Correlation Analysis Between Corporate Value And Technological Innovation Efficiency Of Chinese Pharmaceutical Enterprise

The level of technological innovation is related to the strength of enterprise competitiveness.Technological innovation efficiency,as the quality of the enterprise innovation activities,is concerned by domestic and foreign scholars.Chinese pharmaceutical industry,which has high potential of development,is now with a low level of technological innovation.As the national key-supported high-tech industry,improving technological innovation efficiency has become its urgent development requirement.As a profit-driven organization,corporate value is the enterprise’ ultimate-pursued goal.If the improvement of enterprise technology innovation efficiency can bring the promotion of corporate value,the question is worth exploring.Different stages of growth affect the performance of their innovation and value.Therefore,taking enterprises in the pharmaceutical industry as the research object,to explore the correlation between technological innovation efficiency and corporate value with the growth perspective,is significant in theoretical and practical.This thesis combed domestic and foreign relevant literature,and elaborated innovation status of the domestic pharmaceutical industry.Based on this,the empirical analysis was conducted.Firstly,based on the panel data of listed enterprises in Chinese pharmaceutical industry from 2009 to 2013,by using factor analysis,evaluated the growth of enterprises,divided enterprises into high and low growth group.Secondly,by combining DEA-CCR and Windows Analysis,figured out technological innovation efficiency which could been compared vertically and horizontally,verified the correlation between corporate value and technological innovation efficiency of enterprise with different growth.It showed that the whole technological innovation efficiency in Chinese pharmaceutical indus try was low,and showed a descending trend in recent years;technological innovation efficiency of low-growth enterprises is significantly higher than that of high growth enterprises,and corporate value with high technological innovation efficiency is significantly higher than that with low efficiency;the ―inverted-U‖ correlation existed in between corporate value and technological innovation efficiency in high-growth enterprises and the whole sample;the correlation wasn’t significant in low-growth enterprises.