Abstract
This study, focusing on the high-quality development of traditional Chinese medicine (TCM) enterprises, examines A-share listed TCM companies from 2018 to 2022. It uncovers that operational performance positively influences total factor productivity, with R&D expenses exerting a negative intermediary effect. This impact is more pronounced in smaller firms. Enhancing operational performance is thereby crucial for the successful transformation and high-quality growth of TCM enterprises.
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