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本文针对研发特性强的医药行业进行此方面的验证,利用中国上市医药企业的数据,将股权集中度和董事会规模作为公司治理结构要素,构建PVAR模型分析其联合作用与R&D强度、新药审批数量和企业价值的动态关系,结果表明在中国医药行业中,股权集中度低、董事会规模小的上市医药企业在新药技术创新的两阶段过程中表现最优。
In this paper, the research and development of the pharmaceutical industry with strong characteristics of this validation, the use of the data of listed pharmaceutical companies in China, the ownership concentration and the size of the board of directors as the corporate governance structure elements, build a PVAR model to analyze its joint effects and R & D intensity, the number of new drug approval and The results show that in the pharmaceutical industry in China, listed pharmaceutical companies with low ownership concentration and small board size perform best in the two-stage process of new drug technology innovation.