Efficiency measurement,influencing factors,and government intervention policies for R&D and achievement transformation of domestic pharmaceutical companies:taking A-share pharmaceutical manufacturing listed companies in the Beijing Tianjin Hebei region as an example
ZHAI Jin-long
FU Shu-yong
Abstract：Objective:To explore the efficiency and influencing factors of enterprise R&D and achievement transformation.Methods:Based on panel data of some A-share pharmaceutical manufacturing companies listed in the Beijing Tianjin Hebei region from 2018 to 2023,a two-stage network Data Envelopment Analysis(DEA)model was first used to measure the efficiency of enterprise research and development and achievement transformation.Then,the Tobit model was used to explore the factors that may affect innovation efficiency.Results:The average overall efficiency,R&D stage efficiency,and achievement transformation stage efficiency of listed pharmaceutical manufacturing companies in the Beijing Tianjin Hebei region were 0.129,0.265,and 0.622,respectively.The overall innovation efficiency of chemical drugs was better than that of biopharmaceutical and traditional Chinese medicine industries.In the Tobit model analysis,the coefficient values of company establishment years,government subsidies,market competitiveness,and financing constraints on overall innovation efficiency were-4.116,-0.028,0.326,and 15.171,respectively.Conclusion:The overall innovation efficiency of listed pharmaceutical manufacturing companies in the Beijing Tianjin Hebei region has not reached an effective state,and there are industry differences.The company's establishment period,market competitiveness,and financing constraints are the main influencing factors,while government subsidies have not played a positive effect.The government should establish an innovative drug risk warning mechanism,as well as an innovation efficiency and incentive policy response mechanism,to further improve the innovation efficiency of the pharmaceutical manufacturing industry.
Keywords：R&D and achievement transformationefficiency calculationtwo-stage network data envelopment analysis modeltobit modellisted companies
Publication Date：2025-07-30
Online Publishing Date：2026-08-14(First online date of this platform, not the publication date of the document)
Pages：8( 1478-1485 )