Research On The Influence Of Company's Innovation Capability In Pharmaceutical And Chemical Industry And Government Management

Under the background of economic globalization and the New Normal of China's economy,innovation has become an extremely important competitive point and economic driving factor.However,there is still a gap between the level of innovation in China's pharmaceutical and chemical industry and the international giants.Therefore,for the high-tech industry of the pharmaceutical and chemical industry,how to improve the efficiency of enterprises through effective input of innovation factors and gain competitive advantage has become a concern.Furthermore,what roles the government and company play in the process of improving innovation is worthy of discussion.In terms of innovation capability evaluation,this paper builds the index of innovation ability of listed companies in the pharmaceutical and chemical industry from the three dimensions of innovation input capability,innovation environment support capability,and innovation output capability from the data of 137 listed companies in the pharmaceutical and chemical industry during 2011-2016.And use factor analysis to determine the weights.In terms of corporate value evaluation,this paper uses the cost method of enterprise value to measure the value of listed companies in the pharmaceutical and chemical industry.Subsequently,this paper uses panel data regression and fixed effect model for quantitative analysis.The main conclusions obtained in this paper are: when there is not control variables,IC has already significant effect on the value of firm,the adjusted R-square is 50.06%.And when the control variables added in,the adjusted Rsquare achieved 59.30%.In other words,the significance of IC will increase when the control variables are added in,which contain the factors in terms of profit ability,operating ability,growth ability and liquidity of companies.Furthermore,this paper amended the regressive model according to the significance of different variables and attained a higher adjusted R-square,which is 59.34%.Other than basic regressive analysis,this paper focused on three moderate variables-regional difference,different kind of companies and the scale differential between the sample companies.This paper noticed that different moderator variables can cause different IC value and the significance of model.In conclusion,companies in the area which has better innovation environment has higher IC value and significance.Although SOEs(state-owned enterprises)have higher average IC,their influence on EV is less significant.Companies with higher total assets will earn higher IC value and significance.According to the research,this paper emphasis purposed that companies from medical and chemistry manufacturing industry should be supported more by the government to improve their innovation capacity.At the same time,these companies should also enhance their own independent innovation capability.Attracting more highly-competent people,increasing R&D investment and boosting regulatory and management innovation are constructive suggestion.