The Research On The Impact Of Financing Constraints On R&D Investment Of Medicine Manufacturing Listed Companies In China

As China's economic development enters a new era,technological progress and institutional innovation have become the source of economic growth and provide important support for the high-quality development of China's economy.As a supplier of products(services),its technological innovation is mainly measured with R&D investment,and R&D investment will directly affect the change of the enterprise's innovation ability.At the same time,the arrival of an aging population society has prompted the general public to attach great importance to their own health issues.The demand for pharmaceutical products is increasingly diversified and high-end,which puts forward higher requirements for the innovation and development of pharmaceutical manufacturing.From the perspective of the development of China's pharmaceutical manufacturing innovation system,the R&D input intensity can reflect the size of the enterprise's innovation capability.Generally speaking,the more the company focuses on R&D investment,the more it can maintain product update,technological progress,and system innovation.Competitive Advantage.However,R&D activities in the pharmaceutical manufacturing industry are high-risk investments,resulting in relatively limited financing channels for the pharmaceutical manufacturing industry,and insufficient guarantees for R&D funds,which to a large extent hinder the improvement of corporate innovation capabilities.In response to this phenomenon,domestic and foreign scholars explored from different perspectives such as capital structure,corporate heterogeneity,and financing methods,which provided strong support for the corporate financing constraints on R&D investment impact research.Based on information asymmetry theory,preferential order financing theory and innovation theory,this paper initially constructs the theoretical analysis framework of corporate financing constraints affecting R&D investment.Deeply analyze the impact mechanism of corporate financing constraints on R&D investment,and use financing channels and financing entities as the core to establish the impact of financing constraints on R&D investment,and pointed out that improving internal and external source financing capacity will reduce the impact of financing constraints on R&D investment.Expand corporate R&D investment.On this basis,this article uses data from listed companies in the A-share pharmaceutical manufacturing industry in Shanghai and Shenzhen in 2011-2016 to empirically analyze the impact of financing constraints of listed companies in China's pharmaceutical manufacturing industry on R&D investment,and finds that listed companies in the pharmaceutical manufacturing industry The Financing Constraints have a significant impact on R&D investment,and they have the following characteristics: First,foreign financing constraints have a greater impact on corporate R&D investment than on inward financing constraints;second,they are compared with large-scale companies.The financing constraints of small-scale enterprises have a greater impact on R&D investment.Third,compared with state-owned enterprises,the R&D investment of private enterprises has a relatively high degree of dependence on internal and external financing,and their financing constraints have a greater impact on R&D investment.Fourth,if a listed company implements a merger and acquisition plan,it will lead to a two-way effect of financing constraints on R&D investment.In the short term,mergers and acquisitions will occupy R&D investment,and long-term mergers and acquisitions will promote R&D investment.Finally,this paper proposes corresponding policy recommendations for the difficulties of financing constraints of listed companies in China's pharmaceutical manufacturing industry.