研发投入、政府补助与经营绩效
R&D, Government Subsidies and Business Performance

本文选取了沪深A股2018~2023年医药制造业上市公司的面板数据，构建面板多元线性回归模型，考察了研发投入与企业绩效之间的关系，还考察了政府补助对二者之间的调节效应，以及产权性质下的异质性问题。结果表明：研发投入对医药企业经营绩效之间具有显著的负向影响，且对非国有企业的负向影响更加显著；政府补助对研发投入和经营绩效具有显著的调节作用，可以一定程度上减缓研发投入对经营绩效带来的负向影响，对非国有企业的调节作用更显著于国有企业。基于上述的研究结论，对政府和企业自身有一定的管理启示。
This paper selects the panel data of Shanghai and Shenzhen A-shares listed pharmaceutical manufacturing companies from 2018 to 2023, constructs a panel multiple linear regression model, and examines the relationship between R&D and firm performance, the moderating effect of government subsidies on them, and the heterogeneity under the nature of property rights. The results show that R&D investment has a significant negative impact on the business performance of pharmaceutical enterprises, and the negative impact on non-state-owned enterprises is more significant. Government subsidies have a significant moderating effect on R&D and business performance, which can mitigate the negative impact of R&D on business performance to a certain extent, and the moderating effect on non-state-owned enterprises is more significant than that on state-owned enterprises. Based on the above research conclusions, there are certain management implications for the government and enterprises themselves.