| In the ‘13th Five-Year Plan',HEALTH CHINA as a national strategy was promoted to the height of hitherto unknown,the pharmaceutical industry emerged structural development opportunities,pharmaceutical companies ushered in the golden period of development.But with the development of society,the progress of science and technology,the government's attention,the promotion of health awareness and the growing demand for health,pharmaceutical companies have to face higher technological and innovative requirements.In addition,under the influence of macroeconomic downward pressure,China's pharmaceutical industry as a whole sales growth slowed down,pharmaceutical companies are facing a tight regulatory environment and domestic and foreign competitors face severe tests.Therefore,how to maintain a reasonable R & D investment,optimize product structure,create their own advantages in product categories,research and financial strength,has become an important condition for pharmaceutical companies to stand out from competition difficulties and achieve sustainable growth.In this reality,as a source of technological innovation,R & D investment is of great significance to the continuous growth of the company,and its relationship with the growth of the company has also attracted more and more scholars' attention.Based on this,this paper takes Xiangxue Pharmaceutical Co.,Ltd.(hereinafter referred to as the Xiangxue pharmaceutical)as a case study,based on the growth path theory,using qualitative and quantitative methods,with the actual R & D investment,business strategy and business data of Xiangxue pharmaceutical,we carries on the introduction to the specific situation of Xiangxue pharmaceutical R & D investment from R & D system and mechanism innovation,R & D investment and R & D intensity,the number of R & D personnel structure and quality etc.in the first,we found that Xiangxue pharmaceutical has increased its patent reserves,enriched its product range,expanded the market and sales of its core products in the short term,consolidated its regional brand advantages;and then,we selected Xiangxue pharmaceutical after the listing from 2011 to 2016 as a case study of the event related to the growth of the span,property Financial indicators,changes and causes of specific growth demonstrates that the span of Xiangxue pharmaceutical R & D investment strategy caused by the company,and according to the growth of the financial indicators within the span of Xiangxue pharmaceutical and the stage of development and the background environment,in-depth analysis of the risk of growth changes may bring.In order to expand the research perspective of R & D investment and company growth,and provide reference for the research and development strategy of related companies in the industry.The study shows that since the listing,the R & D investment amount of Xiangxue pharmaceutical increased year by year,R & D intensity also remained at much higher than the industry average,slightly lower than the industry's excellent value.However,under the active R & D investment strategy,the growth financial index in the case study has a tendency to change from good to bad.Based on the growth path theory of enterprise technology innovation and the current situation of operation and development of XiangXue Pharmaceutical,the author thinks that there are three main reasons for this change.First,the evolution of technology's life cycle leads to the weakening of its dominant product market forces;Second,the acquisition of the main extension strategy increases the company's financial risk;Third,vague business models magnify the uncertainty and risk of technological innovation.The original main products market weakened,resulting in a decline in the profitability of the company,its own retained funds reducing,while the same period with the acquisition of epitaxial based development strategy and a new field of research and development activities which further increase the company's financial burden.As the retained funds reduced,the company has to seek external financing in a large and frequent way.The company's financial leverage and the financial risk increases,the leverage contribution rate is low.For Xiangxue pharmaceutical,who is in a difficult transition without a clear business model,its growth indicators get worse while the merger integration not exceeding the expectation,the results of R&D projects are unknown and the industrialization application process of R&D activities is slow.For this reason,this paper summarizes three risks that the negative changes of the company's growth will lead to within the span of case study,namely,the risk of performance decline,liquidity risk and the risk of capital strand breaks.These three risks will seriously threaten the company's sustainable growth if it is not dealt with promptly and effectively.According to the analysis of the relationship between the R & D investment and Corporate growth of Xiangxue Pharmaceutical,this paper draws the following conclusions: first,R & D investment can promote a positive growth,but there are short-term and lagging;second,R&D investment affects corporate growth under the influence of market environment and corporate strategy;third,R&D investment,coordinated with other factors,which jointly affects Corporate Growth.Therefore,in order to better play the promoting effect of R & D investment for Corporate Growth,cultivate the company's core competitiveness,realize the sustainable growth of the pharmaceutical companies,the author believes that we should improve the research and development of pharmaceutical companies from the following four aspects.First,strengthening R & D project management and improving R & D project evaluation mechanism;second,reasonable planning R & D investment level and taking full account of the enterprise's financial situation.Third,fully investigating the changes in market demand and timely adjusting of R & D strategy,and fourth,improving the disclosure mechanism of R & D expenditure and standardizing the form of R & D expenditure disclosure. |
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