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本文选取2008-2014年江浙沪地区的医药行业上市公司数据,运用面板数据分析方法检验了融资约束和政府补贴对企业R&D投入的影响。研究结果表明,融资约束与R&D投入存在显著负相关关系,抑制了医药企业的创新研发;而政府补贴则与R&D投入存在显著正相关关系,具有一定的缓解融资约束的对冲效应;除此之外,本文还观测到了医药行业创新的“小企业优势论”现象。最后,本文给出了增加医药企业创新研发投入的可行的政策建议。
This article selects the data of listed companies in pharmaceutical industry in Jiangsu, Zhejiang and Shanghai from 2008 to 2014 and uses the panel data analysis method to test the impact of financing constraints and government subsidies on the R & D investment of enterprises. The results show that there is a significant negative relationship between financing constraints and R & D investment, which hinders the innovation of R & D in pharmaceutical companies. Government subsidies have a significant positive correlation with R & D investment and some hedging effects of mitigating financing constraints. In addition, This article also observes the innovative “Small Business Advantage Theory” phenomenon in the pharmaceutical industry. Finally, this paper gives feasible policy recommendations to increase the investment in R & D of pharmaceutical enterprises.