融资来源对医药上市企业研发的实证影响研究  

Empirical research on the effect of finance sources on R&D of pharmaceutical companies

作　　者：夏鋆添 王方露 Xia Yuntian;Wang Fanglu(School of Economics and Management,Hefei Normal University,Hefei 230601,China)

机构地区：[1]合肥师范学院经济与管理学院,安徽合肥230601

出　　处：《江苏科技信息》2022年第29期15-19,共5页Jiangsu Science and Technology Information

基　　金：安徽高校人文社会科学研究项目,项目编号:SK2021A0503;合肥兴泰金融控股(集团)有限公司合作专项,项目编号:XTZX09;合肥兴泰金融控股(集团)有限公司合作专项,项目编号:XTZX07。

摘　　要：后疫情背景下,医药行业的研发能力对于企业发展和医疗技术进步至关重要。文章以2012—2020年医药上市企业为样本,探讨融资来源对企业研发投入和研发产出的影响。结果表明:内源融资与企业的研发投入和研发产出呈显著正相关;债权融资与企业的研发投入和研发产出均呈负相关;股权融资与企业的研发投入和研发产出呈显著正相关。值得注意的是股权更加集中的医药行业企业会有更强烈的研发投入意愿和研发产出意愿。研究表明,选择适当的融资来源会促进企业进行研发活动。In the post-epidemic context,R&D capacity in the pharmaceutical industry is crucial for enterprise development and medical technology progress.Using listed pharmaceutical companies as examples,this paper conducts an empirical examination of research and development input and output for companies with varying financial resources.Internal finance is considerably positively connected with enterprise R&D input and output,but debt financing is inversely correlated with enterprise R&D input and production,according to the findings.There is a significant positive correlation between equity financing and R&D input and output.It is worth noting that pharmaceutical enterprises with more concentrated equity will have a stronger willingness to invest and produce R&D.The results show that choosing appropriate financing sources will promote R&D activities.

关 键 词：研发投入 研发产出 内源融资 股权融资 债权融资 

分 类 号：F429.9[经济管理—产业经济] F224.0