Financial Mismatches,institutional Investors And Innovation Efficiency In Pharmaceutical Manufacturing

Driven by an aging population,the continuation of the two-child and threechild policy,and the COVID-19 pandemic,China’s pharmaceutical manufacturing industry has witnessed rapid growth and further expanded market demand.In 2021,the 14 th Five-Year Plan defines the development direction of China’s pharmaceutical industry,proposes to encourage innovative research and development,develop high-end preparation production technology,and promote the reform and development of traditional Chinese medicine.In 2022,the market size of the domestic pharmaceutical industry continued to expand,reaching 1,853.9 billion yuan.As an important component of our country’s national economy,the medical manufacturing already becomes our country’s new economic growth point.Pharmaceutical manufacturing industry is a capital,technology and knowledge-intensive economic entity,its development is inseparable from the innovation of new products and new technologies,and capital is the core factor to promote the development of innovation activities.In the activities of Chinese enterprises,state-owned banks occupy the main position of providing funds.Coupled with the excessive intervention of the government,more funds flow to state-owned enterprises,resulting in the unbalanced allocation of financial resources of enterprises.When the negative signals of mismatch are transmitted to the outside world,institutional investors will choose to avoid investing in enterprises with low capital utilization efficiency and unbalanced production capacity,hindering the development of innovation activities.In addition,the ability of internal managers will also guide the results of innovation efficiency.Therefore,246 listed pharmaceutical manufacturing companies from 2011 to2020 were selected as samples.Based on the theory of information asymmetry and positive institutional shareholders,a multiple regression model was constructed to explore the influence of financial mismatch innovation efficiency in pharmaceutical manufacturing enterprises,and to determine the intermediary role of institutional investors and their heterogeneity in the two.At the same time,the moderating effect of managers’ ability on financial mismatch and innovation efficiency in pharmaceutical manufacturing industry is tested by adding the factors of managers’ ability.The results show that: first,financial mismatching has negative effects on the efficiency of innovation activities of pharmaceutical manufacturing enterprises and the investment of institutional investors;Second,institutional investors play an intermediary role in the relationship between financial mismatch and innovation efficiency of pharmaceutical manufacturing enterprises,and the pressure resistant institutional investors play an intermediary role,but the pressure sensitive institutional investors do not exist.Third,competent managers can alleviate the negative impact of financial mismatch on the innovation efficiency of enterprises;Fourthly,compared with non-state-owned enterprises,institutional investors in state-owned enterprises play a more obvious mediating role in financial mismatch and innovation efficiency.This paper empirically analyzes the relationship between financial mismatch and innovation efficiency in the pharmaceutical manufacturing industry from the perspective of unique and specific research samples,and brings financial mismatch,institutional investors and enterprise innovation efficiency into a unified research framework.Finally,it takes into full consideration the regulating effect of the enterprise’s internal factor managers’ ability to provide reference for the industry’s fund utilization and innovation development.