研发投入、销售费用对生物医药上市企业绩效的异质性影响

The Heterogeneous Effects of R&D Investment and Sales Expenses on the Performance of Biopharmaceutical Listed Companies

研发和销售是影响生物医药企业绩效的两项重要经营活动,但研发投入、销售费用是如何影响生物医药企业绩效的仍有待探究。基于2018—2022年我国生物医药上市企业公开数据,构建双向固定效应模型,分析研发投入强度、销售费用率对当期及滞后期生物医药企业绩效的异质性影响。主要结论如下:研发投入强度、销售费用率均对当期企业财务绩效有显著负向影响,对当期企业市场绩效没有显著影响;研发投入强度、销售费用率对企业绩效的正向影响具有滞后性;重研发企业销售费用率对企业绩效的正向影响较大,重销售企业研发投入强度对企业绩效的正向影响较小;相对于国有企业,非国有企业通过提高研发投入强度和销售费用率提升企业绩效的效果更为明显;大规模企业可以通过提高研究投入强度有效提升企业绩效,小规模企业则可以通过提高研发投入强度和销售费用率来提升企业绩效。

R&D and marketing are two important business activities that affect the perfor⁃mance of biomedical enterprises.How R&D investment and sales expenses affect the perfor⁃mance of biomedical enterprises remains to be explored.Based on the public data of China's A share biopharmaceutical listed companies from 2018 to 2022,A two-way fixed-effect model was established to analyze the heterogeneity of R&D investment intensity and sales expense ratio on the performance of biopharmaceutical companies in the current and late periods.The results show that:①Both R&D investment intensity and sales expense ratio have significant effects on the financial performance of enterprises in the current period.Among them,the impact of R&D investment intensity on financial performance in the current period is U-shaped,and the nega⁃tive impact of sales expense ratio on financial performance in the current period is only linear.②The positive impact of R&D investment intensity and sales expense ratio on enterprise perfor⁃mance is lagging.When R&D investment intensity is lagged by 2 periods,it has a significant positive correlation with financial performance and market performance;With a lag of 3 periods,R&D investment intensity has a significant positive correlation with market performance,and sales expense ratio has a significant positive correlation with financial performance and market performance.③This study tested by replacing the explained variable and lagging the control vari⁃able for one period,and the result was still robust.④The samples are grouped according to R&D investment intensity and sales expense input intensity,and the hysteresis is considered.The re⁃sults show that the sales expense ratio has a significant negative impact on the market perfor⁃mance of enterprises when the R&D enterprise lags for one period,and has a significant positive impact on the financial performance and market performance of enterprises when the R&D enter⁃prise lags for three periods.The R&D investment intensity has a significant positive impact on the financial performance and market performance of the enterprises with a lag of 2 periods,and the R&D investment intensity has a significant positive impact on the market performance of the enterprises with a lag of 3 periods.⑤The samples are grouped according to the nature of property rights and the hysteresis is considered.The results show that:when non-state-owned enterprises lag by 2 periods,the intensity of R&D investment has a significant impact on financial perfor⁃mance and market performance.⑥According to the size of the firm,the samples are grouped and the hysteresis is considered.The results show that R&D investment intensity has a significant positive impact on the financial performance and market performance of large enterprises when they lag by 2 periods.When small-scale enterprises lag by 2 periods,R&D investment intensity has a positive impact on their financial performance;when they lag by 3 periods,R&D invest⁃ment intensity has a positive impact on their market performance;sales expense ratio has a sig⁃nificant positive impact on both financial performance and market performance.