AMC视角下多市场接触对企业研发强度的影响——基于全球医药行业的实证研究

Impact of Multimarket Contact on Firm R&D Intensity from the Perspective of AMC--Based on the Global Pharmaceutical Industry

以往对多市场接触的研究大多集中于考察多市场接触对下游产品市场竞争强度的影响,本文将研究的注意力转向上游要素市场。基于多市场接触理论和动态竞争的意识—动机—能力(awareness-motivationcapability,AMC)框架,探讨了多市场接触对企业研发强度的影响。对全球最大的38家制药企业2007—2016年期间的面板数据分析表明,把企业间竞争的范围延伸到上游研发市场时,多市场接触会表现出显著的竞争效应,即多市场接触会正向影响企业的研发强度,从而说明经典的相互克制效应并不适用于要素市场。此外,本文检验了多市场接触和研发强度关系的边界条件,焦点企业专利存量和现金持有比会削弱多市场接触和研发强度之间的正向关系,而销量下降产品比例会强化二者之间关系。

Prior literature shows that the multimarket contact weakens the competition intensity in downstream product market.It turned the attention to the competitive activities of factor market.Based on the multimarket theory and awareness-motivation-capability(AMC)framework from dynamic competition literature,it explored the influence of multimarket contact on R&D intensity.It made an empirical analysis based on the panel data of the global pharmaceutical industry from 2007 to 2016.The results show that when extending the scope of competition to factor market,multimarket contact shows competitive effect.In other words,multimarket contact positively affects R&D intensity.In addition,it examined the boundary conditions of the relationship between multimarket contact and R&D intensity.Specifically,the positive relationship between multimarket contact and R&D intensity is weakened by patent stock and cash holding ratio of the focal firms while reinforced by sales decline rate.