| Medical and health care is a major issue related to the national economy and the people's livelihood.For a long time,our medical treatment system is with many drawbacks,basic medical treatment insurance system is waiting for being perfected,especially in small towns and rural medical coverage is very low.With the development of economy and the improvement of people's living standard,people ask for higher demand to improve medical and health service.Industrialization,urbanization,ageing of population,disease spectrum change and the change of environment bring a series of new challenges to the medical and health work.Facing the more and more serious situation,Chinese government promulgated the new medical reform program in 2009,which established direction,framework and long-term goal for medical and health system reform.The traditional Chinese medicine industry,as a typical representative of China's pharmaceutical industry,is a national industry with unique characteristics and advantages.As the typical representative of traditional Chinese medicine industries,like TRT,China Resources Sanjiu,JiuZhiTang,Ejiao and so on,represents the cultural accumulation of Chinese for thousands of years.This paper selects two companies that are in leading position in traditional Chinese medicine industry,especially in sectors of Chinese medicine:Beijing Tong Ren Tang(hereafter TRT)and China Resources Sanjiu(hereafter China Resource Sanjiu)as research object.Collecting the main business data of the two companies in the past five years,use financial analysis methods to Study the financial performance,financial policy and development strategy of the two companies.The structure of this paper is mainly divided into seven parts.Chapter 1 is overview of this paper,mainly on research themes and significance,research methodology and framework,include pharmaceutical industry history,opportunity and challenge.Chapter 2 is company introduction.Included company profile,development history and strategy focus in the future.At the same time,study the financial performance and capital market performance of the two companies in the past five years based onfatal financial data.Chapter 3,4,5 provide the overall financial analysis.Based on three dimension analysis,ratio analysis and factor decomposition of financial statements,reflect these two companies financial standing.Chapter 6 is financial policy evaluation and financial strategy matrix analysis;including dividend policy,debts policy,operation policy,invests policy and financial strategy matrix analysis.Chapter7,on the basis of comprehensive comparative analysis of the two companies from the financial perspective,presents summarized conclusions,feasible financial improvement solutions,and suggestions for financial strategies.Through the comparative study on financial performance,policy and development strategy of those two leading enterprises:Tongrentang&China Resource Sanjiu.We learned that their financial conditions are overall healthy.And China Resource Sanjiu shows better financial characters comparing with Tongrentang.China Resource Sanjiu performes better at debt management,profit ability,cash create ability,value createability and growth index.On the other hand,Tongrentang performs better in Asset liquidity.Comparing OPM strategies in two companies,China Resource Sanjiu is better and succeeds in year 2011 and 2015.On the debt policy,two companies are adopting conservative financial policy,financial leverage always keeping at very low level.Through analysis for the two companies,the author suggests that the two companies can properly broaden debt ratio,especially for Tongrentang who is in the first quadrant in Strategic matrix chart.Tongrentang may make up money by increase debt or reduce dividend to meet the fund needs of enterprise.At the same time Tongrentang have to focus more on inventory control to reduce cost,which will greatly help to improve financial index,and create greater value for shareholders. |
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