企业和行业视角下创新的差异研究——以中国医药行业上市公司为例

Research on the Differences of Innovation from the Perspective of Enterprise and Industry——Taking the Listed Companies of Chinese Pharmaceutical Industry as an Example

首先,通过选取2012—2016年中国医药上市公司的数据,从企业和行业层面来探究医药企业创新的具体影响因素。其次,运用基于回归方程不平等的分解方法对医药企业的创新差异进行分解,分解结果表明在医药企业的创新差异保持稳定的情况下,企业因素和行业因素对创新差异的贡献总体上表现为上升的趋势,到2016年,两者对差异的贡献率达到了68.81%,其中企业因素和行业因素分别占比30.71%、38.10%;通过对行业因素和企业因素的进一步细分可以发现,除了企业规模、行业技术创新水平的贡献上升外,市场结构、盈利能力、企业治理结构的贡献都相对较为稳定,而由高创新投入企业的创新投入变化所引起的"羊群效应"对创新差异的贡献则表现为一定的不确定性;此外,由残差项的贡献可知,外部环境的影响也是不容忽视的。

First of all, this paper selected the data of Chinese pharmaceutical listed company, from the year of 2012 to 2016, to explore the specific factors influencing the innovation of pharmaceutical enterprises from the perspective of enterprise and industry level. Secondly, using the decomposition method based on the inequality of regression equation to decompose the innovation difference of pharmaceutical enterprises, the decomposition results show that, in the case of the innovation difference of pharmaceutical enterprises basically stable, the contribution to the differences of R＆D investment by the factors of industry and company is on the rising trend on the whole. By 2016, the contribution rate has reached 68.81%, of which the enterprise and the industry factor respectively accounted for 30.71% and 38.10%; Through further division of industry factors and enterprise factors, we can find out, except for the scale of the enterprise and the pharmaceutical industry to the level of technological innovation, the contribution of market structure, profitability, corporate governance structure is relatively stable, and the contribution of innovation input change to innovation difference in different pharmaceutical industry is a certain uncertainty; In addition, the contribution of residual items can be seen that the influence of external environment can not be ignored.