Analysis Of R&D Innovation Efficiency Of Listed Pharmaceutical Manufacturing Companies Based On Three-stage DEA

Aging of population is an important trend of social development in China,which also brings new development opportunities to pharmaceutical manufacturing industry.Pharmaceutical manufacturing industry is an industry driven by innovation.In the process of rapid large-scale development of Chinese pharmaceutical manufacturing industry,innovation is an important factor to determine whether companies in the industry can occupy a favorable position.With the rising price of raw materials and the intensification of fierce competition,the competition of innovation ability is no longer a contest about how much innovation resources are invested.Limited innovation resources require companies to take improving innovation efficiency as the primary task to maintain innovation.Whether the effective use of resources becomes the key to improve the innovation level of pharmaceutical manufacturing companies.In this paper,the three-stage DEA model is used to eliminate the influence of environmental factors on the resource utilization rate of innovation input of listed pharmaceutical manufacturing companies,and all listed companies are placed in the same environment to calculate the true innovation efficiency of listed pharmaceutical manufacturing companies in China.Finally,the reasons for the unsatisfactory innovation efficiency are analyzed and relevant countermeasures are proposed.In this paper,r&d personnel and R&D input of each company are selected as input indicators,intangible assets,number of patent applications and operating income are selected as output indicators,and traditional DEA model is used to calculate and analyze the innovation efficiency of listed pharmaceutical manufacturing companies in the first stage.Then,in the second stage,eight environmental variables are selected: government subsidy,ownership concentration,regional economic development level,regional opening level,institutional investors’ shareholding,regional educational environment,corporate capital structure and corporate scale.SFA regression analysis is applied to obtain the adjusted input variable data.Finally,the adjusted input variables and original output variables are input into the DEA model to calculate the innovation efficiency of listed pharmaceutical manufacturing companies in the third stage.It is found that the overall innovation efficiency of Pharmaceutical manufacturing companies in China is low,and the pure technical efficiency value is higher than the scale efficiency value.Among the environmental variables,ownership concentration and regional economic development level are positively correlated with the utilization rate of innovation input resources of listed pharmaceutical manufacturing companies,while regional openness level is negatively correlated with the utilization rate of innovation input resources.Therefore,the following suggestions are put forward :(1)listed pharmaceutical manufacturing companies should further expand the scale of innovation and increase innovation input.Listed companies can merge with peers with poor operating efficiency and backward technology to form scale effect.They can also seek cooperation and innovation among companies,learn from each other and integrate complementary technologies.(2)The government should increase support for listed pharmaceutical manufacturing companies.For chemical pharmaceutical companies,r&d investment should be subsidized to help more chemical pharmaceutical companies improve their technology level and pass the consistency evaluation.For biopharmaceutical,biosimilars should be encouraged to rapidly expand the production scale and improve the technical level,so as to match the level of biopharmaceutical industry with the international standard.Possible innovations are as follows :(1)in previous literatures,three-stage DEA was mostly used to study the innovation efficiency of provinces or industries.In this study,micro-data were used to measure the innovation efficiency of listed pharmaceutical manufacturing companies with three-stage DEA and study the industry segmentation.(2)Previous literatures are mostly limited to the impact of traditional environmental variables such as listing year on innovation efficiency of listed pharmaceutical manufacturing companies.This paper studies the influence of regional openness level and ownership concentration on innovation efficiency of listed pharmaceutical manufacturing companies,enriching the literature on innovation efficiency of pharmaceutical manufacturing industry.