| In recent years,as international competition has intensified,innovation has become more and more central to economic development.Pharmaceutical manufacturing industry,as one of the most high-tech industries,develops rapidly and attracts more and more attention from the government and the public.On the one hand,due to the impact of the COVID-19 pandemic.On the other hand,with the development of the economy,Chinese residents’ health awareness has been enhanced,and the demand for medical and health services is rapidly released.At the same time,under the promotion of the three medical linkage policy,the pharmaceutical manufacturing industry continues to increase innovation investment,and the industry is in great shape.However,compared with the powerful pharmaceutical industry,the market share of domestic drugs is relatively low,and the market concentration of pharmaceutical industry is also relatively low,and the innovation ability and innovation achievement conversion rate are still relatively insufficient.Based on this,this paper studies the relationship between ambidextrous innovation and enterprise value,in order to provide theoretical support and reference for improving innovation transformation ability of Chinese pharmaceutical manufacturing industry.According to the binary theory proposed by March,the ambidextrous innovation can be divided into exploratory innovation and exploitative innovation.Based on innovation theory,resource-based theory and competitive advantage theory,this thesis adopts literature analysis method and empirical research method.Firstly,it makes theoretical analysis on the influence mechanism of ambidextrous innovation and enterprise value and how internal control plays a role in it,and then puts forward research hypothesis.Then,it selects 994 observation samples of Shanghai and Shenzhen A-share pharmaceutical manufacturing listed enterprises from 2015 to 2021 as research objects,and constructs two-way fixed effect model for regression analysis.The influence of exploratory innovation and exploitative innovation on enterprise value is tested empirically,and the relationship between the balance of ambidextrous innovation and enterprise value is further verified,and the moderating effect of internal control is explored.Finally,the thesis puts forward some suggestions on the selection of innovation mode and internal control construction of pharmaceutical manufacturing industry.The results show that for Chinese pharmaceutical manufacturing enterprises,exploratory innovation has a significant positive correlation with enterprise value,and exploitative innovation has an inverted U-shaped relationship with enterprise value,and the balance between the two has a negative impact on enterprise value.In addition,good internal control can strengthen the positive impact of exploratory innovation on enterprise value,which is conducive to the value of innovation.However,the role of internal control is not significant in the exploitative innovation and enterprise value.The conclusion of this thesis is helpful for enterprises to improve the efficiency of innovation,promote the transformation of innovation into value,and promote the overall development of the industry. |
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