政府补助、研发投入对企业绩效的影响——基于医药制造业上市公司的实证研究

The Impact of Government Subsidy, R&D Investment on Enterprise Performance——An Empirical Study Based on Listed Companies of Pharmaceutical Manufacturing Industry

选取2012-2018年医药制造业134家上市公司数据进行实证分析,从企业盈利角度探讨政府补助、研发投入对企业绩效的作用机制。研究结果表明:研发投入对制药企业绩效的促进作用存在一定时滞性;政府补助对研发绩效的产生起正向调节作用;分组回归发现政府补助对不同规模和不同性质的企业影响不同。研究结论能够为医药制造企业优化研发投入结构,政府制定更具针对性的创新鼓励政策提供借鉴。

Based on the empirical study of the panel data of 134 listed companies in the pharmaceutical manufacturing industry from 2012 to 2018,this paper discusses the mechanism of government subsidies and R&D investment on enterprise performance from the perspective of enterprise profitability.It is found that the R&D input had a certain time lag in promoting the performance of pharmaceutical enterprises;government subsidies had a positive regulating effect on the production of R&D performance;and grouped regression showed that financial subsidies had different effects on enterprises of different sizes and properties.The research conclusion can provide reference for pharmaceutical manufacturing enterprises to optimize R&D investment structure and the government to formulate more targeted innovation incentive policies.