中文摘要：

中小生物制药企业的高风险性，使投资者、债权人和经营者等对企业可持续增长能力非常关注。本文采用实证分析的方法，从企业的财务状况和经营成果出发，对反映中小生物制药企业可持续增长能力的指标进行筛选的基础上，根据在中小板和创业板上市的44家中小生物制药企业财务数据，应用因子分析的方法对影响企业可持续增长能力的主成份囚素进行排序，并分析其对可持续增长能力的影响，对誉衡药业可持续增长能力进行评价，并提出其可持续增长能力提升的财务策略。本文的研究对于中小生物制药企业充分利用内外资源，进行资金优化配置和控制风险，促进企业可持续增长具有重要作用，可为中小生物制药企业和投资者、债权人等分析可持续增长能力提供借鉴。

英文摘要：

The high risk of small and medium-sized biopharmaceutical enterprises makes investors,creditors,and operators concerned much about the sustainable growth ability of the company. This paper uses the method of factor analysis, sets out from the enterprises＇ financial position and operating results, on the basis of screening indexes which reflect the sustainable growth of the small and medium-sized biopharmaceutical enterprises,according to the financial data of 44 small and medium-sized biopharmaceutical enterprises listed on the SME Board and GEM Board. Then, factor analysis is applied to sort the principal component factors which affects the sustainable growth ability and analyzes their impact on sustainable growth ability,meanwhile,to evaluate sustainable growth ability of YuHeng Pharmaceuticals and propose the financial strategy of its sustainable growth ability. This paper plays an important role in making full use of the internal and external resources of small and medium-sized biopharmaceutical enterprises, optimizing the allocation of funds and control the risk, and promoting the sustainable growth of enterprises. This paper can provide references on the evaluation of sustainable growth ability for small and medium biopharmaceutical enterprises ,the corporate investors, creditors and the others.