基于协整理论的中国医药制造业盈利能力与R&D投入关系研究

Research on the Relationship between Profitability and R&D Investment of China's Pharmaceutical Manufacturing Industry Based on the Co-integration Theory

以1995—2015年医药制造业数据为样本,用主营业务利润率代表盈利能力,R&D投入强度代表R&D投入,基于协整理论,建立误差修正模型并进行格兰杰因果检验。结果表明医药制造业盈利能力的提升能够增加R&D投入,但R&D投入带来盈利能力的提升需要漫长的过程。因此,医药制造企业要提升自身的盈利能力,对R&D活动进行稳定持续的资金投入,同时提高R&D活动效率,加快成果的商业化进程。

The pharmaceutical manufacturing data in 1995 - 2015 was selected as a sample. The profitability was meas- ured by main business profit rate, and R＆D investment was measured by R＆D investment intensity. Based on the co - inte- gration theory, the error correction model was established and the Granger causality test was carried out to study the correla- tion between the variables. The result shows that in the pharmaceutical manufacturing industry, the improvement of profit- ability can increase R＆D investment, however, there needs a long process to make R＆D investment increase the profitabili- ty. Therefore, it is important for enterprises in pharmaceutical manufacturing to improve their profitability, inject stable and sustainable capital into R＆D activities, improve the efficiency of R＆D activities and accelerate the commercialization of research results.