Research On The Relationship Between Technological Innovation And Profitability Of Listed Companies In The Pharmaceutical Industry

In recent years,technological innovation has been paid more and more attention.For enterprises,innovative means to open up new markets.At present,the lis ted companies of pharmaceutical industry in China are still in imitation as the main business strategy,the strategy is characterized with low risk,low income,is not conducive to the long-term development of enterprises.In contrast,technological innovation can bring more and more long-term benefits,but the corresponding has to bear a high capital investment risk.To explore the relationship between technological innovation and profitability of pharmaceutical manufacturing listed companies,can provide the company in the product production process to conservative imitation or adventure to innovation a selection basis.This paper takes the input-output theory,innovation theory and core competence theory as the theoretical foundation,selects 84 pharmaceutical manufacturing listed companies in China as samples for empirical analysis.First,through descriptive statistics of sample data,we have got the status of technology innovation and profitability of pharmaceutical manufacturing listed companies.Thr ough the analysis of technology innovation and profitability of the current situation and existing related research results proposed four hypotheses.Then the paper use factor analysis method to construct comprehensive evaluation indicators of profitability and analyzes the correlation analysis and step-wise regression analysis of technological innovation and profitability index,respectively.From the results of empirical analysis,Through empirical analysis can be found: R & D density and profitability ar e positively related,and there is a certain lag effect;There is no significant correlation between technical staff ratio and profitability;There is a negative correlation between the rate of capital expenditure and profitability;There is no significant correlation between patent variable and profitability.Finally,based on the empirical results,this paper gives the policy suggestions to optimize the development of pharmaceutical manufacturing listed companies from two angles of the company and the government.