Research On The Impact Of Corporate Governance Of Listed Pharmaceutical Companies On The Sustainable Growth Of Companies

With economic development,social progress,improving people s living and increasing the personal health awareness,the demand for medical service continues to increase,which makes the pharmaceutical industry out of a period of rapid development.However,there are frequent problems in the current developments status.From the Houttuynia incident in 2001 to the Shandong vaccine case in 2006,drug safety accidents have widespread caused concern from social.These accidents have undoubtedly had a negative impact on enterprises and may even make enterprises going bankrupt.The causes of these accidents are various,and it s caused by the inadequacy of corporate governance.At present,with the supply-side reform,sustainable development will be one of the important goals of reform,and it will be concerned as the direction of development.In order to achieve sustainable development,we must promote economic development of the company while focusing on corporate governance.In recent years,China's pharmaceutical manufacturing industry has developed rapidly,which also puts forward requir ements for the management of enterprises themsel ves.Some studies in the academic circ les have found that the ful fil lment of social responsibility will result in a decline in the short-term financial performance of the enterprise.The companies pursue profit as the main purpose to achieve the profit maximization,and will not be wil ling or rarely fulfill social responsibility.With society pay more attention to social responsibility,enterprises actively implement social responsibility to establish a good image and bring a better reputation to the enterprise.Although it will lose certain financial performance,fulfilling social responsibility is an intangible i nvestment that will increase the val ue of corporate br ands,increase their competitiveness in the market,and provide a basis for sustainable development.Moreover,medicines are related to people's life and health,which makes enterprises pay more at tention to fulfilling social responsibilities.Since the disclosure of the social responsibility report of listed companies in China in 2008,the disclosure of social responsibility information has become the mainstream trend,and corporate social responsibility has also been recognized by the community.This paper selects the listed companies in the pharmaceutical manufacturing industry from 2012 to 2016 as the research object,and analyzes the relationship between corporate governance and corporate sustainable development of pharmaceutical manufacturing enterprises through the mediating effect of corporate social responsibility.First,paper reviews the theory of corporate governance,social responsibility,and sustainable growth by reviewing relevant research at home and abroad,and sorts out the relationship between pharmaceutical manufacturing corporate governance and sustainable growth.Secondly,according to the research of the past researchers,use seven indicators to obtain the company management level and the various dimensions by principal component analysis.Then use multiple regression method to study the mediating role of corporate social responsibility in the relationship between corporate governance of pharmaceutical manufacturing enterprises and the relationship between sustainable growth in various dimensions in the relationship between corporate governance and sustainable growth in pharmaceutical manufacturing enterprises.The results show that,corporate governance of pharmaceutical manufacturing enterprises has a positive impact on sustain growth;corporate social responsibility plays an intermediary role between corporate governance,compensation incentives,equity quantity and sustainable growth.The conclusions show that the pharmaceutical manufacturing industries need to improve corporate governance capabilities,pay attention to salary incentives and equity,and regard social responsibility as the development strategy of the enterprise to enhance the sustainable growth of enterprises.