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Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model.
Yang, Jingyuan; Wang, Ling; Sun, Ziyuan; Zhu, Fangming; Guo, Yihui; Shen, Yan.
  • Yang J; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
  • Wang L; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
  • Sun Z; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
  • Zhu F; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
  • Guo Y; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
  • Shen Y; School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.
Int J Environ Res Public Health ; 18(21)2021 11 03.
Article in English | MEDLINE | ID: covidwho-1512299
ABSTRACT
R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of -13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D.
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Full text: Available Collection: International databases Database: MEDLINE Main subject: Pharmaceutical Preparations / Investments Type of study: Experimental Studies / Prognostic study Country/Region as subject: Asia Language: English Year: 2021 Document Type: Article Affiliation country: Ijerph182111560

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Full text: Available Collection: International databases Database: MEDLINE Main subject: Pharmaceutical Preparations / Investments Type of study: Experimental Studies / Prognostic study Country/Region as subject: Asia Language: English Year: 2021 Document Type: Article Affiliation country: Ijerph182111560