本文在对以往相关文献梳理基础上，提出了企业规模、盈利能力、股权集中
度、资产负债水平、销售能力、管理费用水平和所有权性质对医药生物企业技术
创新投入的影响。考虑到数据可获得性和理论研究，确定上述因素的测量指标
本文进一步研究医药企业技术创新投入与企业价值的关系，按照控股股东的产权
属性，细分子样本，分别进行实证分析
在实证研究分析部分，选取在上海证券交易所和深圳证券交易所 A 股上市
的医药生物企业 年 年的数据。为了确保数据的有效性，本文剔除了部
分未连续三年公布研发数据的企业和 ST 企业，只选择了其中 80 家医药生物企
业作为样本企业，三年共计 240 组数据。然后建立两个回归模型，对本文提出的
假设进行检验。本文利用 Stata12.1 对研究样本数据进行整理与分析
通过实证分析得出对于医药生物企业而言，有以下结论：企业规模与企业技
术创新投入之间存在显著正相关关系；企业盈利能力与企业技术创新投入之间存
在显著正相关关系；企业股权集中度与企业技术创新投入之间存在呈显著负相关
关系；企业负债水平与企业技术创新投入二者关系不显著；企业销售能力与企业
技术创新投入二者关系不显著；企业管理费用水平与企业技术创新投入之间存在
显著负相关关系；企业产权属性与企业技术创新投入之间存在显著负相关关系；
医药生物制造企业技术创新投入能够推动企业价值的增长，非国有企业中技术创
新投入促进作用显著性更强
在研究结论基础上，提出五个建议：树立技术创新主体意识；优化医药产业
格局；建立现代企业制度；加大资金投入；引进和培养人才。最后对本文研究局
限性作出解释，并提出展望。摘要
关键词：技术创新投入；影响因素；企业价值；回归分析Abstract
ABSTRACT
In recent years, the development of China's pharmaceutical industry has attracted
significant social attention. Pharmaceuticals industry is a high-tech sunrise industry
with strong technicality, which is closely related to human life and health. China's
pharmaceutical industry has made significant development during the past few
decades, but while lacking of investment in technical research and development, the
overall technical research and development capabilities of the industry is not
competitive, which strongly restricts the further development of China's
pharmaceutical industry. The paper tries to explore the factors that affect the
investment in the technology research and development of pharmaceutical enterprises
and the relationship between investment and enterprise value from the micro level of
enterprises.
Based on the previous literature, the paper assuming that the firm size,
profitability, ownership concentration degree, level of assets and liabilities, sales
ability, level of management fees and the nature of ownership on the biological and
pharmaceutical manufacturing enterprise technology innovation investment effect.
The measurement indicators of the above factors are determined according to the
availability of data and theoretical research. In this paper, we further research the
relationship between investment and enterprise value of the pharmaceutical
enterprises by empirical analysis according to the property rights of controlling
shareholders and subdivided molecular samples, respectively.
In the empirical analysis part, we selected data of A shares listed pharmaceutical
companies during in the Shanghai stock exchange and the Shenzhen stock
exchange. In order to ensure the data validity, this thesis has eliminated enterprises
that not announced research and development data for three consecutive years and ST
companies, selected only 80 pharmaceutical manufacturing enterprises as the sample
companies, which is a total of 240 sets of data in three years. Then establishes two
regression models to test the hypothesis proposed in this paper. In this paper, we use
Stata12.1 to organize and analyze the sample data.
The paper obtains the following conclusions through empirical analysis: there is
a significant positive correlation between enterprise scale and enterprise technological
innovation investment; there is significant positive correlation between corporate
profitability and enterprise technological innovation investment; there is a significantAbstract
IV
negative correlation between the enterprise ownership concentration degree and the
enterprise technological innovation investment investment; the relationship between
the corporate debt and corporate technology innovation the two is not significant;
investment relationship between sales ability and enterprise technology innovation is
not significant; there is significant negative correlation between the cost of enterprise
management level and the enterprise technological innovation investment; there is
significant negative correlation between the enterprise property rights and enterprise
technological innovation investment; technological innovation in pharmaceutical
manufacturing enterprises can promote the growth of enterprise value, and
technological innovation in the non-state-owned enterprises promoted significantly
stronger.
Based on the conclusion of the study, the paper put forward five proposals:
establish the technology innovation subject consciousness; optimize the
pharmaceutical industry pattern; establish the modern enterprise system; increase
capital investment; introduce and cultivate talents. Finally, the paper explain the
limitations of this study, and put forward the prospects.
Key words: Technical innovation investment; influencing factors; enterprise
value; regression analysis目录
V
目 录
第 1 章 导论.........1
1.1 选题背景及意义 .......... 1
1.1.1 研究背景........... 1
1.1.2 研究意义........... 2
1.2 研究思路与方法 .......... 3
1.2.1 研究思路........... 3
1.2.2 研究方法........... 4
第 2 章 文献综述....5
2.1 国内外技术创新理论研究动态 .......... 5
2.1.1 技术创新的定义..... 5
2.1.2 技术创新投入....... 6
2.1.3 影响技术创新投入的相关因素..... 7
2.2 国内外企业价值理论研究动态 ......... 11
2.3 国内外企业技术创新投入与企业价值之间关系研究动态 ........... 12
第 3 章 我国医药企业发展现状与问题..........15
3.1 我国医药产业发展现状 ... 15
3.1.1 我国医药产业基本情况.......... 15
3.1.2 我国医药工业经济运行情况分析.. 16
3.1.3 我国医药产业技术创新能力现状.. 18
3.2 我国医药产业发展问题 ... 21
3.2.1 创新意识不强...... 21
3.2.2 产权制度不明晰.... 22
3.2.3 产业布局不合理.... 22
3.2.4 资金投入不足...... 22
第 4 章 理论分析与假设提出......24
4.1 技术创新投入的影响因素.. 24
4.2 技术创新投入对企业价值的影响 ....... 28
4.3 控股股东产权属性对技术创新投入与企业市场价值关系的影响 ..... 28
第 5 章 研究设计....30
5.1 样本选取和数据来源 ..... 30
5.2 研究变量设计 ........... 30
5.2.1 模型一变量设计 .... 30
5.2.2 模型二变量设计.... 32
5.3 实证模型构建 ........... 34
第 6 章 实证分析....36
6.1 假设 1-7 检验结果和分析.. 36
6.2 假设 8 检验结果和分析.... 38
6.3 假设 9-10 检验结果和分析. 40
第 7 章 结论与展望..44
7.1 研究结论 ... 44
7.2 对策及建议 . 46
7.3 局限与展望 . 48
致谢...50
参考文献...........51第 1 章 导论
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