我国医药制造业盈利水平与研发资金投入关系研究

Research on the relationship between profit level and R&D capital investment of China's pharmaceutical manufacturing industry

我国新药研发水平与发达国家相比存在较大差距,研发资金投入不足是重要原因之一,企业自身盈利水平对研发资金投入也有重要影响。基于上述背景,本文以1995—2015年医药制造业数据为样本,用利润总额代表盈利水平,用研发经费内部支出代表研发资金投入,采用协整理论和VAR模型,研究二者间的关系。结果表明医药制造业盈利水平对研发资金投入有显著的促进作用,但研发资金投入要提升盈利水平在短期内是比较困难的。这说明多数医药制造企业具有将所得利润投入到研发活动中的积极性,但由于新药研发存在规模效应且成果转化周期长等原因,资金投入无法在短期内为企业带来经济效益。因此,制药企业应注重研发投资效率和研发活动效率,逐步提高新药研发能力和盈利水平。

There is a large gap in the level of new drug R&D between our country and developed countries. The lack of investment in R&D is one of the most important reasons.As we all know,the profit level of a company has also an important impact on R&D capital investment.Under this background,the pharmaceutical manufacturing data in 1995--2015was selected as our samples.The profit level was measured by total profit,R&D capital investment was measured by intramural expenditure on R&D.The correlation between the variables was studied based on the co-integration theory and VAR model.The result shows that the profit level has a significant effect on R&D capital investment in pharmaceutical manufacturing industry,however,it is difficult for enterprises to make profits by R&D capital investment in a short term.This means that most pharmaceutical manufacturers have the incentive to invest their profits in R&D activities,but due to the scale effect of new drug R&D and the long cycle of the transformation of R&D achievements,capital investment can't bring economic benefits to enterprises in a short term.Therefore, pharmaceutical companies should focus on the efficiency of R&D investment and activities,and gradually improve new drugs R&D capabilities and their profit level.