Study On The Implementation Effect Of Financial Strategy Of Pharmaceutical Circulation Enterprises Under The "Two-Vote System"

Building a "healthy China" has always been an important strategic arrangement for China,and people’s health is an important indicator of a modern and strong socialist country.However,the high price of drugs has brought a heavy economic burden to the people,and the "difficult and expensive to see a doctor" has been a clichéd issue in the pharmaceutical industry.In order to effectively solve this problem,China decided to fully implement the "two-ticket system" in 2017.The implementation of the "two-ticket system" has had a significant impact on the pharmaceutical distribution industry: the market pattern has been changed,the drug supply chain has been reshaped,and the value model has been transformed.The reshuffling of the pharmaceutical distribution industry by the "two-ticket system" will inevitably have an impact on the financial strategies of pharmaceutical distribution companies.In order to maintain their core competitiveness in this reshuffle,companies need to strategically lay out their financial resources to ensure that their financial strategies can contribute to their sustainable development.This paper adopts a case study approach and selects Kyushu Tong,one of the top 4 pharmaceutical distribution companies in China,as a case company to analyze the effect of its financial strategy implementation under the "two-ticket system".Firstly,the theoretical basis and concepts required for the analysis of this paper are developed,followed by a detailed description of the adjustments made by Kyushu Tong to cope with the "two-ticket system" and the adjustments made by the financial strategy to facilitate the development of the company.Finally,we evaluate the effectiveness of the implementation of financial strategies from three aspects:financial strategy matrix,financial indicators and non-financial indicators,and make suggestions for optimization.In order to develop better under the "two-ticket system",the company made adjustments to its financial strategy,including actively issuing corporate bonds,exploring equity financing and ultra-short-term financing bonds to broaden fundraising channels and meet the company’s expansion needs;in terms of investment strategy,deepening equity investment,strengthening internal investment and stabilizing logistics and warehousing construction.In terms of earnings distribution strategy,achieve stable and high dividend distribution to enhance shareholders’ confidence.The results of this paper show that the overall operating performance of Kyushu Tong under the "two-ticket system" is better than the industry average,and the financial strategy provides better support for the development of Kyushu Tong.However,the current financial strategy of Kyushu Tong is unreasonable,including unreasonable debt structure,high short-term debt service pressure,and excessive investment in current assets.The research in this paper not only provides substantive suggestions for the optimization of financial strategies of Kyushu Tong,but also provides references for other enterprises in the pharmaceutical distribution industry to formulate financial strategies scientifically.