................................................................................ 35Р6.4 Limitations and outlook ................................................................................. 36 РReferences ................................................................................................................... 37 РAppendix 1: The Panel data of 106 listed companies in China's pharmaceutical Рindustry ..................................................................................................................... 42 РResearch achievements …………………………..………………………………..48 РAcknowledgment …………………………………………………………………49 РPersonal profiles……………………………………………………………………50 РLetter of commitment………………………………………………………………51 РAuthorization statement...………………………………………….......................52