对于制药企业来说，拥有新药和新技术始终是他们生存和发展的基础， 研发投入是技术创新的动力源泉。世界上有数万亿种药品，国际上知名的 制药巨头不仅生产药物，还开发新药来解决人类无法检测的疾病，并获得 可观的经济回报。在中国医药市场，大多数公司长期以来都是基于仿制药 生产，研发投入比较低，创新能力也较弱。随着国家对医疗技术发展的重 视，中国目前正处于仿制药向创新药的战略转变中。 本文在分析中国制药企业上市公司研发投入的基础上，运用技术创新 理论，结合国内外相关研究成果，分析研发投入对企业绩效的重要性。在 分析过程中，分别选取国内以仿制药为主的医药制造上市企业以及国外以 创新药为主的上市企业分为两组，使用过去3年年报中公布的研发投入和 财务数据，选取了研发投入和研发投入强度为解释变量，利用盈利性指标 和成长性指标作为被解释变量，来构建研发投入和企业绩效之间相关性的 研究模型，并通过描述性统计、相关性分析以及多元回归分析的方式来研 究研发投入与企业绩效的相关关系。 本文实证结果发现：国内仿制药为主的医药企业的研发投入虽然与国 外创新药为主的医药企业在研发投入上差距较大但研发投入的增长越来越 快，两组数据的研发投入与营业利润呈显著正相关关系，研发投入强度与 营业利润率都呈正相关关系。国内仿制药组的企业其研发投入与企业的营 业收入增长率、托宾Q值之间呈正相关关系，但存在一定的滞后性。而国 外创新药组的研发投入与企业的营业收入增长率和托宾Q值之间不存在显 著的相关关系。因此基于本文的研究结论，提出对于国内医药制造企业来 说目前正是继续加大研发投入的阶段，能够有效的提高企业的盈利能力和 成长能力，做好从仿制药到创新药的战略转型，同时政府也需要加大创新 药政策的力度，为国内企业的创新药转型提供良好的政策环境。 关键词：医药制造企业，研发投入，企业绩效，实证分析 THE EMPIRICAL STUDY ON R&D INVESTMENT AND CORPORATE PERFORMANCE OF PHARMACEUTICAL LISTED COMPANIES ABSTRACT For pharmaceutical manufacturing companies, the new drugs and technologies are always the basis for their survival and development, and R&D investment is the driving force and source of technological innovation. Pharmaceuticals have a trillion kinds of products. Some international pharmaceutical companies not only produce medicines but also develop new medicines to solve difficult and complicated problems for human beings. At the same time, these companies also got sufficient economic returns. In China's pharmaceutical market, most of the enterprises have mainly produced generic drugs for a long time. The awareness and R&D investment of the Chinese pharmaceutical companies are very low and their innovation ability is relatively weak. The government had put more emphasis on the development of medical science and technology, the Chinese pharmaceutical companies are in the early stage of transformation from generic strategy to innovative drug strategy. Based to the present situation of R&D investment of listed pharmaceutical enterprises in China, this paper analyzes the importance of R&D investment by using the theory of technological innovation, and summarizes the domestic and foreign research. This paper chooses domestic generic-drug based pharmaceutical manufacturing listed companies and foreign innovative-drug based pharmaceutical listed companies as two groups. Using the R&D investment and financial data published in the annual report of the past three years, we select R&D investment and R&D investment intensity as explanatory variables, and use profitability indicators and growth indicators as explanatory variables. This paper constructs a research model of the correlation between R&D investment and enterprise performance, and studies the relationship between R&D investment and enterprise performance through descriptive statistics, correlation analysis and multiple regression analysis. The empirical results show that the R&D investment of domestic generic drug-based pharmaceutical enterprises differs greatly from that of foreign innovative drug-based pharmaceutical enterprises, but the R&D investment increases in Chinese generic drug-based pharmaceutical enterprises more and more rapidly. There is a significant positive correlation between R&D investment and operating profit of the two groups of data. There is a positive correlation between R&D investment and business income growth rate and Tobin Q value, but there is a certain lag. There is no significant correlation between R&D investment and the growth rate of business income and Tobin Q value for the foreign innovative pharmaceuticals. Therefore, based on the conclusions of this study, it is proposed that for domestic generic-drug based pharmaceutical manufacturing enterprises, need to increase the R&D investment which can effectively improve the profitability and growth capacity of enterprises. The government also needs to increase the strength of innovative drug policy for the domestic pharmaceutical companies and also provides a favorable policy environment for the transformation of innovative drugs. KEY WORDS: pharmaceutical manufacturing enterprises, R & D investment, enterprise performance, empirical analysis 目 录 第1章 前言 .................................................................................................................................................... 1 1.1 研究背景 ..................................................................................................................................... 1 1.1.1 我国研发投入的现状 ....................................................................................................... 1 1.1.2 我国医药制造行业的研发投入情况 ................................................................................ 4 1.1.3 我国创新药的发展现状 ........................................................................................................ 5 1.1.4 研发投入国际间的比较 ........................................................................................................ 7 1.2 研究目的和意义 ......................................................................................................................... 8 1.3 研究方法和内容框架.................................................................................................................. 9 1.3.1 研究方法 ................................................................................................................................ 9 1.3.2 内容框架 ................................................................................................................................ 9 1.4 创新与不足 ................................................................................................................................. 9 第2章 相关概念及理论 .............................................................................................................................. 11 2.1 相关概念的界定 ....................................................................................................................... 11 2.2 研发投入和企业绩效的相关理论............................................................................................. 13 2.2.1 研发投入的技术创新理论 .................................................................................................. 13 2.2.2 委托代理理论 ...................................................................................................................... 14 2.2.3 利益相关者理论 .................................................................................................................. 15 第3章 文献综述 .......................................................................................................................................... 16 3.1 国外相关文献综述 ................................................................................................................... 16 3.2 国内相关文献综述 ................................................................................................................... 18 3.3 国内外相关文献评述 ................................................................................................................ 19 第4章 模型设定和数据选取 ...................................................................................................................... 21