Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned...Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.展开更多
With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterp...With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterprises need to optimize the incentive mechanism of R&D staff,to arouse the R&D staff's enthusiasm and creativity,to adapt to the new market competition and further improve market value.Whilst the incentive mechanism optimizing processing needs to consider not only the changing market environment but also the personal and working characteristics of R&D staff.This paper summarizes the characteristics of the current Chinese power enterprises' R&D staff:staff's theory quality is high,but insensitive to the market;they are confronted with heavy workload and diversified job choices;managers can observe their behavior choices or not;besides,the process of R&D is complex and the market reactions of R&D achievements are uncertain.Based on the premise of the above features,two incentive models are established in this paper from the point of view of enterprise managers.One is for the situation when staff's behavior choices can be observed;the other is for the situation when staff's behavior choices cannot be observed.Through solving the model,we analyze the optimization path of electric power enterprises R&D staff incentive mechanism under these conditions:(1) when staff's behavior choices can be observed,managers can pay more to the R&D staff who develop products with higher output value,in order to encourage them to work harder.(2) when staff's behavior choices cannot be observed,managers should take reasonable strategies according to the different situations:a.when R&D staff incentive totally depend on the market value of the R&D achievements,managers should allocate workload rationally according to their different technical levels;b.when the market reactions of R&D results become more precarious,managers need to reduce the incentive intensity which based on the market value and raise their fixed salary level;c.when R&D staff become more risk averse,managers should reduce the incentive intensity which based on the market value and raise their fixed salary level;on the contrary,managers should improve the incentive intensity and reduce the fixed salary level.展开更多
Objective To study the correlation between executive compensation gap and R&D investment of pharmaceutical manufacturing enterprises in China by taking 53 pharmaceutical manufacturing companies in Shanghai and She...Objective To study the correlation between executive compensation gap and R&D investment of pharmaceutical manufacturing enterprises in China by taking 53 pharmaceutical manufacturing companies in Shanghai and Shenzhen stock exchanges from 2015 to 2017 as research samples. Methods Multiple linear regression methods was used to study the relationship and influence between executive compensation gap and R&D investment in pharmaceutical manufacturing industry based on championship theory and principal-agent theory. Results and Conclusion There is a significant positive correlation between executive compensation gap in pharmaceutical manufacturing industry and enterprise R&D investment. Listed pharmaceutical manufacturing enterprises should design reasonable salary gap between senior executives and carry out reasonable research and development activities to promote the sustainable development of pharmaceutical manufacturing enterprises. This study provides theoretical basis for optimizing executive compensation gap and increasing R&D investment in pharmaceutical manufacturing industry.展开更多
Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive y...Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive years were selected,and the data were modeled to study the effect of R&D investment and sales expense on the performance of biomedical enterprises by using financial indicators as tools and statistical methods of multiple linear regression.Results and Conclusion Under the premise that the weak related factors such as enterprise scale,life cycle and asset-liability ratio are set as unrelated variables,the R&D investment intensity of biomedical enterprises is negatively correlated with the current performance,which also shows that the R&D of biomedical enterprises has the characteristics of high risk.Besides,the influence of early R&D investment is delayed.However,the sales expense of leading biomedical enterprises with large scales have higher proportion.Meanwhile the greater sales expense of the same enterprise in different periods,the better the enterprise performance is.Biomedical enterprises should consider their own development stage to develop more patented drugs.Besides,they must formulate plans for allocating reasonable sales personnel and cost expense to ensure that enterprises can obtain better benefits.展开更多
Objective To analyze the relationship between the profitability of pharmaceutical enterprises of different scales and their R&D investment.Methods The data of China’s pharmaceutical manufacturing industry from 19...Objective To analyze the relationship between the profitability of pharmaceutical enterprises of different scales and their R&D investment.Methods The data of China’s pharmaceutical manufacturing industry from 1995 to 2016 were selected to establish a vector auto-regression mode,and then an impulse response function and variance decomposition were used to analyze the data.Results and Conclusion For large-scale pharmaceutical enterprises,1%increase in R&D input will lead to 0.792%increase of their main business profit.For medium-sized enterprises,if their main business profit increases by 1%,their R&D input will increase by 0.965%.Therefore,if their R&D input increases by 1%,their main business profit will increase by 1.036%.The improvement of the profitability of large-scale pharmaceutical enterprises cannot promote the increase of R&D capital investment.But the increase of profitability from medium-sized enterprises can promote the increase of R&D capital investment.As a result,the increase of R&D capital investment of large and medium-sized enterprises can improve corporate profitability.展开更多
文摘Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.
基金supported by 2016 annual North China Electric Power University undergraduate innovative training program research project(Grant No.20162183)
文摘With the deepening of electric power market reform in China,the monopoly edge of the state-owned electric power enterprises will lose.On the basis of the existing post performance salary mechanism,Chinese power enterprises need to optimize the incentive mechanism of R&D staff,to arouse the R&D staff's enthusiasm and creativity,to adapt to the new market competition and further improve market value.Whilst the incentive mechanism optimizing processing needs to consider not only the changing market environment but also the personal and working characteristics of R&D staff.This paper summarizes the characteristics of the current Chinese power enterprises' R&D staff:staff's theory quality is high,but insensitive to the market;they are confronted with heavy workload and diversified job choices;managers can observe their behavior choices or not;besides,the process of R&D is complex and the market reactions of R&D achievements are uncertain.Based on the premise of the above features,two incentive models are established in this paper from the point of view of enterprise managers.One is for the situation when staff's behavior choices can be observed;the other is for the situation when staff's behavior choices cannot be observed.Through solving the model,we analyze the optimization path of electric power enterprises R&D staff incentive mechanism under these conditions:(1) when staff's behavior choices can be observed,managers can pay more to the R&D staff who develop products with higher output value,in order to encourage them to work harder.(2) when staff's behavior choices cannot be observed,managers should take reasonable strategies according to the different situations:a.when R&D staff incentive totally depend on the market value of the R&D achievements,managers should allocate workload rationally according to their different technical levels;b.when the market reactions of R&D results become more precarious,managers need to reduce the incentive intensity which based on the market value and raise their fixed salary level;c.when R&D staff become more risk averse,managers should reduce the incentive intensity which based on the market value and raise their fixed salary level;on the contrary,managers should improve the incentive intensity and reduce the fixed salary level.
文摘Objective To study the correlation between executive compensation gap and R&D investment of pharmaceutical manufacturing enterprises in China by taking 53 pharmaceutical manufacturing companies in Shanghai and Shenzhen stock exchanges from 2015 to 2017 as research samples. Methods Multiple linear regression methods was used to study the relationship and influence between executive compensation gap and R&D investment in pharmaceutical manufacturing industry based on championship theory and principal-agent theory. Results and Conclusion There is a significant positive correlation between executive compensation gap in pharmaceutical manufacturing industry and enterprise R&D investment. Listed pharmaceutical manufacturing enterprises should design reasonable salary gap between senior executives and carry out reasonable research and development activities to promote the sustainable development of pharmaceutical manufacturing enterprises. This study provides theoretical basis for optimizing executive compensation gap and increasing R&D investment in pharmaceutical manufacturing industry.
文摘Objective To explore the influence of new drug R&D investment and sales expense on the performance of biomedical enterprises.Methods The financial statements of 76 listed biomedical enterprises for 5 consecutive years were selected,and the data were modeled to study the effect of R&D investment and sales expense on the performance of biomedical enterprises by using financial indicators as tools and statistical methods of multiple linear regression.Results and Conclusion Under the premise that the weak related factors such as enterprise scale,life cycle and asset-liability ratio are set as unrelated variables,the R&D investment intensity of biomedical enterprises is negatively correlated with the current performance,which also shows that the R&D of biomedical enterprises has the characteristics of high risk.Besides,the influence of early R&D investment is delayed.However,the sales expense of leading biomedical enterprises with large scales have higher proportion.Meanwhile the greater sales expense of the same enterprise in different periods,the better the enterprise performance is.Biomedical enterprises should consider their own development stage to develop more patented drugs.Besides,they must formulate plans for allocating reasonable sales personnel and cost expense to ensure that enterprises can obtain better benefits.
基金Research on Innovation and Development Strategy of Pharmaceutical Industry in Liaoning Province(No.2020lslktyb-095).
文摘Objective To analyze the relationship between the profitability of pharmaceutical enterprises of different scales and their R&D investment.Methods The data of China’s pharmaceutical manufacturing industry from 1995 to 2016 were selected to establish a vector auto-regression mode,and then an impulse response function and variance decomposition were used to analyze the data.Results and Conclusion For large-scale pharmaceutical enterprises,1%increase in R&D input will lead to 0.792%increase of their main business profit.For medium-sized enterprises,if their main business profit increases by 1%,their R&D input will increase by 0.965%.Therefore,if their R&D input increases by 1%,their main business profit will increase by 1.036%.The improvement of the profitability of large-scale pharmaceutical enterprises cannot promote the increase of R&D capital investment.But the increase of profitability from medium-sized enterprises can promote the increase of R&D capital investment.As a result,the increase of R&D capital investment of large and medium-sized enterprises can improve corporate profitability.
