管理层持股、企业创新投入与创新产出绩效关系研究-基于中医药上市企业

管理层持股、企业创新投入与创新产出绩效关系研究——基于中医药上市企业摘要：本文旨在探究管理层持股与企业创新的关系，以中医药上市企业为研究对象，分析企业的创新投入与创新产出绩效的关系，以及管理层持股对创新投入与创新产出绩效的影响。通过对2011年至2018年中医药上市企业的数据进行实证分析，结论表明，管理层持股与企业创新投入存在正向关系，但对创新产出绩效的影响未达到显著水平；企业的创新投入与创新产出绩效呈正向关系，且创新投入对创新产出绩效具有显著正向影响；管理层持股与创新投入的关系存在正向调节作用，即管理层持股可以增强创新投入对创新产出绩效的影响。本研究的结果有助于提升中医药企业的创新能力。

关键词：管理层持股；企业创新投入；创新产出绩效；中医药上市企业

Abstract:Thispaperaimstoinvestigatetherelationshipbetweenmanagementshareholdingandcorporateinnovation,usinglistedChinesemedicinecompaniesastheresearchobject,andanalyzingtherelationshipbetweenthecompany'sinnovationinputandinnovationoutputperformance,aswellastheeffectofmanagementshareholdingoninnovationinputandinnovationoutputperformance.ThroughempiricalanalysisofdatafromlistedChinesemedicinecompaniesfrom2011to2018,theconclusionsshowthatthereisapositiverelationshipbetweenmanagementshareholdingandinnovationinput,buttheeffectoninnovationoutputperformanceisnotsignificant;innovationinputandinnovationoutputperformanceshowapositiverelationship,andinnovationinputhasasignificantpositiveeffectoninnovationoutputperformance;managementTherelationshipbetweenshareholdingandinnovationinputhasapositiveregulatoryeffect,thatis,managementshareholdingcanenhancetheimpactofinnovationinputoninnovationoutputperformance.TheresultsofthisstudycanhelptoenhancetheinnovationcapabilityofChinesemedicinecompanies.

Keywords:managementshareholding;corporateinnovationinput;innovationoutputperformance;listedChinesemedicinecompanieIntoday'srapidlychangingbusinesslandscape,innovationhasbecomeacriticalfactorinthesuccessofanycompany.Chinesemedicinecompaniesarenoexceptiontothistrend,andtheymustbeabletoinnovatetoremaincompetitiveinthemarket.Thisstudyexaminestherelationshipbetweenmanagementshareholding,corporateinnovationinput,andinnovationoutputperformanceforlistedChinesemedicinecompanies.

Thestudy'sresultsindicatethatbothcorporateinnovationinputandmanagementshareholdinghaveapositiveimpactoninnovationoutputperformance.However,thestudyalsofoundthatmanagementshareholdinghasapositiveregulatoryeffectontherelationshipbetweencorporateinnovationinputandinnovationoutputperformance.Inotherwords,whenmanagementshareholdersholdalargerstakeinacompany,innovationinputhasastrongerimpactoninnovationoutputperformance.

ThesefindingssuggestthatmanagementshareholdingplaysacriticalroleinenhancingaChinesemedicinecompany'sinnovationcapabilities.Bygivingmanagementagreaterstakeinthecompany'ssuccess,theyaremorelikelytoprioritizeinnovationanddevelopstrategiestodriveinnovationoutputperformance.Atthesametime,companiesmustcontinuetoinvestininnovationinputtoensurethattheyhavetheresourcesnecessarytocreateinnovativeproductsandservices.

Inconclusion,thisstudyhighlightsthecriticalrolethatmanagementshareholdingplaysintheinnovationcapabilitiesofChinesemedicinecompanies.Byfocusingonbothinnovationinputandmanagementshareholding,companiescancreateacultureofinnovationthatdrivessuccessintoday'sfast-pacedbusinessenvironment.Assuch,companiesmustcontinuetoinvestintheirinnovationcapabilitiestoremaincompetitiveinthemarketInadditiontomanagementshareholdingandinnovationinput,Chinesemedicinecompaniesmustalsopayattentiontotheirtalentmanagementstrategies.Therecruitmentandretentionoftoptalentarecriticaltodrivinginnovationandstayingcompetitiveinthemarket.Companiesmustcreateaculturethatfosterscreativityandencouragesemployeestotakerisksandexperimentwithnewideas.Moreover,companiesmustprovideadequatetraininganddevelopmentopportunitiestotheiremployeestocontinuouslyenhancetheirskillsandknowledge.

AnotherareaoffocusforChinesemedicinecompaniesshouldbetheirinvestmentinresearchanddevelopment(R&D)activities.Companiesthatwanttoleadthemarketmustbewillingtoinvestincutting-edgetechnologiesandresearchfacilities.TheR&Dactivitiesshouldalsobealignedwiththecompany'soverallstrategyandvisiontoensuretheactivitiesarefocusedonthedevelopmentofinnovativeproductsandservicesthatmeetcustomers'needs.

Moreover,companiesshouldalsoformpartnershipsandcollaborationswithothercompaniesororganizationstoleverageeachother'sstrengthsandresources.Collaborationscanleadtobreakthroughinnovations,costsavings,andenhancedcompetitiveness.Forinstance,companiescancollaboratewithuniversitiesorresearchinstitutionstoaccesstheircutting-edgeresearchandequipment,orworkwithothercompaniestoshareknowledge,resources,andrisk.

Lastly,Chinesemedicinecompaniesmustalsokeepaneyeontheregulatoryenvironment.Regulationscanimpacttheinnovationpotentialofcompanies,particularlyinthehealthcaresector.Companiesmustremainup-to-dateonthelatestregulatorychangesandensurethattheycomplywiththeregulations.Failuretocomplywithregulationscanresultinpenaltiesandreputationaldamage,whichcanultimatelyimpactthecompany'sabilitytoinnovateandremaincompetitive.

Inconclusion,Chinesemedicinecompaniesmustfocusonseveralkeyareastodriveinnovationandremaincompetitiveinthemarket.Theseincludemanagementshareholding,innovationinput,talentmanagement,R&Dactivities,collaborations,andcompliancewithregulations.Byleveragingtheseareas,companiescancreateacultureofinnovationandestablishthemselvesasleadersindevelopinginnovativeproductsandservicesthatmeetcustomers'needsFurthermore,Chinesemedicinecompaniescanalsoconsidertheuseofadvancedtechnologiessuchasartificialintelligence(),bigdataanalytics,andblockchaintoenhancetheircompetitiveedge.,forinstance,canbeusedtoanalyzelargevolumesofdata,identifypatterns,andmakepredictions,therebyfacilitatingdrugdiscoveryanddevelopment.Bigdataanalytics,ontheotherhand,canhelpcompaniestogaininsightsintocustomerpreferences,markettrends,andcompetitors'strategies,thusenablingthemtomakeinformeddecisions.Blockchaintechnology,withitsdecentralizedandtransparentnature,canimprovesupplychainvisibility,reducecounterfeiting,enhancedatasecurity,andboosttrustamongstakeholders.

AnothercriticalaspectthatChinesemedicinecompaniesmusttakeintoaccountisthegrowingdemandforeco-friendlyandsustainablepractices.Astheworldbecomesmoreenvironmentallyconscious,thereisaneedforcompaniestoadoptsustainablepracticesintheiroperations,sourcing,andproductdevelopment.Companiescanexploretheuseofrenewableenergysources,reducewaste,adoptbiodegradablematerials,andinvestinresearchongreentechnologies.Thiscannotonlycontributetoacleanerandhealthierenvironmentbutalsoimprovethecompany'spublicimageandreputation.

Insummary,toremaincompetitiveintheChinesemedicinemarket,companiesmustembraceinnovationasacorestrategy.Thisrequiresaconcertedeffortfromtopmanagement,employees,andotherstakeholderstofosteracultureofinnovation,investinR&D,collaboratewithothercompaniesorinstitutions,complywithregulations,andleverageadvancedtechnologies.Additionally,companiesmustconsiderthegr