Asian Journal Of Social Pharmacy

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.