Research On The Impact Of R&D Investment On Financial Performance Of Listed Companies In Pharmaceutical Manufacturing Industry

The eighteen party clearly put forward to adhere to the road of independent innovation with Chinese characteristics and implement innovation-driven development strategy.The pharmaceutical manufacturing industry is facing a historic transformation now.R&D activities,technological innovation and financial performance formed a close relationship.Study on the relationship between R&D investment and financial performance from the enterprise level has a remarkable significance on development and innovation,enhance the core competitiveness and promote the government policy in the pharmaceutical industry.This paper mainly studies increase R&D investment whether can improve the enterprises financial performance in the pharmaceutical manufacturing after the new accounting tandards promulgated in 2006;Use empirical analysis to research by improving which R&D targets can improve companies financial performance;Analysis the effects of R&D investment to enterprise financial performance in the current,the first and two lag,and also determine the length of the lag period in the field of R&D activities.Firstly,from the two aspects of the correlation between R & D investment and corporate financial performance and lag to research on the basis of referencing a large number of domestic and foreign literature;Secondly,according to the previous research results and experience to theoretical analysis,introduce the Input output theory,learning curve theory,principal agent theory and Inpet's innovation theory.The purpose is to provide a theoretical basis for the subsequent hypothesis;Thirdly,collecting the sample data of pharmaceutical manufacturing from 2008 to 2015 and screened out 85 enterprise samples to descriptive statistics and then use correlation analysis and multiple linear regression model to study the relationship between R&D investment and financial performance on the basis of defining the concept of R&D investment,corporate financial performance and other related concepts;Finally,the article makes a summary of a series of empirical and theoretical research,puts forward the corresponding countermeasure and suggestion according to the conclusion,points out the limitations and the prospect of future research.The conclusion of this paper is that china's overall R&D investment level is not high in the pharmaceutical manufacturing industry;The majority of enterprises to increase R&D investment year by year and more and more attention to the role of R&D with the progress of technology and policy incentives;The R&D investment is positively correlated with corporate financial performance,so it can improve enterprise financial performance;Corporate R & D activities have significantly lagged effect on financial performance and the lag period is generally one to two years.