Research On R&D Innovation Efficiency And Influence Factors Of Listed Pharmaceutical Companies In China

The pharmaceutical industry is an industry driven by R&D innovation.With the development of China's Pharmaceutical industry,R&D innovation has become a dominated trend.In the increasingly fierce market competition,innovation ability depends not only on the level of R&D investment,but also on the level of R&D innovation efficiency.The limited R&D resources determine that enterprises should take the improvement of R&D innovation efficiency as a top priority.The key point to elevate the innovation level of pharmaceutical companies is how to make efficient use of R&D resources.This paper takes 72 listed pharmaceutical companies as the research object and use DEA model to empirically analyze their R&D innovation efficiency.The results show that the R&D innovation efficiency of the pharmaceutical companies is in a downward trend,and most pharmaceutical companies have the problem of low utilization of R&D resources.Then,based on previous researches and combined with the actual situation of China's pharmaceutical industry to study the factors which affect the R&D innovation efficiency of pharmaceutical companies.The results show that the human capital investment,firm size and equity concentration have a significant positive effect on the R&D innovation efficiency.While the R&D investment and listed years have a significant negative effect on the R&D innovation efficiency.And the R&D innovation efficiency is not correlated with the government subsidies.Finally,this paper makes the following proposals:(1)Enhancing the utilization rate of R&D resources and optimizing resource allocation;(2)Improving supervision over the use of government subsidy;(3)Establishing a mechanism for training researchers and introducing talents;(4)Optimizing the enterprise R&D management system.