Page 24 - 《中国药房》2021年16期

基于门槛效应探讨技术创新投入对医药制造业企业财务绩效的

影响 Δ

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杨 欢 ，张兴汉 ，刘佳源 ，褚淑贞 （1.中国药科大学国际医药商学院，南京 211198；2.中国药科大学国家
药物政策与医药产业经济研究中心，南京 211198）
中图分类号 R95；F425 文献标志码 A 文章编号 1001-0408（2021）16-1938-06
DOI 10.6039/j.issn.1001-0408.2021.16.04

摘 要 目的：为相关部门制定医药制造业企业创新补贴政策以及企业制定自身经营战略决策提供参考。方法：选择2012年前
上市的我国医药制造业企业为样本企业，收集其企业年报和国泰安数据库中2012－2019年的相关面板数据，参考相关文献方法，
通过建立多元回归模型和门槛模型考察样本企业的技术创新投入能力对财务绩效的影响，并提出相应建议。结果与结论：共纳入
了57家样本企业。数据显示，我国医药制造业企业的技术创新投入虽然基本上呈现逐年递增的趋势，但与当前国际标准相比，其
技术创新投入程度仍有待提升。多元回归模型分析结果显示，医药制造业企业的技术创新投入对其当期财务绩效以及滞后1期、
滞后2期的财务绩效均没有显著影响（P＞0.05）；门槛模型分析结果显示，二者在企业规模作为门槛变量时存在着显著的单一门槛
效应，即当企业规模小于等于门槛阈值（20.986）时，企业的技术创新投入对其财务绩效有负向影响（P＜0.05）；当企业规模大于门
槛阈值（20.986）时，企业技术创新投入与财务绩效之间的相关关系并不显著（P＞0.05）。建议我国医药制造业企业应当要根据自
身实力开展技术创新活动，企业管理者也应当根据实际情况制定不同的创新发展战略，通过拓宽融资渠道而使企业保持合理的资
本结构，根据自身能力找准创新点，降低成本和风险，并创新研发模式，以促进研发成果的转化和有效利用。政府相关部门应当充
分发挥政府的引导作用，鼓励医药制造业企业保持研发创新活力，引导医药行业持续创新、健康发展。
关键词 医药制造业；技术创新投入；财务绩效；门槛效应

The Influence of Technology Innovation Investment on Financial Performance of Pharmaceutical Enterprises
Based on Threshold Effect
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YANG Huan ，ZHANG Xinghan ，LIU Jiayuan ，CHU Shuzhen （1. School of International Pharmaceutical Business，
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China Pharmaceutical University，Nanjing 211198，China；2. Research Center of National Drug Policy &
Ecosystem，China Pharmaceutical University，Nanjing 211198，China）
ABSTRACT OBJECTIVE： To provide reference for relevant departments to formulate innovation subsidy policies for
pharmaceutical enterprises and enterprises to make their own business strategy decisions. METHODS：The listed enterprises in China’s
pharmaceutical industry listed before 2012 were selected as the sample enterprises. The annual reports of listed enterprises in
pharmaceutical industry and related panel data in CSMAR database during 2012-2019 were colected. Referring to related literatures，
multivariate regression model and threshold model were established to investigate the effects of technology innovation investment
ability of sample enterprises，so as to put forward relevant suggestions. RESULTS & CONCLUSIONS：A total of 57 sample
enterprises were included. The panel data of sample enterprises showed that the technology innovation investment of Chinese
pharmaceutical enterprises was basically increasing year by year，but compared with international standards，the technology
innovation investment of Chinese pharmaceutical enterprises still needed to be improved. The results of multiple regression model
showed that the technology innovation investment of pharmaceutical enterprises had no significant impact on their current financial
performance and the financial performance of the first and second lags（P＞0.05）. The results of threshold model showed that there
was a significant single threshold effect between technology innovation investment and financial performance when enterprise size
was taken as the threshold variable（P＜0.05）. When the enterprise size was less than the threshold value of 20.986，the enterprise’s
technology innovation investment had a negative impact on its financial performance （P＜0.05）；when the enterprise size was
greater than the threshold value of 20.986，the correlation between the enterprise’s technology innovation investment and financial
performance was not significant（P＜0.05）. It is suggested that China’s pharmaceutical enterprises should carry out technology
innovation activities according to their own strength，and enterprise managers should formulate different innovation development
strategies according to the actual situation，enable enterprises
Δ 基金项目：江苏省科技项目基础研究计划（自然科学基金）-青
to maintain a reasonable capital structure by broadening
年基金项目（No.BK20190550）
financing channels， identify innovation points according to
＊硕士研究生。研究方向：医药产业经济与政策。E-mail：yang-
their own ability，reduce costs and risks，and innovate R&D
huan2327@163.com
# 通信作者：教授，硕士生导师。研究方向：医药产业经济与政 modes， so as to promote the transformation and effective
策。E-mail：csz77844@163.com utilization of R&D achievements. Government departments

·1938 · China Pharmacy 2021 Vol. 32 No. 16 中国药房 2021年第32卷第16期