The Study On The Innovation Efficiency Of Chinese Listed Companies In The Pharmaceutical Industry And Its Influencing Factors From The Perspective Of Value Chain

Under the background of building a National Innovation System, China is transforming its economic development mode from “factor-driven” to “innovation-driven”. With regard to the technology-driven pharmaceutical industry, it is of long-term strategic significance to increase the capability of independence innovation. For the past few years, Chinese pharmaceutical industry's added value has been sustainably above the GDP growth rate and industrial growth rate, what's more, it is stepping into a period of high-speed development with the expansion of production scale. However, inferiorities such as a lack of motivity for internal technological innovation, a lack of independent innovation products and weak competitiveness in global markets,still serve as bottle-neck for pushing forward.The application fields of technology innovation are sure to be expanded driven by policies like “The new medical reform” and “The new GMP”. Since enterprises are the main body of technological innovation, it would be significantly necessary for them to make fully use of limited innovation resources, turn the input into sustained competitive advantage and enhance the technological innovation efficiency.This paper does literature research about related works on assessment of technological innovation efficiency in pharmaceutical industry, and then explores the mechanism of the pharmaceutical technological innovation process.With the Stochastic Frontier Production Function,based on the panel data of 105 China's pharmaceutical listed companies from 2009 to 2013, by building a system of input-output indicators which reflect respective characteristics of innovation generation phase and innovation transformation phase,this paper considers the innovation lag, estimates Chinese pharmaceutical companies' two-phase technological innovation efficiency, discusses the China's different distribution of technological innovation efficiency such as regional distribution difference, and analyses the critical influences.The main conclusions are summarized as follows.China's pharmaceutical listed companies' technological innovation efficiency show periodic features,resource utilization in innovation generation phase is between 39%-46%, efficiency loss in innovation transformation stage is less than 35%, innovation generation promotes the transformation of innovative output; There exists lag between the input of innovative resources and the output of innovative results, also between the output and transformation of innovation results, this lag has influenced the process of how pharmaceutical companies' technology behavior, subject features and external environment affect the two-phase technological innovation efficiency at different levels; The output of innovation resources contributes to the commercialization of research findings; During the innovation generation phase, firm size has a positive influence on innovation generation efficiency, R&D personnel intensity and equity concentration have negative influence on innovation generationefficiency, there exists inverted "U" shaped relationship between R&D capital intensity and innovation generation efficiency, and "U" shaped relationship between government support and innovation generation efficiency; During the innovation transformation phase, the level of patents and workers' educational level have positive influence on technology transformation efficiency, there exists "U" shaped relationship between equity concentration and innovation transformation efficiency, and also between firm size and innovation transformation efficiency; State-owned companies' innovation generation efficiency and the innovation transformation efficiency were significantly higher than private enterprises. Finally, suggestions to overcome the pharmaceutical companies' innovation bottleneck are put forward.