Construction and Validation of the China Pharmaceutical Enterprise R&D Index
R&D innovation holds paramount significance in driving the transformation and upgrading of the pharmaceutical industry as well as enhan-cing its core competitiveness.Given the inherent characteristics of high investment,long cycles,and elevated risks associated with R&D activities in phar-maceutical enterprises,the current evaluation system,often confined to single dimensions such as R&D investment ratio or intensity,struggles to compre-hensively reflect the R&D capability and potential of enterprises,thereby constraining the high-quality development of China's pharmaceutical industry.In light of this,we innovatively construct a multi-dimensional R&D evaluation system for pharmaceutical enterprises-the China Pharmaceutical Enterprise R&D Index(CPE-RDI).This index,tailored separately for medical device and non-device pharmaceutical enterprises,encompasses four dimensions:R&D investment,R&D achievements,R&D quality,and R&D support,aiming to provide a comprehensive,scientific,and objective assessment of the R&D capability and potential of pharmaceutical enterprises.To validate the practical utility of this index,we further test it from a capital market perspec-tive.The study reveals that portfolios constructed based on this index yielded significant and positive excess returns,both in the short and long term,there-by demonstrating its application value and forward-looking guidance in the capital market.
万方数据
维普
