Research Article: Research on the impact of traditional Chinese medicine registration innovation-oriented policies and enterprises performance: an empirical analysis based on listed enterprises in China
Abstract:
The performance of traditional Chinese medicine (TCM) enterprises is affected by various factors, among which the impact of TCM Registration Innovation-Oriented policies (TCMRIPs) may be involved. TCMRIPs, in turn, improve enterprises performance by influencing TCM enterprises’ R&D investment. This aim of this study is to explore the impact of TCMRIPs on the performance of TCM enterprises, and the mediating role of R&D investment in this process.
This study constructs an unbalanced panel fixed model to empirically analyze the impact of TCMRIPs on enterprise performance and their heterogeneous characteristics, and examines the mediating effect of R&D investment.
The results show that the performance of TCM listed enterprises in China has a significant positive correlation with TCMRIPs. TCMRIPs play a positive role in TCM listed enterprises performance.
This study also indicates that R&D investment plays a mediating role in the effect of TCMRIPs on the performance of TCM listed enterprises in China, and the impact of policies on enterprise performance has a lag. The new version of the Drug Registration Administration Measures , the TCM registration classification , and the mechanisms they bring can promote the improvement of enterprise performance more effectively than the previous policies and mechanisms.
Introduction:
Traditional Chinese medicine (TCM), as a culmination of China’s millennia-old medical wisdom ( 1 ), transcends mere medical practice; it represents a cultural treasure and a strategic asset that supports the nation’s autonomy in health and medical security ( 2 ). Its holistic approach to health, “emphasizing the balance of the human body and harmony with nature,” provides distinctive solutions to contemporary health challenges, including chronic disease management and preventive healthcare ( 3 ). In an age where…
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