摘要：
Objective To explore the intrinsic relationship among financial flexibility, research and development (R&D)
investment, and financial performance in pharmaceutical enterprises, and to provide reference for enterprises to
formulate better financial flexibility management policies. Methods Some listed pharmaceutical enterprises in
China were used as samples, and relevant panel data of these enterprises were collected. A multiple regression
model was established to examine the impact of financial flexibility on financial performance in these sample
enterprises. Results and Conclusion Financial flexibility had a significant positive impact on financial
performance of enterprises, and this impact was sustainable. There was heterogeneity in the extent of influence
on enterprises with different performance levels. R&D investment played a mediating role with a lag. Through
empirical analysis, this study provides theoretical evidence support for enterprises to carry out financial flexibility
reserves and scientific management.
Wang Xiaojing, Lian Guiyu. Study on the Impact of Financial Flexibility on Financial
Performance in Listed Pharmaceutical Enterprises[J]. 亚洲社会药学, 2026, 21(2): 214-227.
Wang Xiaojing, Lian Guiyu. Study on the Impact of Financial Flexibility on Financial
Performance in Listed Pharmaceutical Enterprises[J]. Asian Journal of Social Pharmacy, 2026, 21(2): 214-227.
