股权集中度、研发投入与公司绩效研究——基于医药行业上市公司的经验分析
Research on the Relationship between Ownership Concentration, R&D Investment and Corporate Performance—Listed Companies Based on Pharmaceutical Industry
DOI: 10.12677/PM.2023.1310291, PDF,   
作者: 蒋凤怡：南京信息工程大学商学院，江苏 南京
关键词: 研发投入；股权集中度；公司绩效；R&D Investment； Equity Concentration； Company Performance
摘要: 近十年来，我国的医药行业取得了许多技术上的突破，但是在一些尖端技术方面，却远远落后于世界。本文从股权集中度、研发投入和公司绩效三个方面进行了深入的研究。本研究旨在发现当前研究与开发投资中的问题，并提出相应的改善意见，为持续提升我国医药业的科研效率与效益，加快我国医药行业实现升级。此研究对提高我国医药企业研发投入以及其竞争力，促进医药行业的发展具有一定的实践意义。本文以医药行业为例，从股权集中度、研发投入与公司绩效三个方面进行了系统的研究。以2018~2022五年度医药行业生产数据为例，对股权集中度、研发投入与企业绩效之间的相关性进行了实证分析。将存在异常的数据进行筛选，并以不受上市公司因素影响的方式，保证了数据的完整性和连续性。选择适当的解释变量、解释变量和控制变量，采用描述性统计分析、相关性分析、多元回归分析等方法对相关产业的统计分析，研究医药行业上市公司研发投入与公司绩效的关系，以及医药行业上市公司中股权集中度对研发投入与公司绩效关系的影响。并且为了使最后的结论研究更加可靠，并与此同时进行了稳健性检验。从而帮助医药行业企业决策者做出更加理性、精准、有效的投资决策。研究发现，研发投资与公司绩效呈负相关，而股权集中度则与公司绩效呈正相关，并且显著度都在0.1左右。同时，股权集中度弱化了研发投入对公司绩效的影响，对其关系起到了负向调节的作用。因此，企业需要采取有效的保护措施，进行适量的研发投入，合理控制成本，努力提高医药行业上市企业的公司绩效。
Abstract: China’s pharmaceutical industry has developed continuously in the past ten years and achieved many technological breakthroughs, but there is still a certain gap between the high cutting-edge technology and the international advanced level. Based on the theory of better understanding the relationship between property concentration, R&D investment, and corporate performance, this article discusses the relationship between the three, in order to find out the problems existing in the current R&D investment and put forward relevant improvement suggestions, so as to contin-uously improve the R&D efficiency and effect of China’s pharmaceutical industry and accelerate the upgrading of China’s pharmaceutical industry. This research has certain practical significance for improving the R&D investment and competitiveness of Chinese pharmaceutical enterprises and promoting the development of pharmaceutical industry. Taking the pharmaceutical industry as an example, this paper makes a re-analysis and systematic analysis of the relationship among its ownership concentration, R&D investment and enterprise performance. Taking the production data of pharmaceutical industry from 2018 to 2022 as an example, this paper makes an empirical analysis on the correlation between ownership concentration, R&D investment and enterprise performance. Screening the abnormal data, and ensuring the integrity and continuity of the data in a way that is not affected by the factors of listed companies. Select appropriate explanatory variables, explanatory variables and control variables, and use descriptive statistical analysis, correlation analysis, multiple regression analysis and other methods to make statistical analysis of related industries. Study the relationship between research and development investment and corporate performance of listed companies in the pharmaceutical industry, as well as the impact of equity concentration on the relationship between research and development investment and corporate performance in listed companies in the pharmaceutical industry. In order to make the final conclusion more reliable, at the same time, the robustness test is carried out. So as to help the decision makers in pharmaceutical industry make more rational, accurate and effective investment decisions. It is found that R&D investment is negatively correlated with company performance, while ownership concentration is positively correlated with company performance, and the significance is all around 0.1. At the same time, equity concentration weakens the impact of R&D investment on company performance, playing a negative regulatory role in its relationship. Therefore, enterprises need to take effective protective measures, invest in appropriate research and development, reasonably control costs, and strive to improve the company performance of listed companies in the pharmaceutical industry.
文章引用：蒋凤怡. 股权集中度、研发投入与公司绩效研究——基于医药行业上市公司的经验分析[J]. 理论数学, 2023, 13(10): 2838-2853. https://doi.org/10.12677/PM.2023.1310291

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