An Empirical Study On The Impact Of Technological Innovation Input On The Performance Of Listed Companies

With the vigorous implementation of medical reform policy in China,various pharmaceutical enterprises began to shift their attention to the biopharmaceutical manufacturing industry.In 2010,the State Council promulgated the Decision on Accelerating the Cultivation and Development of Strategic Emerging Industries.This decision will make biopharmaceuticals a national strategy,so the industry will become the main development trend of pharmaceutical manufacturing industry in the future.In this context,the biopharmaceutical industry will face more fierce competition,and enterprises need to constantly improve their competitiveness if they want to achieve better development.According to the research of relevant scholars at home and abroad,we can see that technological innovation is the main competition in the biopharmaceutical industry.At the Third Plenary Session of the Eighteenth Central Committee,it was also proposed that enterprises could reflect the whole process of technological innovation investment.Enterprises are the main output part of technological innovation,and the motive force for the continuous development of enterprises lies in technological innovation.Therefore,the impact of technological innovation capability on enterprise performance has become the main research direction.Through this research,the vigorous development of biopharmaceutical manufacturing industry can be better accelerated.Based on the research results and literature,this paper establishes the evaluation index system of technological innovation investment and financial performance in the biopharmaceutical industry.In this study,26 bio-manufacturing enterprises were selected from listed companies to conduct the research.At the same time,using the financial data published in the annual report of enterprises from 2015 to 2017 as the research data,the growth rate of business income and net interest rate are selected for the financial performance of enterprises.The explanatory variables are R&D equipment investment rate,R&D capital investment rate and technical personnel investment rate.Finally,through the production function model and multiple linear regression model,this paper studies the correlation and lag between technological innovation capability and enterprise performance.Through the research,it is concluded that the positive impact of technological innovation investment on the financial performance of enterprises lags behind;it is positively correlated with the growth ability of listed companies,and positively correlated with the profitability of listed companies.At the same time,according to the research conclusions and some problems found in the study,some suggestions are put forward:enterprises should increase investment in technological innovation and adjust the utilization of R&D funds appropriately;enterprises should establish and improve technological innovation mechanism;enterprises should strengthen innovation of ideas and corporate culture;biopharmaceutical manufacturing industry should improve the information disclosure system of technological innovation input and output;The state should adjust the market structure appropriately to adapt to the development and construction of technological innovation capability of enterprises.