Research On Influence Mechanism Of R&D Investment On Stock Prices Of Pharmaceutical Listed Companies

Based on the background where the new drug innovation reward system is not perfect in our country and the pharmaceutical industry is high income, high risk and high return,this article makes the influence mechanism of R&D on stock prices of pharmaceutical listed companies as the research object,aiming at enhancing influence of R&D on stock prices of pharmaceutical listed companies and perfect new drug innovation reward system.Based on related theories and papers, the research analyzes the influence situation of chemical pharmaceutical listed companies, Chinese medicine pharmaceutical listed companies and bio-pharmaceutical listed companies, and classifies the influence factors of impact of R&D on stock prices of pharmaceutical listed companies,such as R&D information disclosure,R&D total spending and R&D structure.The article researches influence mechanism of R&D information disclosure on stock prices of pharmaceutical listed companies based on information view and information asymmetry,influence mechanism of R&D total spending on stock prices of pharmaceutical listed companies based on C-D production function,influence mechanism of R&D structure on stock prices of pharmaceutical listed companies based on capitalized and expended dispose of R&D.To promote impact of R&D on stock prices of pharmaceutical listed companies,the article puts forward following suggestions:1.Improve environment of R&D information disclosure.Securities regulatory department should regulate R&D information disclosure system.Auditing department strictly ensure R&D information object.Channels of R&D information disclosure should be opened.Investors should improve attention for R&D information.2.Appropriately increase R&D total spending.Governments should increase support for pharmaceutical R&D.Banks should intensify loans for pharmaceutical R&D.Pharmaceutical listed companies should pay attention to protection of intellectual propertyrights and optimize the structure of R&D personnel.3.Reasonably plan pharmaceutical R&D structure.Auditing department should strengthen supervision.Pharmaceutical listed companies should enhance independent consciousness for planning R&D structure.Main conclusions are as follows:1.Concept of information and information asymmetry are transmission mechanism.2.C-D production function is transmission mechanism.3.Capitalized and expended dispose of R&D is transmission mechanism.4.The influence mechanism based on information view argues that deviation of R&D information disclosure is the same as stock price valuation.5.The influence mechanism based on C-D production function argues that the increase of R&D total spending will forward pharmaceutical stock prices of listed companies.6.The influence mechanism based on capitalized and expended dispose argues that R&D structure has positive and negative impact on stock prices of pharmaceutical listed companies.