Research On Supply Chain Financing Mode And Effect Of Pharmaceutical Circulation Industry

With the rapid development of the modern economy,the market competition is more fierce,and the form of competition has also changed from the competition between the original enterprises to the competition between the supply chain.The operation of various enterprises on the supply chain directly affects the operational efficiency of the entire supply chain.The shortage of funds is an important factor in restricting the development of enterprises,so the supply chain financing is carried out to help chain enterprises to resolve funding is the key to promoting the overall development of the supply chain.In recent years,in China’s financial reform,the rapid development of Internet information technology,with the support of the national support,the supply chain financing business has developed rapidly,and more and more industries began to provide chain financing business to meet the financing needs of enterprises on the supply chain.my country’s SMEs have problems with difficulty,guarantee,difficult,financing difficulties.With the implementation of the "two-ticket system" policy in the pharmaceutical industry,drug circulation enterprises have to bear greater fund pressure compared to the past,so "two ticket systems" The implementation of the policy promotes the need for the supply chain financing business in the pharmaceutical circulation industry.Pharmaceutical circulation enterprises solve financing problems in the upper reaches of small and medium-sized enterprises in the upper reaches of medical suppliers,on the other hand,to solve the problem of payment of payment receivables in time,helping companies to relieve funds.Due to the long-term financial pressure and urgent need of new financing methods,Ruikang Pharmaceutical built a supply chain financing platform in 2017 and began to implement supply chain financing business,so it was selected as a research object to study the mode of supply chain financing implemented by pharmaceutical circulation enterprises and the financial effects brought by supply chain financing.First of all,in the case introduction section,the characteristics of the pharmaceutical circulation industry,the basic situation and operation status of Ruikang Pharmaceutical are introduced,and the main motivations for Ruikang Pharmaceutical to implement supply chain financing are analyzed.The study found that the proportion of total accounts receivable of Ruikang Pharmaceutical to total assets is high and the payment collection period is long,resulting in a low efficiency in the use of corporate funds,and due to large-scale mergers and acquisitions,enterprises have large capital needs,so Ruikang Pharmaceutical introduces supply chain financing methods to revitalize corporate receivables to increase corporate cash inflow.Secondly,in the case analysis section,the supply chain financing model and financial effects of Ruikang Pharmaceutical were studied,and the research found that Ruikang Pharmaceutical mainly carried out supply chain financing through commercial factoring and asset securitization.The first phase of accounts receivable asset securitization event implemented by Ruikang Pharmaceutical through event research method analysis has brought positive short-term market effects to enterprises;Then,by comparing the cost of capital ratio under each financing method,it is concluded that the supply chain financing method can help enterprises save a lot of financing costs;In addition,using the financial indicator method,the study found that supply chain financing has a positive impact on the operating ability,solvency and operating cash flow of enterprises;However,the Z-value risk model was used to find that the financial risk of the enterprise was not effectively controlled,indicating that the supply chain financing business implemented by Ruikang Pharmaceutical was not significant in improving the capital structure of the enterprise and reducing the financial risk.Finally,based on the above analysis and comparison of the supply chain financing model of Sinopharm Holdings in the same industry,the problems existing in the supply chain financing of Ruikang Pharmaceutical are analyzed and relevant improvement suggestions are proposed,hoping to make the supply chain financing process of Ruikang Pharmaceutical more optimized,and then bring more effective financing help to enterprises.After in-depth analysis of the case,the following conclusions are obtained: First,the implementation of supply chain financing by Ruikang Pharmaceutical has reduced the financing cost of enterprises.Compared with other financing methods,the cost of capital ratio of supply chain financing methods is lower,which is conducive to improving the profitability level of enterprises.Second,through the implementation of supply chain financing,Ruikang Pharmaceutical has revitalized a large number of accounts receivable of enterprises,so that a large amount of funds flow into enterprises,thus playing a role in alleviating the financial pressure of enterprises.However,due to the fact that Ruikang Pharmaceutical’s supply chain financing model is too single and the coverage is narrow,the effect in improving corporate profitability and reducing corporate financial risks is not significant enough.In order for the supply chain financing business to bring greater and more positive effects to enterprises,enterprises need to continuously expand the scale of supply chain financing and optimize the problems existing in the process of supply chain financing.