A Study of the Threshold Effect of R&D Intensity and the Performance of China' Listed Pharmaceutical Manufacturers

Abstract

Abstract: The aggravating trend of aging population makes pharmaceutical manufacturing increasingly important. Based on the panel data of 112 listed firms in Chinese pharmaceutical industry from 2012 to 2018, this paper uses a dynamic panel threshold model to explore the relationship between R&D intensity and firm performance in pharmaceutical industry. The results show that the impact of R&D intensity on firm performance is non-linear. When R&D intensity is lower and higher than 5.26%, the coefficients of R&D intensity on firm performance are 4.87 and 0.68 respectively. This paper provides decision support and data references for governments and firms to formulate relevant policies and plans. Fully considering the threshold effect of R&D intensity, firms should comprehensively formulate appropriate R&D plans based on the current range of R&D investment level, as well as policies, market, and their own conditions.

Key words: R&D intensity, firm performance, dynamic panel threshold model

Duan Tianyu, Zhang Xi, Hu Yi. A Study of the Threshold Effect of R&D Intensity and the Performance of China' Listed Pharmaceutical Manufacturers[J]. Management Review, 2020, 32(9): 142-152.

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