广东药科大学学报2025，Vol.41Issue(5)：20-26,7.DOI:10.16809/j.cnki.2096-3653.2025063003
数字化转型、融资约束与创新绩效——基于中国医药上市公司数据
Digital transformation,financing constraints,and innovation performance:Evidence from Chinese listed pharmaceutical companies
摘要
Abstract
Objective To investigate whether digital transformation can effectively improve the innovation performance of pharmaceutical enterprises.Methods Based on panel data from A-share listed pharmaceutical companies in China from 2015 to 2024,a two-way fixed effects model was employed to examine the impact of digital transformation on innovation performance and analyze the mediating role of financing constraints.Robustness and heterogeneity tests were also conducted to validate the findings.Results The empirical results showed that digital transformation significantly enhanced the innovation performance of pharmaceutical enterprises and exerted its effect through the alleviation of financing constraints.Heterogeneity analysis further indicated that this positive effect was more pronounced in high-growth,non-state-owned,and eastern region enterprises,but not significant in low-growth,state-owned,and central-western region enterprises.Conclusion This study elucidates the internal mechanism through which digital transformation enhances innovation performance by mitigating financing constraints,and demonstrates that its effects vary across firm characteristics and regions.These findings not only extend the literature on the relationship between digital transformation and innovation performance in the pharmaceutical sector,but also offer empirical guidance for firms in implementing digital strategies and for policymakers in designing differentiated,targeted industrial policies.关键词
数字化转型/创新绩效/融资约束/医药上市公司Key words
digital transformation/innovation performance/financing constraints/listed pharmaceutical companies分类
医药卫生引用本文复制引用
张文洁,阮娴静,梁咏琪..数字化转型、融资约束与创新绩效——基于中国医药上市公司数据[J].广东药科大学学报,2025,41(5):20-26,7.基金项目
广东省科学技术厅2022年海外名师项目(粤财科教[2022]184号) （粤财科教[2022]184号）
广州市哲学社会科学发展"十四五"规划2023年度共建课题(2023GZGJ68) （2023GZGJ68）
