摘要
制药行业的创新发展对中国制造业迈向中高端具有重要意义。作为近年来中国制药行业改革最为重要的举措之一,药品“两票制”能否促进制药企业创新亟待研究。本文从制度层面分析了两票制对制药企业营销渠道的直接冲击,进而从理论层面论证了两票制对制药企业创新投入的间接影响,并在此基础上利用上市公司数据进行了实证检验。研究发现,两票制促进了制药企业的创新投入,且该结果通过了平行趋势检验、安慰剂检验、根据实施先后顺序设置实验组和对照组的双重差分检验和采用PSM筛选样本后的检验等稳健性检验。机制检验表明,两票制主要通过营销渠道弱化和研发短板凸显两种作用机制,以及股价下跌压力的传导路径促进制药企业创新。本文首次从创新投入视角检验了两票制的政策效果,为中国未来的医疗器械两票制改革和制药行业的转型升级等提供了可能的政策参考。
The innovative development of pharmaceutical industry is an important part of China’s manufacturing industry moving towards mid-to-high end.However,for a long time,with the help of the marketing channel of the“multi-invoice system”,the business strategy of“emphasizing marketing and neglecting R&D”has become a common trend in China's pharmaceutical industry.As one of the most important reforms of China's pharmaceutical industry in recent years,the“two-invoice system”reform has a great impact on the marketing channels of Chinese pharmaceutical enterprises.This paper first analyzes the direct impact of the two-invoice system reform on pharmaceutical companies from the institutional level,and finds that the two-invoice system has greatly increased the book marketing expenses and book gross profit rate of pharmaceutical companies,which confirms the significant impact of the two-invoice system reform on the multi-invoice system of pharmaceutical industry.Next,this paper analyzes the indirect impact of the two-invoice system on the innovation decisions of pharmaceutical companies from the theoretical level,and empirically tests it based on the data of listed companies.The results show that the two-invoice system promotes the innovation investment of pharmaceutical companies.The result has passed a series of robustness tests,including the parallel trend test,the placebo test,the Difference-in-Difference(DID)test with the experimental group and the control group base on the order of the two-invoice system’s implementation,and the test based on propensity score matching(PSM).The mechanism tests show that the two-invoice system mainly promotes innovation through two mechanisms,namely,weakening marketing channels and highlighting the shortcomings of R&D,as well as the transmission path of stock price decline pressure.This paper examines the policy consequences of the two-invoice system reform from the perspective of innovation investment for the first time,and provides possible policy references for China’s
作者
刘斌
江承鑫
Liu Bin;Jiang Chengxin(School of Economics and Business Administration,Chongqing University)
出处
《南开管理评论》
CSSCI
北大核心
2022年第5期54-64,I0010,I0011,共13页
Nankai Business Review
基金
国家社会科学基金重点项目(22AGL011)
中央高校基本科研基地平台建设创新项目(2018CDJSK02PT09)
中央高校基本科研业务费项目(2022CDJSKJC13)资助。
关键词
两票制
创新
医药制造行业
双重差分模型
“Two-invoice System”
Innovation
Pharmaceutical Manufacturing Industry
DID Model
