The Research About The Relationships Between Science And Technology Innovation Ability And Enterprise Value Of Pharmaceutical Listed Companies

Enterprise plays an important role of the technological innovation, which provides continuous power for the innovation of the whole society. Pharmaceutical manufacturing industry belongs to technology-intensive industry. The long-term development of the pharmaceutical manufacturing industry is base on the continuous innovation.Therefore, it is necessary to research the relationship between the pharmaceutical manufacturing company's technological innovation and enterprise value.In the index selection of scientific and technological innovation, the majority of the researchers prefer to use a specific aspect rather than the overall scientific and technological innovation ability to evaluate a company, it is no doubt that the evaluation method is not comprehensive enough. And then, Many studies are pretend to choose the corporate performance as the dependent variable rather than the enterprise value, as a result, investors can't have a long-term effective evaluation to the investment value of the company. Therefore, this thesis chooses pharmaceutical manufacturing listed company as the research object to research the relationship between scientific and technological innovation and enterprise value.In the empirical part, this thesis selects 95 pharmaceutical manufacturing listed companies as samples, to build the scientific and technological innovation ability index system of pharmaceutical industry listed companies.This index system includes 19 original indicators which drawn six main dimension reduction factors by factor analysis. they are funding level, the level of intellectual capital, the level of research materials, financial support, asset growth levels and operational efficiency levels. After using these main factors to evaluate the sample company's scientific and technological innovation ability, and according to the hypothesis, the MVA per share as dependent variables, the six specific indicators of scientific and technological innovation as explanatory variables, a linear regression model was establish to analyze the correlation ship between scientific and technological innovation ability and enterprise value of pharmaceutical manufacturing industry public companies.Empirical studies have shown:Firstly, There is a big gap between the enterprise value of pharmaceutical manufacturing listed companies. Secondly, generally speaking, pharmaceutical manufacturing listed company's technological innovation capability is low in some ways. Thirdly, Pharmaceutical manufacturing pays more and more attention to the technological innovation these years. Fourthly, There is a significant positive correlation between pharmaceutical manufacturers' technology innovation ability and enterprise value. In addition, the empirical research shows that only the capital investment levels, the level of intellectual capital, research material level, the level of asset growth and operational efficiency have positive effect on enterprise value while the financial support level actually cannot significantly influence enterprise value. Finally, From the comparative analysis of 2014 and 2007, we can see that the human capital enhance corporate value more significant, while the role of financial and physical capital is relatively weakened.Lastly, based on the empirical study, the author has made several suggestions in the following aspects:From the perspective of public listed pharmaceutical companies:Firstly, the companies should improve the disclosure of key statistics. Secondly, they have to be aware of the importance of innovation. Thirdly, the companies need to increase the investment to improve the innovation in different aspects. Fourthly, for those companies who are less technically innovative, they can seek for more corporation with research institutions and educational institutes.From the perspective of the governments:Firstly, they should improve the relevant laws and regulations, and the supervision on the pharmaceutical industries. Secondly, they have to install a more comprehensive protection mechanism for the intellectual property right. Thirdly, the governments need to create incentives and support the technical innovation in the companies in terms of the fiscal policies.