医药企业数字化转型与创新效率提升——基于要素配置和融资约束的视角

Digital Transformation and Innovation Efficiency Improvement of Pharmaceutical Enterprises:from the Perspective of Factor Allocation and Financing Constraints

基于2012—2021年中国A股医药制造业上市公司数据,实证检验了医药企业的数字化转型对其创新效率的影响。研究发现,医药企业的数字化转型促进了其创新效率的提升,其中的作用渠道为要素配置水平的提高以及融资约束的缓解。此外,调节效应分析表明,存在区域层面的金融发展水平、营商环境等因素正向调节了数字化转型对创新效率的影响。进一步的异质性分析结果表明,数字化转型对非国有医药企业创新效率的提升作用更强。研究结论对医药企业的研发活动与经营管理具有重要的启示意义。

Drawing on data from Chinese A-share pharmaceutical manufacturing listed companies spanning 2012 to 2021,this study empirically examines the impact of digital transformation on innovation efficiency in the pharmaceutical sector.The findings reveal that digital transformation fosters enhanced innovation efficiency by facilitating improved factor allocation and alleviating financing constraints.Moreover,moderation analysis indicates that regional factors such as financial development level and business environment positively moderate the relationship between digital transformation and innovation efficiency.Further heterogeneity analysis demonstrates a stronger effect of digital transformation on improving innovation efficiency in non-state-owned pharmaceutical enterprises.These conclusions hold significant implications for R&D activities and management strategies within the pharmaceutical industry.