| In recent years, the development of China's pharmaceutical industry has attracted significant social attention. Pharmaceuticals industry is a high-tech sunrise industry with strong technicality, which is closely related to human life and health. China's pharmaceutical industry has made significant development during the past few decades, but while lacking of investment in technical research and development, the overall technical research and development capabilities of the industry is not competitive, which strongly restricts the further development of China's pharmaceutical industry. The paper tries to explore the factors that affect the investment in the technology research and development of pharmaceutical enterprises and the relationship between investment and enterprise value from the micro level of enterprises.Based on the previous literature, the paper assuming that the firm size, profitability, ownership concentration degree, level of assets and liabilities, sales ability, level of management fees and the nature of ownership on the biological and pharmaceutical manufacturing enterprise technology innovation investment effect. The measurement indicators of the above factors are determined according to the availability of data and theoretical research. In this paper, we further research the relationship between investment and enterprise value of the pharmaceutical enterprises by empirical analysis according to the property rights of controlling shareholders and subdivided molecular samples, respectively.In the empirical analysis part, we selected data of A shares listed pharmaceutical companies during 2012-2014 in the Shanghai stock exchange and the Shenzhen stock exchange. In order to ensure the data validity, this thesis has eliminated enterprises that not announced research and development data for three consecutive years and ST companies, selected only 80 pharmaceutical manufacturing enterprises as the sample companies, which is a total of 240 sets of data in three years. Then establishes two regression models to test the hypothesis proposed in this paper. In this paper, we use Stata12.1 to organize and analyze the sample data.The paper obtains the following conclusions through empirical analysis: there is a significant positive correlation between enterprise scale and enterprise technological innovation investment; there is significant positive correlation between corporate profitability and enterprise technological innovation investment; there is a significant negative correlation between the enterprise ownership concentration degree and the enterprise technological innovation investment investment; the relationship between the corporate debt and corporate technology innovation the two is not significant; investment relationship between sales ability and enterprise technology innovation is not significant; there is significant negative correlation between the cost of enterprise management level and the enterprise technological innovation investment; there is significant negative correlation between the enterprise property rights and enterprise technological innovation investment; technological innovation in pharmaceutical manufacturing enterprises can promote the growth of enterprise value, and technological innovation in the non-state-owned enterprises promoted significantly stronger.Based on the conclusion of the study, the paper put forward five proposals: establish the technology innovation subject consciousness; optimize the pharmaceutical industry pattern; establish the modern enterprise system; increase capital investment; introduce and cultivate talents. Finally, the paper explain the limitations of this study, and put forward the prospects. |
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