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- Title
"两票制"改革能促进制药企业创新吗.
- Authors
刘 斌; 江承鑫
- Abstract
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 future two-invoice system reforms for medical devices and further transformation and upgrading of the pharmaceutical industry.
- Publication
Nankai Business Review, 2022, Vol 25, Issue 5, p54
- ISSN
1008-3448
- Publication type
Article