摘要随着人们生活水平的提高，健康意识也日益得到重视，人口老龄化的突出、二孩政策的开放都为制药业提供了更大的市场潜力。而机遇的出现往往也伴随着挑战，例如，政府对制药公司的生产设备和药品质量都提出了更严格的规定。因此，如何保持和扩大医药行业中的市场地位，需要企业优化和升级财务战略，更好地实现企业价值。本文以香雪制药公司为例，分析了该公司的环境和现状，发现其筹资方式不科学，结构不合理；投资项目不严谨，研发支出资本化程度高；股利分配缺乏稳定性的问题，得出香雪制药公司应采取快速扩张与稳健发展相结合的财务战略，并提出一些战略优化建议：在筹资战略方面适当增加长期借款、采取非公开发行股票、开设应收账款保理业务等；在投资战略上进行多元化投资和纵向兼并等；在股利分配战略上可以采取正常的低股利加额外股利政策、股票回购等方式适度增加股权激励政策。关键词：香雪制药财务战略优化升级企业价值AbstractWiththeimprovementofpeople'slivingstandard,moreandmoreattentionhasbeenpaidtohealthawareness.Theprominentagingofthepopulationandtheopeningofthetwo-childpolicyallprovidegreatermarketpotentialforthepharmaceuticalindustry.Opportunitiesoftencomewithchallenges,suchasstrictergovernmentregulationsontheequipmentandqualityofdrugsusedbypharmaceuticalcompanies.Therefore,howtomaintainandexpandmarketpositioninthenewroundofpharmaceuticalindustryreformrequiresenterprisestooptimizeandupgradefinancialstrategiestobetterrealizeenterprisevalue.ThisarticletakesXiangxuePharmaceuticalCompanyasanexampletoanalyzethecompany'senvironmentandcurrentsituation,andfindsthatthefinancingmethodisunscientificandthestructureisnotreasonable.Investmentprojectsarenotrigorous,andr&dexpenditureishighlycapitalized.Duetothelackofstabilityindividenddistribution,itisconcludedthatXiangxuepharmaceuticalcompanyshouldadoptthefinancialstrategyofcombiningrapidexpansionwithsteadydevelopment,andputforwardsomeSuggestionsforstrategicoptimization.Diversifiedinvestmentandverticalmergerininvestmentstrategy;Inthedividenddistributionstrategy,wecanadoptthepolicyoflownormaldividendplusextradividend,orusestockdividendtoreplacepartofcashdividendtoincreasetheequityincentivepolicymoderately.Keywords:XiangxuepharmaceuticalFinancialstrategyOptimizationandUpgradingEnterprisevalue目录TOC\o"1-2"\h\uHYPERLINK\l"_Toc28034"一、财务战略理论PAGEREF_Toc280341HYPERLINK\l"_Toc16210"（一）财务战略的内容PAGEREF_Toc162101HYPERLINK\l"_Toc28613"（二）财务战略的分类PAGEREF_Toc286131HYPERLINK\l"_Toc15862"二、香雪制药所处环境分析PAGEREF_Toc158622