“学术午餐会”是创新发展学院面向青年教师搭建的学术交流平台，旨在促进学术交流、激发科研灵感、碰撞思想火花、拓展学术朋友圈。每次午餐会由一位主讲嘉宾分享相关研究的选题过程、领域概况、研究方法和创新性结论等。在汇报分享过程中，主讲嘉宾和与会师生可同时享用学院提供的美味午餐，并展开深度交流。本期“学术午餐会”由创新发展学院人力资本与劳动经济研究中心长聘副教授尹妮娜担任主讲嘉宾。

尹妮娜，中央财经大学创新发展学院人力资本中心长聘副教授，研究领域为健康经济学、实证产业组织、创新和知识产权、数字经济与反垄断。她从法国图卢兹经济学院获经济学博士学位，并曾在美国杜兰大学从事健康经济学博士后研究。研究成果发表于Health Economics, American Journal of Health Economics, International Journal of Industrial Organization, Economics Letters, 等国际学术期刊。她是中国卫生经济学会卫生经济理论与政策专委会委员，曾兼任The Brattle Group和Global Economics Group（全球经济咨询集团）资深管理经济学家，曾获International Journal of Industrial Organization “Best Empirical Paper 2023”奖，第七届中国健康经济学论坛优秀论文。

分享主题

Unlocking the Hidden Pharmaceutical Financing: Resilient R&D Investment and Malleable Selling Expenses

摘要

It has long been well recognized that when firms experience a negative shock, their R&D investment would decrease. However, this paper reveals that R&D investment is more resilient than one would expect when facing revenue losses and market value declines, because firms can optimize their cost structures. Using China's centralized drug procurement as an exogenous shock, it undermines pharmaceutical firms' revenue and stock market performance. However, despite the well-believed concern that such price. control policies can hinder long-term benefits by restraining firms’ R&D investment, we find an increase in firms' R&D intensity. We uncover that this is due to the adjustments in firms’operational cost structures, particularly a 22.5% reduction in selling expenses. We exclude other alternative channels, such as bond issuance and bank borrowing. Our findings suggest that, through cost reallocation, firms can buffer R&Dspending from capital market shocks, challenging conventional views on the primacy of financial constraints in innovation funding.

时间

2025年4月15日（星期二）12：00-13：30

地点

学术会堂712

活动对象

创新发展学院教师、博士研究生

报名方式

请有意愿参加的师生4月15日9:00前扫码报名

撰稿：尹妮娜、宫振宇

审稿：袁淳

编辑：沈嘉怡

审核：王颖