摘 要 随着知识经济时代的到来，通过开展研发活动实现科技创新成为企业持续发展的保障。2016年，“创新驱动”首次作为一个指标大项被写入中国“十三五”规划中，明确提出并鼓励实施该战略。医药业是现代与传统相结合的技术密集型行业且与国计民生紧密相连，发展情况与市场前景良好，但其依然存在产品结构不合理、研发强度较低、整体技术水平不高等问题。推进产业创新升级对医药业来说十分重要，所以要加大R&D投入以提高创新能力。此外，企业高管影响着研发活动的决策与执行，且随着股权激励的广泛推广，实施高管股权激励能否促进企业R&D投入对其绩效产生的积极影响受到越来越多学者的关注。因此，为了企业更好地发展，本文对医药业R&D投入对其财务绩效的影响进行研究，同时探讨高管股权激励这一重要治理因素对两者的调节作用。 本文选取2012-2016年我国医药业上市公司为研究对象，收集并筛选相关数据，运用多元线性回归方法，对研究假设进行实证检验与分析。实证结果显示：研发资金投入强度对企业财务绩效的提升有着显著的正向促进作用且存在滞后性；滞后期研发人员投入强度在研发人员占比水平较高的企业中与其财务绩效显著正相关。总体来说，R&D投入对医药业的发展具有积极的作用。而高管股权激励在研发资金投入强度促进企业财务绩效的过程中属于同质调节变量，正向调节强度；在研发人员投入强度对财务绩效影响的过程中属于纯调节变量，也起到了积极的调节作用。这说明医药业R&D投入不仅直接影响企业的财务绩效，且高管股权激励在两者间起到了积极的调节作用。根据上述研究结论，本文提出了相应的建议，以期能够加强政府与医药业企业对研发活动全过程的重视，加大研发资金和人员的投入，以实现企业绩效的提升并获得长远发展。

ABSTRACT In today's era of knowledge economy, the inexhaustible impetuses of enterprises to achieve sustainable development stem from the technological innovations realized through research and development activities. In the "13th Five-Year Plan" that China began to implement in 2016, it was clearly stated that an innovation-driven strategy should be implemented as one major indicator for the first time. The pharmaceutical industry is a technology-intensive one closely related to national economy and the people's livelihood. The pharmaceutical industry has a bright market prospect, and it has maintained a relatively high growth rate over the years. However, it still has the problems such as low research and development intensity, unreasonable product structure and low overall technical level. When China is experiencing economic restructuring and upgrading, it is self-evident that it is essential for the pharmaceutical industry to improve innovation capability and promote industrial innovation and upgrading. In addition, with the common practice of equity incentive in our country, more and more scholars begin to introduce executive equity as an important regulatory variable into the R&D activities of enterprises, and investigate whether the implementation of executive equity incentive can facilitate the R&D investment of the enterprise to generate a positive impact on enterprise performance. Therefore, to facilitate the enterprise development, this study investigates the impact of R&D investment of the pharmaceutical industry on the financial performance of the enterprise, and explores the executive equity incentive adjustment as an important governance factor, on R&D investment and financial performance. This paper selects pharmaceutical manufacturing companies listed in China Shanghai and Shenzhen A-shares during 2012-2016 as research samples. The relevant data are collected and analyzed, and multivariate linear regression analysis is employed to empirically test and analyze the hypothesis. The empirical results show that the intensity of R&D capital has a significant positive effect on the financial performance of enterprises. The input intensity of R&D personnel has a positive effect on promoting the financial performance in the lagged period. On the whole, R&D investment has a positive effect on the development of pharmaceutical industry. Executive equity incentive plays a positive and moderating role in the process of facilitating the financial performance of the enterprise, and belongs to the homogeneous moderating variable; input intensity of R&D personnel also has a positive effect on the enterprise financial performance, and belongs to a purely moderating variable, indicating that in the pharmaceutical industry, R&D investment not only directly affects the financial performance of the enterprise, and executive equity incentive plays a positive role in regulating the two. According to the conclusion of the above research, this paper puts forward some rational suggestions in the hope that the government and enterprises can pay more attention to the whole process of R&D activities, and ultimately the financial performance of the enterprise is improved.