Research On The Impact Of Technological Innovation Of Listed Companies In The Pharmaceutical Industry On Financing Structure

As a high-knowledge and high-tech industry,the pharmaceutical industry has high R&D intensity and intensive R&D activities.The innovation capability is the core competitiveness of the company.However,pharmaceutical R&D investment is large,the return period is long,the supervision is strict,and innovation faces a high degree of uncertainty.The market scale of China's pharmaceutical industry is developing rapidly,but the overall innovation is insufficient,the R&D investment intensity is low,and the financing problem is outstanding.It is necessary to form a virtuous circle between innovation and capital.As a representative of enterprises,listed companies researching the technological innovation and financing relationship of listed companies in the pharmaceutical industry will provide certain reference for the development of pharmaceutical companies.This paper takes listed companies in the pharmaceutical industry as the research object,analyzes the financing structure characteristics of 126 listed companies in China's pharmaceutical industry from 2007 to 2017,and empirically examines the impact of technological innovation on corporate financing structure.The results show that:(1)The financing ratio of listed companies in the pharmaceutical industry is from stock market financing,internal capital,bank loans,commercial credit financing,financial funds and bond financing.Among the three sub-sectors,listed companies in the chemical and pharmaceutical industry have the largest proportion of bank loans,and the listed companies in the bio-pharmaceutical industry have the highest proportion of financial funds and stock market financing.The listed companies in the Chinese medicine pharmaceutical industry have the largest proportion of internalfunds and commercial credit financing.(2)Technological innovation has a significant positive impact on internal capital,financial funds,and stock market financing.It has a significant negative impact on bank loans and commercial credit financing,and has no significant impact on bond financing.(3)There are industry differences in the impact of technological innovation on the financing structure.Compared with the listed companies in the pharmaceutical industry,the impact of technological innovation of chemical pharmaceutical listed companies on stock market financing is not significant;the technological innovation of bio pharmaceutical listed companies has no significant impact on bank loans,and has a greater impact on fiscal financing;The company's technological innovation has only a significant impact on fiscal funds and bond financing,and has no significant impact on other financing.Therefore,pharmaceutical companies should improve their technological innovation capabilities and formulate appropriate financing strategies based on their technological innovations to broaden financing channels and reduce financing costs.At the same time,on the one hand,the government should improve the institutional environment of the capital market,fully protect the rights and interests of investors,and continue to play an important role in the innovation of equity financing;on the other hand,actively promote the support of credit-based investors with banks as the mainstay for technological innovation..Market investors should enhance their understanding of the characteristics,risks and operational modes of pharmaceutical companies and make rational decisions so that capital can truly support enterprise innovation.