The Research On Value Driving Factors Of CR Sanjiu Enterprise

At present,pharmaceutical industry has presented the increasing tendency.But at the same time,it has been under pressure since the new medical-system reform planning formulated.These changes make pharmaceutical firms face the unprecedented challenges.It's vital to possess the capacity of creating value for the sustainable development.Therefore,capturing accurately the driving factors that affects the value creation is the key to improve the corporation values effectively.EVA,as an evaluation index of weighing the validity of using capital for business operators and creating value for shareholders.In a word,EVA is a reflection of the shareholder value created.China Resources Sanjiu Medical&Pharmaceutical Co.,Ltd as the study subject,I collected its EVA values from 2006 to 2016 and sorted thirty pharmaceutical companies in the order of their EVA values.In order to excavate the influence factors of target company's negative growth in recent years,I changed the Sasac's EVA calculation formula and set up a value driving factor model which accorded with the characteristics of pharmaceutical enterprises.Last but not the least,I found that the gross profit rate was the most sensitive factor,then the expense ratio,and ranking third was the total capital,by virtue of sensitivity analysis.This indicates that changes in gross profit margin,changes in expense ratio during the period,capital occupancy and cost ratios,and turnover efficiency of long-term asset greatly influence the EVA of Huarun Sanjiu Enterprise,and they will more prominently drive the value of Sanjiu.Starting with these three factors,the author proposes specific suggestions for improving the value of Sanjiu,including expanding business scope,strengthening cost control,implementing refined management,and focusing on the relationship between investment and efficiency.In this way,it can achieve the goal of helping enterprise improve the efficiency of resource use,seek value increment and maintain the long-term development.The innovation of this paper is to provide a method of analysis,so that it not only can be applied to the pharmaceutical industry,but also to expand to more industries and enterprises on the basis of optimization.So this paper has a certain reference significance for the existing theory and business practice.