Analysis Of The Influence Of Financial Flexibility On R&D Input

From 2016 to 2020 is China's 13 th five-year plan,the 13 th five-year plan.In order to better implement the national "thirteenth five-year plan" and "made in China 2025".On November 7,2016,the ministry of industry and information technology of the People's Republic of China issued the guidelines for the development planning of the pharmaceutical industry,which is also an important part of the "1+X" planning system of "made in China 2025".The goal of China's pharmaceutical industry is to continuously increase investment in research and development.By 2020,the research and development investment intensity of enterprises above the industry scale should reach more than 2%.As a basic health industry related to people's livelihood,the pharmaceutical industry is very sensitive to policies.In the "2025 plan",the plan for the pharmaceutical industry is conducive to the development of China's pharmaceutical industry.In this context,this paper discusses the impact of financial flexibility on r&d investment intensity of listed companies in the pharmaceutical industry.On the one hand,it can enrich the research on financial flexibility theory in China and prove the role of financial flexibility in enterprise operation.On the other hand,we hope to improve the awareness of financial flexibility of listed companies in China's pharmaceutical industry,which will play a role in improving the quality of China's pharmaceutical industry.This paper takes listed companies in the pharmaceutical industry from 2013 to 2018 as the research object,establishes a regression model on the basis of combing relevant literature and theories,and studies the impact of enterprise financial flexibility on r&d investment through empirical analysis.At the same time,the financial flexibility is divided,and the effects of cash flexibility and debt flexibility on r&d investment intensity are studied respectively.In addition,this paper also introduces the grouping regression under different ownership structure and different corporate governance mode,and analyzes the influence of holding of state-owned enterprises and the combination of the two roles on the financial flexible value under the two grouping methods.Finally,combining the results of this paper with the actual situation,this paper puts forward Suggestions for the pharmaceutical industry,and completes the Suggestions from theory to practice.The results show that the cash flexibility,debt flexibility and financial flexibility of listed companies in pharmaceutical industry are positively correlated with r&d investment intensity.In terms of the influence of financial flexibility on r&d investment intensity,there is no significant influence between stateowned holding and non-state-owned holding.Regardless of the nature of equity,financial flexibility has a positive effect on r&d investment intensity.For listed companies in the pharmaceutical industry,the combination of the two jobs has no significant regulating effect on the impact of financial flexibility on r&d investment intensity,but both have positive effects.