ORIGINAL RESEARCH article
Front. Public Health
Sec. Public Health Policy
Research on the impact of Traditional Chinese Medicine Registration Innovation-Oriented Policies and enterprises performance: An Empirical Analysis Based on Listed enterprises in China
Provisionally accepted
- 1The Second People’s Hospital of Huizhou, Huizhou, Guangdong, China
- 2School of Pharmacy, Liaoning University of Traditional Chinese Medicine, Da Lian, China
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Objective: 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. Methods: 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. Results: 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. Conclusions: 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.
Keywords: Medicine, Chinese traditional, Herbal Medicine, Phytotherapy, Policy Making, Health Care Reform
Received: 15 Jul 2025; Accepted: 14 Nov 2025.
Copyright: © 2025 Lv, Lu, Xie, Sun and Liu. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence:
Kaidi Lu, 691268484@qq.com
Ming Xie, x6m6@163.com
Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.