| In recent years,the problem of population aging has attracted increasing attentions when the economy of China still keeps sustained growth.The pharmaceutical industry in China shows a sustained and moderate improvement.However,compared with the developed countries in Europe and America,there is still a certain gap in the pharmaceutical manufacturing industry in China.The reason is that the innovation of the pharmaceutical manufacturing industry in China is insufficient and the core competitiveness needs to be strengthened.Technological innovation in pharmaceutical manufacturing industry is a key to the problem of "market failure".In order to rectify the problem of insufficient investment in innovation,government R& D subsidies have become an important way.The composition of enterprise R&D refers to the proportion of product innovation and process innovation in enterprise innovation.Enterprise technology development must experience two kinds of activities: product innovation and process innovation.Based on 36 listed pharmaceutical companies with available data in China,this paper explores the relationship between government R&D subsidies and R&D composition of enterprises,which is of great significance to improve the innovation performance of government R&D subsidies and the development of enterprises.Firstly,on the basis of reviewing the relevant literature and theories,this paper constructs a theoretical model of the impact of government R&D subsidies on the composition of enterprises,and explores three mechanism: direct cost reduction mechanism,signal transmission effect mechanism and externality risk reduction mechanism.Secondly,36 listed pharmaceutical companies with available data in China from 2010 to 2017 are selected,taking government R&D subsidies as explanatory variables,enterprise R&D composition as explanatory variables,enterprise scale,R&D personnel investment and enterprise operating capacity as control variables.Stepwise regression method is used to construct a fixed effect model of panel data,and empirical analysis of the correlation between variables is carried out to verify the research hypothesis.Finally,according to the results of empirical analysis,some policy suggestions are put forward to promote the technological innovation of pharmaceutical manufacturing enterprises in China from the aspects of government R&D subsidy investment,innovative talent training,R&D financing and industrial restructuring.This paper concludes that:(1)Government R&D subsidy has a positive impact on the improvement of R&D composition of pharmaceutical manufacturing enterprises in China,and the impact is the greatest,because capital constraints are the biggest obstacles to product innovation of pharmaceutical manufacturing enterprises in China;(2)The input of scientific research personnel also has a positive impact on the improvement of R&D composition of pharmaceutical manufacturing enterprises in China.This is because pharmaceutical manufacturing industry,as an important part of high-tech enterprises,highly depends on the input of talents in product innovation.(3)In this study,the return on net assets and the ratio of assets to liabilities are used to express the business capability of enterprises.It is found that the return on assets has a positive impact on the improvement of R&D composition of enterprises,while the ratio of assets to liabilities has a negative impact on the improvement of R&D composition of enterprises.(4)Enterprise size is also an important indicator that affects the composition of government subsidies for improving R&D of pharmaceutical manufacturing enterprises in China.It has a positive impact,and has a greater impact.According to the empirical test results of this paper,the following suggestions are put forward:(1)Give full play to the incentive role of subsidies to promote product innovation of pharmaceutical enterprises;(2)Increase investment in innovative talents in pharmaceutical industry,build and improve the talent training mechanism;(3)Broaden the financing channels of new drug research and development funds,strengthen the main position of enterprise innovation;(4)Speed up the adjustment of market structure and industry of pharmaceutical enterprises,and cultivate leading enterprises. |
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