| With the deepening of global economic integration and the world is transformed from industrial economy to knowledge economy era, the competition in the international market is gradually evolved into the competition of the high-tech level. Knowledge economy is to abandon the profit depends on natural resources, become the rely on science and technology, research and innovation to create profits. The arrival of knowledge economy makes the research and development (R&D) of high-tech industries has received more and more attention, brought a new impetus to the high-tech industry as the modern economic growth, and become the dominant industry in the era of knowledge economy. Research and development of high and new technology not only has very important significance to the country, but also relate every enterprise closely. Technology innovation can be used to improve the core competitiveness of enterprises; it is usually through increasing R&D investment to achieve. In recent years, more and more enterprises realize the importance of R&D investment and also enjoyed the benefits, thus increasing R&D investment. It also caused the widespread discussion on R&D investment factors.Twenty-first Century is the biological era, countries have increased the biological field input, bio pharmaceutical industry is the priority among priorities. China has also increased its investment in the biomedical industry, from the "Tenth Five Year Plan" period1billion R&D investments, to the "Twelfth Five Year" Plan period10billion investments, the development of China’s biomedical industry has been elevated to a new level. China’s bio-pharmaceutical companies made a lot of significant achievements in2011, and quickly grow up.A series of policies have been introduced, and some key technology breakthrough, provided the conditions for the healthy development of bio pharmaceutical enterprises. From the industrial policy perspective, such as the development of new industries and bio-medicine,"Twelfth five-year Biotechnology Development Plan"; State Council adopted the "national drug safety plan","drug spread over rules". These policies for bio-pharmaceutical companies provide a favorable macroeconomic environment, in regulating the pharmaceutical industry while improving our biomedical companies in the international market competitiveness. These policies to protect R&D enterprise against price risks while enjoying preferential policies. From this we can see that the national attention and support for R&D on bio-pharmaceutical companies.This paper analyzes the bio-pharmaceutical company status of R&D investment, find out the influence factors of R&D investment under the perspective of financial resources, put forward the hypothesis and test. First of all, this paper summarizes the research results in this field at home and abroad, introduces the related concepts and theories; Secondly, this paper analyzed about the present situation of biological medicine enterprise R&D investment, mainly from the Chinese biological medicine companies R&D investment and the disclosure of the status. Finally, by building a multiple linear regression model, the empirical results with the SPSS software for data empirical analysis. In this paper, starting from the perspective of financial resources, using2007-2012data sample of bio pharmaceutical companies, research the affect of size, profitability, capital structure and internal cash flow and other factors on R&D investment intensity. Results show that the firm size is inversely proportional to innovation ability, the smaller companies have stronger innovation ability. The enterprise R&D investment is not decided by profitability, internal cash flow is the main factor affecting the R&D investment intensity. Enterprise asset-liability ratio is higher and the R&D investment is less. The impact of debt financing constraints on R&D investment is different because of the different property nature and regions. These conclusions can provide some reasonable suggestions for optimizing enterprise technology innovation, and also can provide a good reference for the better development of biomedical enterprise with their R&D investment. |
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