联盟成员吸收能力对医药企业技术创新的影响——基于政府财税激励的“U型”调节作用

Study on the Influence of Alliance Members'Absorptive Capacity on Technological Innovation of Pharmaceutical Enterprises:"U-shaped"Regulating Effec Based on Government Fiscal and Tax Incentives

以加入创新联盟的医药上市公司2009—2020年为样本数据,构建双向固定效应模型,实证分析联盟成员的吸收能力与其技术创新之间的关系以及政府财税激励对两者关系的调节效应。研究结果表明:联盟成员的吸收能力正向影响着其技术创新;而创新补贴和税收优惠这两种政府财税激励方式,在联盟成员吸收能力与医药企业技术创新之间均起到正“U”型调节作用。为此,建议医药企业积极加入创新联盟并提高自身吸收能力,政府须出台相应的财税激励政策,提高对企业的创新补贴和税收优惠并使之超过临界值,以期实现正向调节联盟成员吸收能力促进医药企业技术创新之目的。

Taking the pharmaceutical listed companies that joined the innovation alliance from 2009 to 2020 as the sample data,a two-way fixed effect model is built to empirically analyze the relationship between the absorption capacity of the alliance members and their technological innovation,as well as the regulatory effect of government fiscal incentives on the relationship between them.The results show that the absorptive capacity of alliance members positively affects their technological innovation;Innovation subsidies and tax incentives,the two government fiscal and tax incentives,play a positive"U"regulatory role between the absorptive capacity of alliance members and the technological innovation of pharmaceutical enterprises.Therefore,it is suggested that pharmaceutical enterprises actively join the innovation alliance and improve their absorptive capacity.The government must issue corresponding fiscal and tax incentive policies,increase innovation subsidies and tax preferences for enterprises and make them exceed the critical value,so as to achieve the purpose of positively regulating the absorptive capacity of alliance members to promote technological innovation of pharmaceutical enterprises.