政府补贴及研发投入对医药企业绩效的异质性影响研究

Study on the impact heterogeneity of government subsidies and R&D investment on pharmaceutical enterprise performance

目的:为企业自身的经营决策,政府制定更具针对性的创新鼓励政策提供参考。方法:本文从国泰安金融数据库CSMAR、医药制造业上市企业年报中收集数据,以2015—2019年医药制造业上市公司的面板数据为研究样本,参考相关文献方法,结合宏观、微观条件考察了研发投入对医药制造业企业绩效的异质性影响,同时还考察了政府补贴的调节作用是否存在所有制差异、地区差异和企业年龄差异。结果与结论:总体来看,医药企业的研发投入负向影响企业绩效,政府补贴可以有效缓解这种负向影响。从微观层面来看,研发投入和政府补贴的调节作用都存在明显的所有制和企业年龄的异质性,体现为研发投入对企业绩效的负向影响在非国有企业和年轻企业里表现得更加明显,政府补贴可以显著缓解这种负向影响;从宏观层面来看,研发投入对企业绩效在东部企业中表现为显著负向影响,而在非东部企业中表现为显著正向影响。政府补贴的调节作用对二者的影响没有显著差异。

Objective:To provide reference for enterprises to make business decisions and for the government to formulate more targeted policies to encourage innovation.Methods:Data was collected from CSMAR,a financial database,and the annual reports of listed pharmaceutical manufacturing companies.The panel data of listed pharmaceutical manufacturing companies from 2015 to 2019 was used as the research samples,and the macro and micro conditions were combined to investigate the heterogeneous impact of R&D investment on the performance of pharmaceutical manufacturing companies.At the same time,we also investigated whether there were ownership differences,regional differences and age differences in the regulation effect of government subsidies.Results&conclusion:Overall,the R&D investment of pharmaceutical enterprises had a negative impact on enterprise performance,and government subsidies could effectively alleviate this negative impact.At the micro level,the moderating effects of R&D input and government subsidies both had obvious heterogeneity of ownership and firm age,which is reflected in that the negative impact of R&D input on firm performance was more obvious in non-state-owned enterprises and young firms,and government subsidies could significantly mitigate this negative impact.From the macro level,R&D investment had a significant negative impact on enterprise performance in eastern enterprises,while it had a significant positive impact in non-eastern enterprises.There was no significant difference between the moderating effects of government subsidies on eastern enterprises and non-eastern enterprises.