The Research On Financial Risk Control Of Pharmaceutical Distribution Company A

In recent years,the issue of health care reform has aroused widespread concern.Since the introduction of the new medical reform plan of the 13th Five-Year Plan,a series of medical and health policies have been introduced to promote the centralized and standardized development process of the pharmaceutical industry.Especially for pharmaceutical distribution companies,the establishment of large-scale,nationwide business network is imperative.The major companies in the industry have to expand market share through mergers and acquisitions,the high cost has brought the enterprise huge financial pressure.However,the implementation of the "two-stamps"makes the price increment in the circulation of drugs more transparent,the profit margins will be greatly compressed,and in a period of time,due to the management mechanism,pharmaceutical distribution enterprises will be difficult to reduce its cost rate immediately by using the scale effect.Therefore,it will result in a substantial increase in the amount of funds occupied by enterprises,while the profitability is relatively weak.When their own funds can not support the operation and development of enterprises,pharmaceutical distribution companies have to make a lot of debt,so the enterprises will be faced a certain financial risk.In such an environment,how to avoid the financial crisis,and how to control the financial risk effectively is one of the most important problems in the development of pharmaceutical distribution enterprises.The operating income of enterprise A ranked in the forefront among the pharmaceutical distribution industry,it is the largest private enterprises in China modern pharmaceutical logistics enterprises.In 2015,the group's brand valuation reached 4 billion yuan,ranking 128th in the Hurun list.Relying on the complete logistics distribution system and advanced logistics and supply chain information technology,enterprise A seizes the opportunity and develops rapidly in the hotbed of policy.It has a strong representation.Affected by the current medical reform policies pharmaceutical distribution enterprises are faced with an unprecedented competitive environment.High debt ratio,low profit rate,and a large number of accounts receivable are the common phenomenon in pharmaceutical distribution enterprises.It is very important to study the financial risk and learn to control it.This paper analyzes the financing risk,investment risk,cash flow risk,fund recovery risk and profit distribution risk of company A by means of financial statement analysis method and index analysis method.Using multivariable financial risk early warning model-the F-score model evaluates the financial risk of Company A,and finds out the specific problems,and puts forward the improvement strategy.This paper argues that Company A needs to improve the financial risk awareness and strengthen the dynamic adjustment of capital structure.We should improve the financial risk early warning mechanism by referring to the F-score model.Also we need to strengthen the fund management and control the financial risk.And we need to take actively responds to the changes of the policy and market environment,deepen the reform,improve the core competitiveness of enterprises at the same time,actively expand the new marketing model and business scope,to find new profit growth point.