【作者】 黄浩；

【导师】 邹文杰；

【作者基本信息】 福建师范大学 ， 企业管理， 2019， 硕士

【副题名】基于生物医药上市公司的分析

【摘要】 生物医药企业是知识密集型企业,它的健康发展有利于满足日益上涨的医疗需求,推动国家宏观经济发展。生物医药企业研发活动具有投入大、风险高、时间长的特点,当前该行业的发展存在研发投入不足、自主创新能力不强、企业规模偏小等问题,这在一定程度上制约了企业成长。公司治理结构会影响企业资源的配置,研发投入是企业一项重要的资源,必然受到公司治理结构的影响。而股权结构作为公司治理结构的基础,可能会影响研发投入与企业成长性的关系。本文研究研发投入、股权结构和企业成长性之间的关系,对促进生物医药企业健康成长,完善公司治理结构具有理论和实际意义。本文在归纳和梳理现有文献的基础上,应用委托代理、技术创新、企业成长等相关理论,分析了研发投入、股权结构与企业成长性三者关系的作用机理,提出如下假设:研发投入对企业成长性有正向影响,且存在滞后性;股权集中度在研发投入与企业成长性之间具有正向调节作用;股权制衡度在两者之间具有正向调节作用;股权性质在两者之间具有负向调节作用;高管持股比例在两者之间具有正向调节作用。通过选取生物医药行业133家A股上市公司2012至2017年的数据为研究样本,分析三者之间的关系,研究发现:(1)研发投入能够促进企业的成长,但有一定的滞后性;(2)研发投入与企业成长性之间的关系呈U型;(3)股权集中度在研发投入与企业成长之间具有正向调节作用;(4)股权制衡度在两者之间具有负向调节作用;(5)在非国有企业中研发投入对企业成长作用更为明显;(6)高管持股在两者之间不存在调节作用。基于上述研究结论,结合生物医药企业的现实情况,为更好地促进生物医药企业成长,企业应合理进行研发投入,增强自主创新能力;完善公司治理结构,科学调节股东持股比例。政府应完善科技创新体系,为企业提供研发创新优惠政策,加大研发扶持力度;加强知识产权保护机制建设,健全上市公司信息披露制度。更多还原

【Abstract】 Biomedical enterprises are knowledge-intensive enterprises,and its healthy development is conducive to meeting the rising medical needs and promoting the country’s macroeconomic development.Bio-pharmaceutical enterprise R&D activities have the characteristics of large investment,high risk and long time.At present,the development of the industry has problems such as insufficient R&D investment,weak independent innovation capability and small scale of enterprises,which restricts the growth of enterprises to a certain extent.Corporate governance structure will affect the allocation of corporate resources.R&D investment is an important resource for enterprises and will inevitably be affected by corporate governance structure.The ownership structure,as the basis of the corporate governance structure,may affect the relationship between R&D investment and corporate growth.This paper studies the relationship between R&D investment,ownership structure and corporate growth,which has theoretical and practical significance for promoting the healthy growth of biomedical enterprises and improving corporate governance structure.On the basis of summarizing and combing the existing literature,this paper analyzes the mechanism of the relationship between R&D investment,ownership structure and corporate growth by applying principal-agent,technology innovation,enterprise growth and other related theories,and proposes the following hypothesis: There is a positive impact on the growth of enterprises,and there is a lag;equity concentration has a positive adjustment effect between R&D investment and corporate growth;equity balance has a positive adjustment effect between the two;There is a negative adjustment between the two;the shareholding ratio of the executive has a positive adjustment between the two.By selecting data from 133 A-share listed companies in the bio-pharmaceutical industry from 2012 to 2017 as a research sample and analyzing the relationship among the three,the study found that:(1)R&D investment can promote the growth of enterprises,but there is a certain lag;(2)The relationship between R&D investment and corporate growth is U-shaped;(3)Equity concentration has a positive adjustment between R&D investment and corporate growth;(4)Equity balance is negative between the two(5)R&Dinvestment in non-state-owned enterprises has a more obvious effect on the growth of enterprises;(6)There is no adjustment between executives and shareholders.Based on the above research conclusions,combined with the reality of biomedical enterprises,in order to better promote the growth of biomedical enterprises,enterprises should rationally carry out research and development investment,enhance independent innovation capability;improve corporate governance structure and scientifically adjust shareholding ratio of shareholders.The government should improve the science and technology innovation system,provide enterprises with R&D and innovation preferential policies,increase research and development support,strengthen the construction of intellectual property protection mechanisms,and improve the information disclosure system for listed companies.更多还原