内部控制、研发投入对财务绩效的影响研究——基于中国医药制造业的实证分析

Research on the Impact of Internal Control and R&D Investment on Financial Performance:Based on Empirical Analysis of China’s Pharmaceutical Manufacturing Industry

随着中国经济进入高质量发展阶段,创新的重要性和紧迫性日益凸显。以沪深A股124家医药制造业企业2012—2019年的数据为样本,基于内部控制的调节效应分析研发投入对财务绩效的影响。研究结果表明:中国医药制造业上市企业当期和滞后一期的研发投入与财务绩效显著负相关,滞后二期的研发投入与财务绩效显著正相关;内部控制在研发投入与财务绩效的关系中具有正向调节作用,即企业的内部控制水平越高,研发投入对财务绩效的正向影响就越大。

As China’s economy has entered a stage of high-quality development,the importance and urgency of innovation has become increasingly apparent.Taking the data of 124 pharmaceutical manufacturing enterprises in Shanghai and Shenzhen A-shares from 2012 to 2019 as samples,this paper analyzes the impact of R&D investment on financial performance based on the regulatory effect of internal control.The results show that the current and the lag 1 R&D investment are significantly negatively correlated with financial performance,while the lag 2 R&D investment is significantly positively correlated with financial performance.Internal control has a positive regulating effect in the relationship between R&D investment and financial performance,that is,the higher the level of internal control,the greater the positive influence of R&D investment on financial performance.