| With rapid development of Chinese economy and closer connection betweendomestic enterprises and international market, domestic enterprises have to carry outtheir transformation and upgrading. For now, the government has given a stronglysupport towards high and new technology industries especially for biological pharmacywhich is essential to people’s health. As health care reform is implemented, thebiological pharmacy will be a most attractive industry which has a immeasurablepotential.As typical high and new technology companies, technological innovative ability isthe foundation for enterprises’ development and firm value for biologicalpharmaceutical companies undoubtedly. However for now, researches about relationshipbetween technological innovative ability and firm value in biological pharmaceuticalcompanies are relatively rare in our country. Nowadays, researches about therelationship mentioned above are quite attractive to scholars, and a large part of thoseresearches focus on the effect that R&D expenditure which belongs to technologicalinnovation input has on organizational performances and the affecting factor orevaluation system for the technological innovative ability. Few researches have taken alook at the effect that technical personnel input and patents’ output and assignment haveon firm value. Moreover, researches about the process of how technological innovativeability affects firm value are fewer.In this article, we take technological innovation theory and R&D-marketinginterface management theory as foundation and take firm value as the study object toprobe into the relationship between technological innovative ability and firm value andthe effect that market sales ability have on the relationship above. The article takesdescriptive statistical analysis, correlation analysis and multiple regression analysis asmethods to analyze the data collected and test the assumptions and research model. Themain research contents and results are listed below:1. In this article, the proportion of R&D expenditure in total assets, the proportionof patents that transfer to others in the total number of patents and the proportion oftechnical personnel in all staffs on duty are chosen to measure a company’stechnological innovative ability. Besides, the revenue growth rate and net operatingmargin are chosen to measure a company’s market sales ability. Finally, ROE and Tobin’s Q are chosen to measure firm value. While reading articles about this studyingarea, we bring in advertisement expenditure and firm size as control variables. With allindicators above, we build the research model.2. In this article, descriptive statistical analysis is done for data of biologicalpharmaceutical companies to demonstrate the current situation of their technologicalinnovative ability, marketing sales ability and firm value. We can see that the gap oftechnological innovative ability between domestic biological pharmaceutical companiesand international peers is still large, and the differences between domestic biologicalpharmaceutical companies are quite obvious, so are the differences between marketingsales ability and firm value.3. After analyzing theories and studying literatures, we give22research hypotheses.There are18being tested to be true and the others to be false through correlationanalysis and multiple regression analysis. Results show that technological innovativeability of these companies has positive effects on marketing sales ability and firm value.Besides, the marketing sales ability show its intermediation effect on relationshipbetween technological innovative ability and firm value. The R&D expenditure as acontrol variable is not taken into research model. The firm size as an another controlvariable is taken into the model and show its effect well.The innovation points of this article are listed below:1. While picking samples, wetake the specialty of industry into consideration so that we pick biologicalpharmaceutical companies as studying samples.2. We also consider about companies’technological innovation meeting and mastering the market’s demands or not by pickingthe proportion of patents that transfer to others in the total number of patents as anindicator for technological innovative ability and test its effect on firm value.3. We setmarketing sales ability which belongs to marketing ability as an intervening variableand test its effect on the relationship between technological ability and firm value. Itenriches the researches about the path how technological innovative ability affects firmvalue. |
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