An Empirical Research Of The Relationship Between R&D And Corporate Growth In Listed Pharmaceutical Industry

In today’s increasingly competitive global market,research and development activities to cultivate the core competitiveness of enterprises play an increasingly important role.For the pharmaceutical industry,dominated by drug research and development of technological innovation to the enterprise long-term good position and continued growth is extremely important.At present,the relevant data for enterprise r&d input adopts the principle of non-mandatory disclosure,many enterprises based on privacy concerns will not be disclosed,so r&d investment in the available data is very limited,for the r&d investment and enterprise growth there is a lack of adequate research of the relationship between empirical research support.Based on previous research results,on the basis of induction and collation,related to the r&d investment and enterprise growth theory to integrate,r&d investment in China’s Shanghai and shenzhen main board listed company fully equipped with the relevant data of 98 pharmaceutical companies as samples,using 2012-2015,a total of four years of study range,using the factor analysis,descriptive statistics analysis and multiple linear regression analysis method,empirical studies of pharmaceutical r&d investment in the listed company to the enterprise growth.According to the principles of quantifiable indexes,choose the relevant indicators reflect the enterprise growth,enterprise growth factor analysis index as the dependent variable.Selection of r&d intensity and the proportion of r&d and technical personnel as the independent variables,the enterprise scale,financial leverage,enterprises listed age as control variables to establish multiple linear regression model.Research conclusion: pharmaceutical listed companies in China with the enterprise growth is related to the intensity of r&d investment in the current,and passed the test of significance;Research and development and technical personnel ratio and enterprise growth there is no significant correlation between,didn’t pass the test of significance;Intensity of r&d investment in the current and lag one year,two years time,lagging behind the three years of growing were positively correlated,the influence of r&d input of enterprises in growth with hysteresis,and as a result of the correlation coefficient showed decreasing trend,that illustrate the impact of r&d investment intensity to the enterprise growth with short-term effect;Firm size and growth are related,and listed financial leverage,age and growth has a negative correlation.Finally,based on the research conclusion for our pharmaceutical enterprises to grow the increase r&d investment,pay attention to team construction,improve the efficiency of research and development,improve the r&d information disclosure and so on suggestion.