The Impact of Government Subsidies on the R&D 
Investment of Pharmaceutical Enterprises

亚洲社会药学 ›› 2026, Vol. 21 ›› Issue (3): 296-303.

The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises

出版日期:2026-09-15 发布日期:2026-09-08

The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises

Online:2026-09-15 Published:2026-09-08

摘要/Abstract

摘要： Objective To analyze the impact of government subsidies on the R&D investment of pharmaceutical companies. Methods A two-way fixed-effect model was constructed by taking Chinese-listed pharmaceutical companies from 2012 to 2021 as research samples. Results and Conclusion Government subsidies have an incentive effect on enterprise R&D investment, and financial subsidies can effectively promote enterprise R&D investment.

关键词: pharmaceutical companies, government subsidies, corporate R&, D investment, market failure

Abstract: Objective To analyze the impact of government subsidies on the R&D investment of pharmaceutical companies. Methods A two-way fixed-effect model was constructed by taking Chinese-listed pharmaceutical companies from 2012 to 2021 as research samples. Results and Conclusion Government subsidies have an incentive effect on enterprise R&D investment, and financial subsidies can effectively promote enterprise R&D investment.

Key words: pharmaceutical companies, government subsidies, corporate R&, D investment, market failure

Sun Xiaowen, Zhao Xingyu, Song Yu, Wang Su, Chen Yuwen. The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises[J]. 亚洲社会药学, 2026, 21(3): 296-303.

Sun Xiaowen, Zhao Xingyu, Song Yu, Wang Su, Chen Yuwen. The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises[J]. Asian Journal of Social Pharmacy, 2026, 21(3): 296-303.

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亚洲社会药学

The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises

The Impact of Government Subsidies on the R&D Investment of Pharmaceutical Enterprises

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