融资方式、研发投入资本化与企业价值的研究 ——基于医药制造行业上市公司的实证研究

本文选取上市医药制造企业近八年数据指标作为研究对象,研究了研发投入资本化处理方式对企业价值的影响,以及融资方式对上述两对象之间关系的调节作用.研究表明,研发投入资本化对企业价值具有明显正向导向效应;不同融资方式对其研发投入资本化与企业价值二者关系具有不同的调节效应;内部融资和负债融资均对二者关系有显著的负向导向,而股权融资的负向作用并不明显.根据相关研究结果为医药制造企业研发创新及企业价值创造的提升提供合理借鉴.

Research on Financing Methods,R&D Investment Capitalization and Enterprise Value:Empirical Research Based on Listed Companies in Pharmaceutical Manufacturing Industry

Affected by the epidemic, the status of R&D and innovation in the pharmaceutical industry among pharmaceutical companies has once again improved.This paper selects the data indicators of listed pharmaceutical manufacturing companies in the past eight years as the research object to study the impact of the capitalization of R&D investment on the value of the enterprise,, and the moderating effect of financing methods on the relationship between the above two objects.According to the research, the capitalization of R&D investment has a significant positive effect on corporate value; different financing methods have different adjustment effects on the relationship between capitalization of R&D investment and corporate value; both internal financing and debt financing have a significant relationship between the two. The negative effect of equity financing, and the negative effect of equity financing is not obvious.Based on the relevant research results, we can provide a reasonable reference for the R&D innovation of pharmaceutical manufacturing enterprises and the promotion of corporate value creation.