| Nowadays,China's economy is experiencing slowly downward pressure,pharmaceutical manufacturing industry is also fecing further transformation and upgrading. The pharmaceutical industry is a technology-intensive and capital-intensive industry. R&D investment is very important to the growth of pharmaceutical companies.Compared to large pharmaceutical companies in Europe and America, China's pharmaceutical manufacturing enterprises R&D investment cycle is also long, while limited to capital costs and technical capacity, the innovative products are very little,lots of products are generic drugs. At present, innovation has become the key word in 13th Five-Year planning of Chinese pharmaceutical industry, pharmaceutical innovation has been our national strategy and is known as the key factor that promote the pharmaceutical industry from big to strong. However, the status of drug sales directly reflects the performance of pharmaceutical companies. Many Chinese pharmaceutical manufacturing enterprises focus on both R&D investment and sales.China's pharmaceutical industry is still in the initial stage of internationalization relying on the export of raw materials and production of generic drugs. With the promotion of internationalization, many pharmaceutical companies pay attention to overseas business expansion, relying on overseas sales revenue growth to guarantee business performance improvement.According to SWS industry classification, this paper concludes that pharmaceutical manufacturing industry include chemical drug, Chinese medicine and biological products manufacturing. Considering the integrity of the data, this paper finally chooses the data of 63 listed companies from 2007 to 2015 for study. First, ROE is chosen as the dependent variable, the total assets, asset-liability ratio and receivable turnover ratio are chosen as control variables, with R&D investment ratio, sales investment ratio as independent variables, the first multiple regression model is established. The results show that there is a significant negative correlation between current R&D investment and the performance of listed companies in China's pharmaceutical manufacturing industry, while 2-period lag of R&D investment has a significant positive correlation with the performance of enterprises. 1 -period lag of R&D investment has no significant correlation with the performance of enterprises.The sales investment has a significant positive correlation with the performance of enterprises. Then, this paper divides the listed companies into two groups, one group has overseas business expansion, the other has no overseas business expansion, to construct a dummy variable. With ROE as the dependent variable, total assets, asset-liability ratio and receivable turnover ratio as the control variable, the second multiple regression model is established. It shows that the expansion of overseas business can significantly promote the performance growth of listed companies with only 1 -period lag of R&D investment, and the expansion of overseas business can strengthen the positive effect of sales investment on the performance of pharmaceutical listed companies. In order to show the impact of the degree of expansion of overseas business on the performance of pharmaceutical enterprises, the data of 30 pharmaceutical listed companies with complete overseas business income from 2007 to 2015 is selected as research object. With ROE as the dependent variable, total assets, asset-liabilty ratio and receivable turnover ratio as control variables, the degree of overseas business expansion as independent variables, the third multiple regression model is established.The results show that the degree of overseas business expansion is positively correlated with enterprise performance for pharmaceutical listed companies with overseas business.In view of above conclusions, based on relevant theories, this paper analyzes the specific situation of China's pharmaceutical industry, such as small and multi enterprises, generic drugs, large proportion of sales investment etc.. Finally, this paper puts forward some suggestions respectively from two sides including pharmaceutical companies and government policies, hoping to provide reference for further transformation and upgrading of China's pharmaceutical industry. The pharmaceutical companies should bROEden the channels of resources to become bigger and stronger through mergers and acquisitions. The listed companies could improve the linkage mechanism of R&D and sales to achieve the complementary effect of R&D and sales.The listed companies could strengthen overseas expansion relying on talent pool,international cooperation and other feasible forms. The government should encourage medium-sized and small pharmaceutical enterprises to achieve medicine innovation using financial aid. The government could reward large enterprises with innovation results and build more sales channels for domestic pharmaceutical companies. The government should implement more incentive policies for pharmaceutical enterprises internationalization and build more public testing platforms to help domestic drugs meet international standards. In addition, this paper is not perfect in index selection and sample selection, such as the selection of a single index to measure the degree of internationalization, not including the medical equipment manufacturing company research, and the sample size is limited. In the future, we could do further research in these areas. |
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