外部融资对医药类上市公司创新产出的影响

The Impact of External Financing on Innovation Output of Pharmaceutical Listed Companies

改善企业的创新产出对于加快我国经济发展和结构调整至关重要。文章以2012-2020年中国医药企业上市公司为研究样本,以公司的专利申请数量衡量企业的创新产出。研究发现:外部融资程度越高,越会显著提高企业的专利创新产出,股权融资的特征是其调节变量;企业股权流动程度越高且集中程度越高,越能促进企业外部融资对于企业创新产出的正向作用,这种作用效果在非国有企业更为显著。因此,医药行业上市企业应该通过资本市场进行融资并进行股权交易,以有效提升创新产出能力。

Improving the innovation output of enterprises is crucial for accelerating China’s economic development and structural adjustment.This paper takes the listed companies of Chinese pharmaceutical enterprises in 2012–2020 as the research sample,and measures the innovation output of enterprises by the number of patent applications.The results show that:the higher the degree of external financing is,the more significant the patent innovation output of enterprises will be;the higher the degree of equity flow and concentration is,the more positive the effect of external financing on innovation output is.This effect is more significant in non state owned enterprises.Therefore,listed companies in the pharmaceutical industry should finance through the capital market and carry out equity transactions to effectively enhance the innovation output capacity.