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基于2009年至2013年医药制造业上市公司的面板数据,本文先通过因子分析对企业进行综合评价,分为高、低成长性组,再结合DEA视窗分析,测得可横向纵向对比的技术创新效率值,然后对不同成长性下企业技术创新效率与企业价值之间的关系进行回归检验。研究发现,医药制造业样本企业整体技术创新效率较低,近年来呈逐降趋势;高成长性企业价值与技术创新效率呈“倒U型”关系,低成长性企业中两者关系不显著。
Based on the panel data of pharmaceutical manufacturing listed companies from 2009 to 2013, this paper analyzes the enterprises comprehensively through factor analysis, and divided them into high and low growth groups. Combined with DEA window analysis, we can measure the vertical and horizontal technological innovation Efficiency value, and then test the relationship between the efficiency of technological innovation and the enterprise value under different growth. The study found that the overall technological innovation of the sample manufacturing enterprises in the pharmaceutical manufacturing industry is relatively inefficient and has been declining in recent years. The relationship between the value of high-growth enterprises and that of technological innovation shows an inverted U-shaped relationship, and the relationship between the two in the low-growth enterprises Significant.