The Impact Mechanism of Innovation Investment on Knowledge Spillover of Biopharmaceutical Enterprises
To ensure the long-term and sustainable development of the biopharmaceutical industry,it is essential to increase investment in innovation,strengthen the original innovation capacities of enterprises,promote knowledge spillover among companies,and enhance the industry's overall innovation capabilities.However,existing research lacks a specialized theoretical framework tailored to the unique features of biopharmaceutical companies(characterized by high complexity,uncertainty,and risk),and the current use of quantitative indicators alone cannot fully reflect the quality and impact of knowledge spillovers.To this end,based on the endogenous growth theory,this paper constructs a Cobb-Douglas production function model and empirically studies the impact mechanism of innovation investment on knowledge spillover,taking 345 China's listed biopharmaceutical companies from 2015 to 2022 as research objects.Moreover,the moderating role of knowledge stock between innovation investment and corporate knowledge spillover is further discussed.The results find that innovation investment positively affects the knowledge spillover of biopharmaceutical enterprises,and knowledge stock positively regulates the promotion effect of innovation investment on biopharmaceutical enterprises.Further compared with non-state-owned enterprises,the promoting effect of innovation investment on the knowledge spillover of biopharmaceutical enterprises and the positive regulating effect of knowledge stock are more significant in state-owned enterprises.Finally,policy recommendations for knowledge management and enterprise innovation development in biomedical enterprises are proposed at both the enterprise and government levels,in order to promote increased innovation investment by biopharmaceutical companies and enhance their knowledge spillover effects.
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