Empirical Research On The Relationship Between R&D Input And Enterprise Performance Of Listed Companies In The Pharmaceutical Industry In China

In November 2015,the "Thirteenth Five-Year Plan" pointed out that,it is necessary to focus development on innovation,and in-depth implementation of the innovation-driven development strategy.In November 2016,the State Food and Drug Administration issued the "Guide to the Development Plan of the Pharmaceutical Industry" as a special plan to guide the development of the pharmaceutical industry,suggested guiding tasks such as strengthening the ability of industrial innovation.In May2017,the Ministry of Science and Technology's issued the "Thirteenth Five-Year Plan" Medical Device Science and Technology Innovation Special Plan,the plan proposed that the overall transformation of the medical device industry to innovation-driven development should be accelerated,and cutting-edge technology breakthroughs and innovative products R & D and competitiveness increase are the specific goals.In 2018,China's pharmaceutical industry policies were issued intensively.The state continued the policy of public hospital reforms promote and domestic medical instruments replace imports.These policies are all guiding the medical industry to shift its focus to promoting product development.Therefore,it is of practical significance to explore the influence mechanism of R & D investment on corporate performance in pharmaceutical industry.This article is a targeted study of listed companies in China's pharmaceutical industry.In order to reduce the impact of policy changes on the results,the panel data of listed companies in China's pharmaceutical industry during the 13 th Five-Year Plan period from2016 to 2018 was selected as the overall sample.At the same time,ST companies,companies listed after 2017,and some companies with insufficient data were excluded.Multiple linear regression methods were used for empirical analysis.In the analysis,the lag of research and development expenditure is taken into account,and the relationship between R&D investment intensity and corporate performance is explored.For the segment of the pharmaceutical industry,this article has some guiding significance.The research results show that: for listed companies in the pharmaceutical industry,after considering the one-year lag effect,the R & D investment strength is significantly positively related to the financial performance of the companies;there is a significantpositive correlation between the current R & D investment strength of listed companies in the pharmaceutical industry and the number of invention patent applications;the financial performance of the companies is significantly positively related to the number of invention patent applications in the previous year;the positive impact of R & D investment of listed companies in the pharmaceutical industry on corporate performance is achieved through R & D output.At the same time,caution is required when applying this conclusion,which is more applicable to large pharmaceutical companies.