基于2011~2015年我国医药上市公司年报数据,运用 STATA 14.0进行面板回归分析,实证分析资本结构、企业规模、股权结构、研发人员投入、研发知识产出等因素对医药上市公司研发资金投入强度的影响,为提升医药上市公司研发投入水平提供参考。结果显示,企业规模、股权结构中股权制衡度、研发人员投入、研发知识产出均与医药上市公司研发资金投入强度呈显著正相关关系,资本结构、股权结构中股权集中度均与医药上市公司研发资金投入强度无显著相关关系。通过适当的扩大企业规模、增加研发人员投入、完善专利保护制度,促进研发成果高效率转化、合理分配股权结构等手段提高我国医药上市公司研发资金投入水平。

To provide a reference for enhancing the level of R D investment of the China"s pharmaceutical listed companies, based on the annual data of the listed companies from 2011 to 2015, thesis empirically analyzed the influence of the capital structure, the enterprise scale, the ownership structure, the R D personnel investment, the R D knowledge output and other factors on the R D investment intensity of the pharmaceutical listed companies by using STATA14.0 for panel regression analysis.The results show that R D personnel investment, enterprise scale, equity restriction of the ownership structure, R D knowledge output are positively correlated with R D investment intensity of pharmaceutical listed companies. Capital structure,ownership concentration of the ownership structure are no significant relationship with R D investment intensity of pharmaceutical listed companies. Appropriate expansion of the scale of enterprises, increasing R D personnel investment, improving the patent protection system to promote the efficient transformation of R D results, rational allocation of ownership structure and other means can improve the R D investment level of China"s pharmaceutical listed companies.

科技部“十二五”重大新药创制国家科技重大专项“辽宁省国家重大新药创制综合平台—基于信息管理的新药研发风险控制技术”(No.2013ZX09301305)