The main idea of this paper is research on financial risk of medical listed companies, analysis of enterprises state of the financial risk over the years，and factors affecting the financial situation of enterprises, To provide help and reference for pharmaceutical companies and pharmaceutical industry healthy and stable development. Currently, which has not any more research about medical listed companies in domestic academia. There are four themes in this paper. First, Analysis pharmaceutical listed companies state of the financial risk from 1999 to 2008, Be wise to dynamic changes of pharmaceutical listed companies state of the financial risk. The second, analysis what is impact factors on the state of pharmaceutical listed companies financial risk and it how to impact the financial situation of enterprises. The paper then make use of case study methods, the Heng Rui Yi Yao, Di Kang Yao Ye, Yun Nan Bai Yao, ST Zhong Xin, are compared of multi-level, the situation of financial for four enterprises is significantly different. The final major theme according to empirical research of financial risk for pharmaceutical listed companies，provide advice to effective control of financial risk. The result is that except 2007, the situation of financial risk is steady. In 2007, the change of the financial situation was mainly due to stock price volatility. Case study indicate that in order to control the financial risk should empowerment four parts it concludes create cash flow, asset profitability, financing and reinvestment, mobility of corporate asserts. Key-Word: Pharmaceutical companies Financial risk Z-value model Conformity measure

本文以研究醫藥行業上市企業的財務風險狀況為主題，對相關企業多年來的 財務風險狀況進行分析。對企業財務狀況的影響因素進行分析，為醫藥企業乃至 醫藥行業健康穩定發展提供幫助和參考。目前，國內針對醫藥企業財務風險狀況 的系統研究尚不多見。 具體地說，本文內容可以歸納為四部分，第一，分析醫藥上市企業從 1999 年-2008 年多年的財務風險狀況，掌握上市醫藥企業財務風險狀況的動態變化； 第二，研究影響上市醫藥企業財務風險狀況差距的因素是什麼，這些因素是怎麼 影響企業財務狀況的；第三，利用多案例多層面的研究方法，對恒瑞醫藥、迪康 藥業、雲南白藥、ST 中新，等 4 家財務風險狀況差異明顯的上市醫藥企業進行 多層面的對比研究，分析造成財務風險狀況差異的原因；第四，通過對上市醫藥 企業財務風險的實證研究，為企業有效控制財務風險提供建議。 研究結果表明，除 2007 年以外，上市醫藥企業多年來的財務狀況保持平穩， 而 2007 年財務狀況的變化主要是因為企業的股票價格波動產生的影響。案例分 析結果表明，為了控制好企業財務風險應從企業創造現金流能力、企業資產盈利 能力、籌資和再投資能力以及企業資產流動性等四個方面加以控制。 關鍵字：醫藥企業 財務風險 Z 值模型 控制措施