摘要
本文针对研发特性强的医药行业进行此方面的验证,利用中国上市医药企业的数据,将股权集中度和董事会规模作为公司治理结构要素,构建PVAR模型分析其联合作用与R&D强度、新药审批数量和企业价值的动态关系,结果表明在中国医药行业中,股权集中度低、董事会规模小的上市医药企业在新药技术创新的两阶段过程中表现最优。
Drawing on the data of Chinese listed pharmaceutical enterprises, the present paper con- structs a PVAR model with equity concentration and the size of board of directors as ingredients of corporate governance structure and then analyzes the dynamics between their combined forces and R＆D intensity, the number of new drug approval and enterprise value. The result shows that in pharmaceutical industry those listed enterprises with lower equity concentration and a smaller board of directors perform best in the two stages of technological innovation of new drugs.
出处
《江苏社会科学》
CSSCI
北大核心
2017年第3期94-99,共6页
Jiangsu Social Sciences
关键词
公司治理结构
R&D强度
新药审批数量
企业价值
corporate governance structure
R＆D intensity
the number of new drug approval
enter- prise value
