医药化工单位研发项目经费来源与管理

Source and management of R&D project funds in pharmaceutical and chemical units

为推进医药化工企业的研发创新,明确融资方向和优化管理,文章将医药化工单位研发费用划归为内部经费和外援经费两类,基于投融资主体之间的信息不对称和研发高风险性的融资约束,阐释医药化工企业对于内部融资和股权融资的依赖性,并选用2012~2019年上市医药化工单位的研发投资数据,进行实证分析,验证了医药化工单位的融资约束集中在债券融资上,由此造成企业对于内部经费的依赖,且外部经费来源主要为股权融资;同时,结合研发项目经费的特点,对经费管理方法进行创新设计,以此提升经费的使用效能。

In order to promote the R&D innovation of pharmaceutical and chemical enterprises,clarify the financing direction and optimize the management,this paper classifies the R&D expenses of pharmaceutical and chemical enterprises into internal funds and external aid funds.Based on the information asymmetry between the investment and financing subjects and the financing constraints of high-risk R&D,this paper explains the dependence of pharmaceutical and chemical enterprises on internal financing and equity financing,and selects 2012-20 Based on the research and development investment data of 19 listed pharmaceutical and chemical enterprises,this paper makes an empirical analysis to verify that the financing constraints of pharmaceutical and chemical enterprises are concentrated on bond financing,which results in the dependence of enterprises on internal funds,and the external funds mainly come from equity financing.At the same time,combined with the characteristics of research and development project funds,innovative design of funds management methods is carried out to improve funds Performance.