国际经济与贸易学院知识库

党的二十大报告指出要推进健康中国建设，优先保障人民健康，这为医药企业赋予了良好的经营环境，也为其推进国际化提供了机遇。《“十四五”医药工业发展规划》将创新作为推动医药工业高质量发展的核心任务，强调要加快创新产品研发，加之受疫情影响，我国医药企业对研发创新活动的重视程度也不断提高。但是我国医药企业前沿领域创新能力不足，高附加值产品国际竞争优势不强，其国际化程度与发达国家相比仍有一定差距。而恒瑞医药研发投入水平较高，也重视推进企业国际化。因此，本文以中国医药企业为研究对象，并辅以恒瑞医药案例，探究研发投入对其国际化程度的影响。

本文首先结合国际生产折衷理论、资源基础理论以及动态能力理论，探究研发投入对中国医药企业国际化程度的影响机理以及动态能力的调节效应。其次，选取2013-2022年中国医药上市企业数据，建立固定效应模型进行基准回归分析，通过稳健性检验和内生性检验提高结果的可信度，并从企业所在区位、规模和产权性质三个方面进行异质性分析以丰富研究结论，同时，检验动态能力的调节效应。最后，进行案例分析，探究恒瑞医药的研发投入如何影响其国际化程度，以期印证实证分析的一般性结论。

研究发现，研发投入能够提高中国医药企业的国际化程度，在进行稳健性检验和内生性检验后，该结论依然成立。异质性分析结果表明，研发投入对中国医药企业国际化程度的积极影响在东部地区、较大规模和非国有的企业中更为显著。调节效应检验结果显示，动态能力的提升能增强研发投入对医药企业国际化程度的积极影响。案例分析结论说明，恒瑞医药的研发投入和国际化程度均表现为增长趋势，与实证分析的一般性结论相匹配，并且恒瑞医药拥有较高的创新产出、优质的人力资本以及合理的资源配置水平，动态能力较强，能更有效地开展研发活动，推动其国际化经营。基于以上结论，本文提出以下对策建议，以期为我国医药企业进一步开拓海外市场提供参考：第一，加大研发投入，增强企业国际竞争力；第二，从异质性入手，提高企业国际化程度；第三，增强动态能力，加快企业国际化进程。

The report of the 20th National Congress of the Communist Party of China points out that it is necessary to promote the construction of healthy China and give priority to protecting the health of the people, which has given a good business environment to pharmaceutical enterprises and provided opportunities for promoting the internationalization. The “14th Five-Year Plan” for the Development of Pharmaceutical Industry focuses on innovation as the central task to drive the high-quality development of the pharmaceutical industry, emphasizing the need to accelerate the research and development of innovative products, coupled with the impact of the epidemic, Chinese pharmaceutical enterprises continue to pay more attention to R&D and innovation activities. However, the innovation ability of Chinese pharmaceutical enterprises in frontier field is insufficient, the international competitive advantage of high value-added products is not strong, and the internationalization degree is still a certain gap compared with developed countries. Hengrui Pharma has a high level of R&D investment and attaches importance to promoting the internationalization of enterprises. Therefore, this paper takes Chinese pharmaceutical enterprises as the research object, and supplemented by the case of Hengrui Pharma, to explore the influence of R&D investment on internationalization degree.

Firstly, this paper explores the influence mechanism of R&D investment on the internationalization degree of Chinese pharmaceutical enterprises and the regulatory effect of dynamic capability, combining the eclectic theory of international production, resource-based theory and dynamic capability theory. Secondly, the data of Chinese pharmaceutical listed companies from 2013 to 2022 are selected to establish a fixed effect model for baseline regression analysis. Robustness test and endogenous test are conducted to improve the reliability of the results. Heterogeneity analysis is carried out from three aspects of location, scale and property rights of enterprises to enrich the research conclusions. At the same time, the regulatory effect of dynamic capability is tested. Finally, a case study is carried out to explore how R&D investment of Hengrui Pharma affects its internationalization degree, in order to confirm the general conclusions of empirical analysis.

The research finds that R&D investment can improve the internationalization degree of Chinese pharmaceutical enterprises, and this conclusion is still valid after the robustness test and endogenous test. Heterogeneity analysis shows that the positive impact of R&D investment on the internationalization degree of Chinese pharmaceutical enterprises is more significant in the eastern region, larger scale and non-state-owned enterprises. The regulatory effect test result shows that the improvement of dynamic capability can enhance the positive influence of R&D investment on the internationalization degree of pharmaceutical enterprises. The conclusion of the case study shows that R&D investment and the internationalization degree of Hengrui Pharma are showing a growing trend, which matched the general conclusion of empirical analysis. Besides, with high innovation output, high-quality human capital and reasonable resource allocation level, Hengrui Pharma has strong dynamic capability and can carry out R&D activities more effectively and promote its international operation. Based on the above conclusions, this paper puts forward the following countermeasures and suggestions, in order to provide reference for Chinese pharmaceutical enterprises to further explore overseas markets: Firstly, increase R&D investment and enhance the international competitiveness of enterprises; Secondly, improve the internationalization degree of enterprises from the perspective of heterogeneity; Thirdly, enhance dynamic capabilities and speed up the process of enterprise internationalization.