Research On The Impact Of R&D Investment On The Internationalization Performance Of China's Pharmaceutical Listed Companies

Today is an era of rapid economic globalization.Companies from all over the world have begun to notice the path of internationalization.Chinese pharmaceutical companies are no exception.The pharmaceutical industry is an industry that pays special attention to R&D and innovation.Only by continuously developing new technologies or new products can we gain a foothold in a highly competitive international environment and occupy a certain market share in the international market.At the same time,the top management team has played an increasingly prominent role in formulating R&D investment decisions and improving the overall process management of R&D activities.Then,how the impact of R&D investment on the internationalization performance of the company and the adjustment effect of the characteristics of the top management team on the relationship between R&D investment and the internationalization performance of the enterprise have become a problem that cannot be ignored in the process of internationalization of Chinese pharmaceutical listed companies.This paper first reviews the impact of R&D investment on the internationalization performance of enterprises,the impact of top management team characteristics on R&D investment,and the impact of top management team characteristics on the internationalization performance of enterprises.Based on corporate international theory,innovation theory,high ladder team theory and the research conclusions of scholars in the past,the five hypotheses of this paper are analyzed.The article selects China's pharmaceutical listed companies as research objects.After screening,59 pharmaceutical listed companies are selected as effective samples.A total of 236 data,forming four years of panel data.In the selection of variables,the internationalization performance of enterprises is measured by the overseas sales profit rate.R&D investment intensity is measured by the proportion of total R&D expenditure to main business income.The control variables select the asset-liability ratio,the size of the enterprise,the growth of the enterprise,and the return on total assets.The regulatory variables selected four characteristics of top management team age heterogeneity,tenure heterogeneity,functional background heterogeneity,and overseas background heterogeneity.The article first studies the relationship between the main effect R&D investment on the internationalization performance of the enterprise.Then based on the main effect,the regression analysis analyzes the adjustment effect of R&D investment and corporate internationalization performance from the perspective of the four heterogeneity characteristics of the top management team age,tenure,functional background and overseas background.The results of the regression analysis show that the R&D investment has significantly promoted the international performance of the company for one year.The age heterogeneity of the top management team and tenure heterogeneity are negatively related to the relationship between R&D investment and international performance.The overseas background heterogeneity has a positive adjustment effect,the functional background heterogeneity does not have a regulation effect.Based on the research conclusions,this paper believes that in order to improve the internationalization performance of China's pharmaceutical companies,we should first increase the intensity of R&D investment,focus on the whole process management of R&D investment activities,focus on improving our core competitiveness,and actively occupy the international market.Secondly,China's pharmaceutical enterprises should attach great importance to the optimal allocation of the internal personnel characteristics of the top management team.Minimize the age gap and term gap between the top management team members,and select more executives with different overseas background experience to increase the overseas background heterogeneity of the top management team.Realize the optimal configuration of the top management team and promote the sustainable development of the company.