会计学院知识库

  近年来，随着一系列鼓励生物医药创新政策的颁布,促使生命科学领域取得新的突破，生物技术得以迅猛发展，生物制药企业迎来创新热潮。但是，一方面由于目前我国的资本市场尚未成熟，信息透明度低，致使信息不对称问题突出，导致企业的外部资金使用成本过高；另一方面由于生物创新药研发周期长、风险高以及投资规模大等特点，致使企业在资本市场中筹资难度增加。因此，企业在开展研发创新活动时，就产生了融资约束问题。而企业融资约束问题能否解决一定程度上决定着生物医药行业能否可持续发展的大问题，值得我们去深思和研究。

  文章选取智飞生物企业为案例企业，首先，采用PEST分析智飞生物企业创新环境，从内外部分析企业的融资结构合理性，通过SA指数测量企业融资约束程度；其次，在企业存在融资约束的大背景下，采用灰色关联分析法从横纵向分别分析智飞生物企业的创新财务绩效，以及从非财务角度评价智飞生物企业的创新绩效；最后，总结智飞生物创新活动中存在的相关问题并针对性的提出建议，总结研究结论。

  文章通过分析发现：智飞生物企业融资约束水平较强，在存在融资约束的情况下，企业的创新成果数量增速较慢，且创新成果产业化速度慢；智飞生物企业过于依赖内部融资，融资结构不合理；近年来智飞生物加大了企业研发资金、人才方面的投入，企业的创新绩效也有所提高，但企业的研发能力、品牌价值及社会认可度在同行业中依旧处于低水平，需要加大研发创新投入力度，提升企业品牌价值及社会认可度。

     In recent years, with the enacment of a series of policies to encourage biomedical innovation, new breakthroughs have been made in the field of life sciences, biotechnology has developed rapidly, and biopharmaceutical enterprises have ushered in an upsurge of innovation. Nevertheless, on the one hand, due to the faulty capital market, low information transparency and prominent information disssymmetry, the financing cost of enterprises from the external market is too high; On the other hand, due to the peculiarities of long-term R&D, high risk and large financing size of biological innovative drugs, it is more difficult for enterprises to raise funds in the capital market. Therefore, financing constraints arise when enterprises carry out R&D and innovation activities.Whether the problem of enterprise financing constraints can be solved or not determines the sustainable development of the biomedical industry to a certain extent, which is worthy of our reflection and research.

    This paper selects Zhifei biological enterprise as a case enterprise. Firstly, pest is used to analyze the innovation environment of Zhifei biological enterprise, analyze the rationality of enterprise financing structure from the inside and outside, and measure the degree of enterprise financing constraints through SA index. Secondly, under the background of enterprise financing constraints, grey correlation analysis is used to analyze the innovation financial performance of Zhifei biological enterprise from the horizontal and vertical respectively, And evaluate the innovation performance of Zhifei biological enterprises from a non-financial perspective; Finally, it summarizes the relevant problems existing in Zhifei biological innovation activities, raises targeted suggestions, and generalizes the research study conclusions.

     Through the analysis, it is found that the extent of financing constraints of Zhifei biological enterprises is strong. In the case of financing constraints, the growth rate of the number of innovative achievements of enterprises is slow, and the industrialization speed of innovative achievements is slow; Zhifei biological enterprises rely too much on internal financing, and the financing structure is unreasonable; In recent years, Zhifei biology has increased the investment in R&D funds and talents, and the innovation performance of the enterprise has also improved. However, the R&D ability, brand value and social recognition of the enterprise are still at a low level in the same industry. It is necessary to increase the investment in R&D and innovation to improve the brand value and social recognition of the enterprise.