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Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model.
Int J Environ Res Public Health. 2021 11 03; 18(21)IJ

Abstract

R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of -13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D.

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Authors+Show Affiliations

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

School of Economics and Management, China University of Mining and Technology, Xuzhou 221116, China.

MeSH

ChinaEmpirical ResearchInvestmentsPharmaceutical PreparationsSustainable DevelopmentUncertainty

Pub Type(s)

Journal Article

Research Support, Non-U.S. Gov't

Language

eng

PubMed ID

34770073

Citation

Yang, Jingyuan, et al. "Impact of Monetary Policy Uncertainty On R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based On a Threshold Regression Model." International Journal of Environmental Research and Public Health, vol. 18, no. 21, 2021.

Yang J, Wang L, Sun Z, et al. Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model. Int J Environ Res Public Health. 2021;18(21).

Yang, J., Wang, L., Sun, Z., Zhu, F., Guo, Y., & Shen, Y. (2021). Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model. International Journal of Environmental Research and Public Health, 18(21). https://doi.org/10.3390/ijerph182111560

Yang J, et al. Impact of Monetary Policy Uncertainty On R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based On a Threshold Regression Model. Int J Environ Res Public Health. 2021 11 3;18(21) PubMed PMID: 34770073.

* Article titles in AMA citation format should be in sentence-case

TY - JOUR T1 - Impact of Monetary Policy Uncertainty on R&D Investment Smoothing Behavior of Pharmaceutical Manufacturing Enterprises: Empirical Research Based on a Threshold Regression Model. AU - Yang,Jingyuan, AU - Wang,Ling, AU - Sun,Ziyuan, AU - Zhu,Fangming, AU - Guo,Yihui, AU - Shen,Yan, Y1 - 2021/11/03/ PY - 2021/10/17/received PY - 2021/10/28/revised PY - 2021/11/01/accepted PY - 2021/11/13/entrez PY - 2021/11/14/pubmed PY - 2021/11/19/medline KW - R&D investment smoothing behavior KW - financing constraints KW - monetary policy uncertainty KW - pharmaceutical manufacturing enterprises KW - threshold regression model JF - International journal of environmental research and public health JO - Int J Environ Res Public Health VL - 18 IS - 21 N2 - R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of -13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D. SN - 1660-4601 UR - https://www.unboundmedicine.com/medline/citation/34770073/Impact_of_Monetary_Policy_Uncertainty_on_R&D_Investment_Smoothing_Behavior_of_Pharmaceutical_Manufacturing_Enterprises:_Empirical_Research_Based_on_a_Threshold_Regression_Model_ DB - PRIME DP - Unbound Medicine ER -