从价值链及利润库理论出发,以杜邦财务分析体系为框架分解医药类上市公司的业务构成,可以发现:随着价值链的扩张,医药企业因资产管理水平和效率的提高,在管理上产生协同效应,提高了盈利能力;医药企业在业务扩张范围的原则上,实施全面覆盖价值链各环节的策略,将最大限度的提升企业的盈利水平;同时,在企业现有生产能力、资源允许的情况下,兼营医疗器械的制造与销售可以极大地扩展企业的利润空间。 According to the value chain and profit pool theory, the business composition of listed pharmaceutical companies is decomposed by the financial analysis system of DuPont. It can be found that with the expansion of the value chain, the pharmaceutical enterprises are brought into management due to the improvement of asset management and efficiency Synergies and improve profitability. In principle, the scope of business expansion of pharmaceutical enterprises in implementing the strategy of comprehensively covering all aspects of the value chain will maximize the profitability of enterprises. At the same time, in the existing capacity of enterprises and the permissible resources Case, the manufacture and sale of concurrent medical equipment can greatly expand the profit margins of enterprises.