medium-sized private pharmaceutical companies. This paper USES the harvard analysis framework, takes ZF pharmaceutical company as the research object, selects the financial data of 2015-2018, and conducts a comprehensive analysis from the four dimensions of corporate strategy, accounting, finance and prospect. First, from a strategic perspective, the company analyzes the macroeconomic environment with PEST analysis, the competitive environment with porter's five forces model, analyzes its internal and external advantages with SWOT analysis and proposes the most suitable strategy for the company's development. Secondly, based on the company's selected strategy and the characteristics of the pharmaceutical industry, the key accounting elements are identified, and the accounting policies and accounting estimates are evaluated to improve the quality of accounting information and provide guarantee for subsequent financial analysis. Thirdly, in the financial analysis, the trend analysis ratio analysis method is used to compare ZF pharmaceutical company with its competitors in the same industry, so as to deeply analyze the debt paying ability, operating ability, profitability and development ability of ZF pharmaceutical company. Finally, the financial status and operating performance of the company are comprehensively evaluated through dupont analysis system. Finally, combined with the industry environment, this paper forecasts the future development prospect of ZF pharmaceutical company by using the qualitative and quantitative methods to reveal the risks. At the end of the paper, the problems in the operation of ZF pharmaceutical company are summarized through the above analysis and reasonable Suggestions are put forward. III This paper believes that ZF pharmaceutical co, ltd. has both opportunities and challenges in the development of the industry. The company's current implementation strategy is clear and pragmatic, but the company has shortcomings in operation, such as adverse receivables collection policy, unreasonable asset structure, poor solvency and profitability, and a series of problems. In view of these problems, this paper provides reasonable Suggestions, provides reference value for managers and decision makers, and also provides reference significance for small and medium-sized private pharmaceutical companies that are expanding. Key words: Pharmaceutical industry;ZF Pharmaceuticals;Harvard analytical framework; Atrategic analysis; Financial analysis 目 录 摘要 ................................................................... I Abstract ................................................................ II 第 1 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 ..................................................... 1 1.2 国内外研究综述 .................................................... 2 1.2.1国外文献综述 ................................................. 2 1.2.2国内文献综述 ................................................. 3 1.2.3文献评述 ..................................................... 4 1.3 研究的内容方法及创新点 ............................................ 5 1.3.1 研究的内容 ................................................... 5 1.3.2 研究的方法 ................................................... 5 1.3.3 研究的创新点 ................................................. 6 第 2 章 相关基础理论概述 ................................................ 7 2.1 财务分析基础理论 .................................................. 7 2.1.1 财务分析的定义 ............................................... 7 2.1.2 传统财务分析方法 ............................................. 7 2.1.3 传统财务分析基本理论的局限性 ................................. 8 2.2 哈佛分析框架基础理论 .............................................. 8 2.2.1 哈佛分析框架的定义 ........................................... 8 2.2.2哈佛分析框的四个分析维度 ..................................... 9 2.2.3 哈佛分析框架下的财务分析的优势 .............................. 10 第 3 章 ZF医药公司的发展现状 .......................................... 12 3.1 ZF医药公司的基本概况 ............................................. 12 3.2 ZF医药公司的业务范围 ............................................. 12 3.3 ZF医药公司的财务状况 ............................................. 13 第 4章 哈佛分析框架在ZF医药公司中的应用 ............................... 16 4.1 战略分析 ......................................................... 16 4.1.1 PEST分析法 ................................................. 16 4.1.2 波特五力分析 ................................................ 19 4.1.3 SWOT分析 ................................................... 20 4.1.4战略选择 .................................................... 22 4.2 会计分析 ......................................................... 24 4.2.1 识别关键会计政策和会计估计 .................................. 24 4.2.2 关键会计政策和会计估计分析 .................................. 24 4.2.3 关键会计科目的质量分析 ...................................... 26 4.3 财务分析 ...............