| Companies' transformation and breakthrough in nowadays market are facing unprecedented opportunities since government's publishing nation's 13 th five-yearplan, which takes reform and innovation as the core. Pharmaceutical manufacturing industry, as the pillar industry of national economy and health, has been involved in research and development(R&D) activities which is one of the main competition strategies. R&D investment behavior is limited by available capital and the overall R&D scale is small, repay is low, quality is weak. According to previous academic researches, there have been abundant researches on financing channels while this paper deeply explains the reasons and causes of financial constrains in heterogeneity perspective. It has great significance for companies to adjust financing direction, for the industry to hold the trend and wisely allocate capital resources, for government to making pertinent policies to stimulate R&D activities and improve national health level.To clarify the specific influence that financing constraint has on R&D investment in this industry, the article uses enterprise heterogeneity as the starting point to analyze the constraint effect on pharmaceutical manufacturing R&D investment through the separate financing channels. Listed pharmaceutical manufacturing corporations' panel data from year 2007 to 2014 were collected as the sample and SA index was chosen to be the main measured variables in logistic regression analysis. Conclusions are provided as follow:(1) Financing constraint is widely exist in industry's R&D investment and the short of internal cash flow plays a role as the main character.(2) Comparing to herbal-oriented, state-owned and western-area companies, R&D investment is more activated in chemical-oriented, private-owned and eastern-area corporations, respectively.(3) By comparing production-type groups, net profit growth rate is much sensitive to R&D investment intensity only in herbal-oriented corporations which encourages them to prompt market performance to earn enough anti-constrain internal cash flow with more R&D activities.(4) Private-owned corporations are still facing loan discrimination because of weak government relations compared to stateowned type.(5) Gap of different financial market between east and west blocks the equity capital radiation effect from east to west. Based on previous findings, several specific suggestions are proposed, including changing R&D content in product, counterbalancing equity structure and guiding companies' cooperation in macroscopic sight. |
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