Investment Efficiency And Financing Under The Whole Industry Chain Strategy

The whole industry chain strategy is a sinicization concept,it was earliest proposed by the COFCO,its essence is the vertical integration of the industrial chain.After it was proposed,many domestic enterprises have to follow this strategy.research on the whole industry chain has also become one of the hot issues in academia.Kangmei Pharmaceutical is the leading enterprise of Chinese medicine Pieces industry,since its listing its business performance has maintained a good growth rate.Since the implementation of the whole industry chain strategy,the scale of the company grows rapidly,Kangmei Pharmaceutical became the second largest listed company in the pharmaceutical sector.In this paper,Kangmei Pharmaceutical has been selected for this case study to study the development of its whole industry chain and its investment efficiency.First,this paper summarized the domestic and foreign researches about the whole industry chain strategy,the investment efficiency and the financing policy.Then,this paper analyze the development of the whole industry chain since its listing.And then chose the pharmaceutical companies listed on the Shanghai and Shenzhen main board as a sample by using the Richardson model to estimate their investment efficiency,and compare Kangmei Pharmaceutical's investment efficiency with the same industry.Secondly,this paper uses the event research method to analyze the market reaction of Kangmei Pharmaceutical 's investment projects since the implementation of the whole industry chain strategy.Then evaluate Kangmei Pharmaceutical's financial performance from its profitability,operational capacity,solvency and development ability.Thirdly,this paper studies the financing situation of Kangmei Pharmaceutical in the background of the whole industry chain development,analyze the financing supporting effect to Kangmei Pharmaceutical's whole industry chain development and investment efficiency from the perspective of financing scale,financing opportunity and financing mode.Through the study we found that,Kangmei Pharmaceutical has basically completed the layout of the whole industry chain,its industrial chain layout has covered the Chinese medicine industry.According to the results of the regression,it is found that the investment efficiency of Kangmei Pharmaceutical has been significantly improved compared with that before the implementation of the whole industry strategy.Finally,according to the conclusion of the study,this paper provide some recommendations for the industry listed companies.