文章通过运用Stata15.0对91家中国上市制药企业2008-2017年数据进行实证分析，旨在找到制药企业中各年份研发强度（R&D intensity）与企业价值（enterprise value）之间存在的内在联系和规律。研究结果显示：各年份研发强度与选取的企业价值指标托宾Q值之间显著正相关,表明研发强度作用于企业价值具有较长时间的滞后效应，且各年份研发强度对企业价值的滞后效应强度呈现倒U趋势，即在第t年、第t-1年、第t-2年和第t-3年的研发强度对企业价值的滞后效应强度呈现上升趋势，在第t-3年达到最强，但在第t-4年开始减弱。本研究结果将有助于了解我国上市制药业企业研发投入与企业价值间时间维度的客观规律，并成为促进其改革的有价值数据。

Through the empirical analysis of the data of 91 listed Chinese pharmaceutical companies from 2008 to 2017 by using Stata15.0, this paper aims to find out the internal relationship and objective laws between R&D intensity and enterprise value in each year in the pharmaceutical enterprises. Results show: There are significantly positive correlation between the each year’s R&D intensity and the selection of enterprise value index Tobin’s q（TQ）, shows that the R&D intensity has a long time-lag effect in enterprise value , and the time-lag effect between the each year’s R&D intensity and the enterprise value shows a trend of inverted U, in the t year, t - 1 year, t-2 year and the t-3 year the time-lag effect between R&D intensity and the enterprise value gradually rise, in the t -3 year the time-lag effect is the strongest, but at the t - 4 year the time-lag effect began to weaken. The results of this study will be valuable data to understand the objective laws between R&D investment and enterprise value of listed pharmaceutical enterprises in China and to promote their reform measures.

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