基于CDM 模型的创新投入、创新产出与企业创新绩效关系研究——以医药制造业上市公司为例

文章采用2013~2015 年间145 家医药制造业上市公司的面板数据，通过构建创新过程的三阶段CDM 模型，实证检验了医药企业创新投入、创新产出及创新绩效间的关系。研究结果表明：医药企业创新投入与创新产出、创新产出与创新绩效间存在显著的正相关关系，创新投入通过知识生产过程间接作用于企业创新绩效；企业规模与创新投入间存在正相关关系，与创新绩效间存在显著的负相关关系；国有企业的创新产出低于民营企业、外资企业和其他企业。同时，企业管理水平、员工素质、固定资产等均对创新过程的不同阶段产生一定的正向作用。

Research on the Relationship between Innovation Input,Innovation Output and Enterprise Innovation Performance Based on CDM Model——A Case Study of Pharmaceutical Manufacturing Listed Companies

This paper constructs three - stage CDM model of the innovation process，and uses the panel data of 145 pharmaceutical manufacturing companies from 2013 to 2015 to test the relationship between innovation input，innovation output and innovation performance of pharmaceutical enterprises. The results show that there is a significant positive correlation between innovation input and innovation output，innovation output and innovation performance of pharmaceutical enterprises. The innovation input is indirectly applied to the innovation performance of the enterprise through the knowledge production process. There is a positive correlation between firm size and innovation input，but there is a significant negative correlation with innovation performance. Stateowned enterprises，compared to private enterprises，foreign-funded enterprises and other enterprises，has the lower output of innovation. At the same time，the level of enterprise management，staff quality and fixed assets have a certain positive effect in different stages of the innovation process.