长春工业大学硕士学位论文原创性声明
本人郑重声明：所呈交的硕士学位论文《基于哈佛分析框架下的
ZBD制药集团财务分析》，是本人在指导教师的指导下，独立进行研
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2022年6月12日
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2022年6月12日
摘
要
摘要
我国经济的高质量发展是未来经济发展的必然趋势。医药行业是我国经济发展的
重要支柱，医药行业的有序发展是人民群众用药需求的保证。近年来由于国家政策的
宏观调控和新冠疫情的恣虐，使医药行业发展速度逐步放缓。医药行业发展速度缓慢
不仅带来了更为激烈的市场竞争，还使我国医药行业普遍存在的研发创新性不足和行
业结构性矛盾等问题更为突出。随着部分国外专利的陆续到期，我国相关政策鼓励医
药企业进行自主创新，由仿到创研制新药，从而缓解我国医药类产品同质化严重的现
象。面对如此激烈的市场变化，医药行业遇到了前所未有的机遇和挑战。
为了缓解宏观环境带来的压力，使医药企业打破缓慢增速发展的状态。企业的经
营管理者应充分落实国家政策并切合实际分析当前形势，制定出有利于企业发展的战
略规划。具有预测性的财务分析结果是科学有效的战略规划的起点，财务分析结果对
企业的未来发展起到了导向性作用，也对投资者的决策起到了一定的参考作用。为了
更好的探讨医药企业在发展过程中存在的问题，本文选取 ZBD制药集团为研究对象。
该集团是我国具有一定代表性的上市型医药企业，能在一定程度上反映我国医药制造
业的现状。为了避免传统财务分析带来的不足，本文采用了哈佛分析框架作为主要研
究方法，选取 2016年到 2020年为研究周期，通过对 ZBD制药集团进行全面的财务
分析，并结合企业目前的战略方向对该企业的发展前景进行预测，希望能对 ZBD制
药集团的进一步发展提出有参考性的建议。
关键词：哈佛分析框架战略分析医药制造业财务分析
I
Abstract
Abstract
The high quality development of China's economy is the inevitable trend of future
economic development. The pharmaceutical industry is an important pillar of China's
economic development, and the orderly development of the pharmaceutical industry is the
guarantee of people's drug demand. In recent years, due to the macro-control of national
policies and the unbrio of COVID-19, the development speed of the pharmaceutical
industry has gradually slowed down. The slow development of the pharmaceutical industry
not only brings about more intense market competition, but also makes the problems such
as lack of r&d innovation and structural contradictions of the industry more prominent. As
part of foreign patents expire one after another, China's relevant policies encourage
pharmaceutical enterprises to carry out independent innovation, from imitation to creation
and development of new drugs, so as to alleviate the serious homogeneity of Chinese
pharmaceutical products. Facing such drastic market changes, the pharmaceutical industry
has encountered unprecedented opportunities and challenges.
In order to alleviate the pressure brought by the macro environment, so that the
pharmaceutical enterprises break the slow growth of development. The managers of
enterprises should fully implement the national policies and make a practical analysis of
the current situation to formulate a strategic plan for the development of enterprises.
Predictive financial analysis results are the starting point of scientific and effective
strategic planning. Financial analysis results play a guiding role in the future development
of enterprises, and also play a certain reference role in the decision-making of investors. In
order to better discuss the problems existing in the development process of pharmaceutical
enterprises, this paper selected ZBD Pharmaceutical Group as the research object. The
group is a representative listed pharmaceutical enterprise in China, which can reflect the
status quo of China's pharmaceutical manufacturing industry to a certain extent. In order to
avoid the shortcomings brought by traditional financial analysis, this paper adopts The
Harvard analysis framework as the main research method, selects 2016 to 2020 as the
research cycle, carries out a comprehensive financial analysis of ZBD Pharmaceutical
Group, and forecasts the development prospect of the enterprise based on the current
strategic direction of the enterprise. Hope to put forward some reference suggestions for
the further development of ZBD Pharmaceutical Group.
II