Innovative productivity and returns to scale in the pharmaceutical industry
研究发现制药企业研发支出越高，规模报酬递减越明显，提示行业并购潮可能不会带来预期的创新生产率提升。
Abstract This study shows that firms in the pharmaceutical industry experience decreasing returns to scale in R & D as the level of R & D expenditures rises. The paper presents the results of our study of the innovative output of 16 pharmaceutical firms over a 19 year period. Given the strong correlation between R & D budgets and firm size, our study suggests the wave of mergers in the industry may yield less innovative productivity than managers expect.