R&D Investment,Pure Technology Efficiency and Firm Value Interactions——Empirical Evidence from Chinese Pharmaceutical Listed Companies
Hao Ting1,2,Zhao Xi1
1. College of Management and Economics,Tianjin University,Tianjin 300072,China; 2.School of Economics and Management,Inner Mongolia University of Science & Technology,Baotou 014010,China
Abstract：411 pool data of 132 Chinese pharmaceutical A-share companies during 2009 to 2013 are selected to analyze the interactions of research and development(R&D)intensity,pure technology efficiency(PTE)and firm value(FV).Correlation coefficient analysis and hierarchical regression analysis(HRA)are used and the main research findings are as the following:R&D investment as well as PTE both has significant effect on improving FV;One-year lag effect of R&D investment and FV has been proved;PTE has a significant moderating effect between R&D investment and FV.
郝婷,赵息. 研发投入、纯技术效率与企业价值研究——来自中国医药制造业上市公司的经验证据[J]. 中国科技论坛, 2016(2): 60-66.
Hao Ting,Zhao Xi. R&D Investment,Pure Technology Efficiency and Firm Value Interactions——Empirical Evidence from Chinese Pharmaceutical Listed Companies. , 2016(2): 60-66.
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