Research On The Path Of Value Creation Of Bio-pharm Aceutical Enterprises On Science And Technology Inno Vation Board

As China’s economy shifts from a stage of rapid growth to a stage of high-quality development,the level of scientific and technological innovation has attracted more and more attention.On January 30,2019,the China Securities Regulatory Commission(CSRC)officially published its Opinions on the Implementation of Establishing a Science and Technology Innovation Board in the Shanghai Stock Exchange and piloting the Registration System,proposing the simultaneous establishment of the Science and Technology Innovation Board and piloting the registration system.According to the market positioning of the Science and Technology Innovation Board,its main goal is to promote the strategy of innovation-driven and technological upgrading and promote high-quality development.The establishment of the Science and Technology Innovation Board will help innovative enterprises to actively innovate,promote high-quality development through high-quality innovation,and cultivate a higher level of value creation of enterprises.The development of innovation capability is inevitably affected by the intensity of R&D investment.In 2021,the average R&D investment intensity of A-share biomedical enterprises is 5%,that of the Science and Innovation board is 10%,and that of the science and Innovation board biomedical enterprises is 24%.It can be seen that the R&D investment intensity of the science and innovation board biomedical enterprises is the highest,becoming an important practitioner of innovation-driven development.So,how is the scientific innovation board biomedical enterprises to develop?How do they create value? What are the specific paths? This is the question to be studied in this paper.Therefore,it is very important to analyze how the scientific innovation board biomedical enterprises create value.To explore the way of value creation,it is necessary to determine which factors mainly affect the value creation process of biomedical enterprises on the Science and Technology Innovation board.Because of this,this paper firstly determined the factors that affect the value creation of biomedical enterprises on the Science and innovation board through a literature review and established the TOE framework based on the theories of technological innovation,new economy,financing constraints,and regional economy.Then,the fuzzy set qualitative comparative analysis(fs QCA)method was used to decompose the relationships among various factors,and the configuration paths of value creation of biomedical enterprises on the Science and Technology Innovation board were defined.Finally,the driving factors of value creation on the science and Technology Innovation Board were analyzed according to these paths.Through the analysis of this paper,the following conclusions are drawn.First,the value creation of biomedical enterprises on the Science and Innovation board is mainly affected by R&D investment,R&D personnel,enterprise scale,financing ability,government subsidies,and regional economic development,and the influencing factors have a linkage effect.Secondly,there are four ways to influence the value creation of biomedical enterprises on the Science and Innovation board,namely,R&D +resource-driven configuration,government-driven configuration,R&D-driven configuration,and resource-driven configuration.Combined with the above conclusions,this paper puts forward the following suggestions.First,at the enterprise level,enterprises should increase the investment of resources,enhance the research and development force,and pay attention to the quantity and quality of research and development personnel.At the same time,biomedical enterprises on the Science and Innovation board should choose the most suitable financing method for their own characteristics.Second,at the evaluation level,evaluators should constantly improve themselves,be able to identify the key factors affecting the enterprise value drive,and adopt appropriate evaluation methods for different influencing factors,and constantly improve the method system of the scientific innovation board biomedical enterprise value evaluation.Third,at the government level,government subsidies should be effective and impartial in the selection of biomedical enterprises for subsidies.Government agencies should also evaluate the market development prospects of innovative projects applied during the approval process to avoid inefficient use of government support.