Investment And Efficiency Of Technological Innovation In Parmaceutical Manufacturing Industry Under Tax Preferential Policy

Objective: This paper takes the panel data of Chinese pharmaceutical listed enterprises during 2012-2020,analyzes the changes law of investment of technological innovation and efficiency of technological innovation in pharmaceutical manufacturing industry under the impact of tax preferential policy,and provides a scientific decision-making basis for promoting substantial technological innovation of pharmaceutical manufacturing industry.Methods: This paper adopts methods of expert consulting and literature research,selects causal effects of tax preferential policy and technological innovation efficiency evaluation indicators,constructing regression discontinuity model and DEA-SBM model;the software of Stata is used to analyze the effect of tax preferential policy on investment of technological innovation in pharmaceutical manufacturing industry,the software of Max DEA is used to measure efficiency of technological innovation in pharmaceutical manufacturing industry.Results of study:(1)In terms of investment technological innovation:the policy effect coefficient of tax preferential policy on investment of technological innovation in pharmaceutical manufacturing industry is0.358(P < 0.001),the effect coefficient of investment of technological innovation on profitability is-0.704,and the effect coefficient of profitability on investment of technological innovation is-0.025;the policy effect coefficients of tax preferential policy on investment of technological innovation in pharmaceutical manufacturing industry in the eastern region,central region and western region are 0.473,0.118 and 0.236 respectively(P< 0.001);the policy effect coefficients of tax preferential policy on investment of technological innovation of large-scale and small-and medium-scale pharmaceutical manufacturing industry are 0.453 and 0.369respectively(P < 0.001).(2)In terms of efficiency of technological innovation: under the impact of tax preferential policy,the overall comprehensive efficiency of technical innovation in pharmaceutical manufacturing industry is generally low,the average overall comprehensive efficiency,pure technical efficiency and scale efficiency are0.623,0.677 and 0.951 respectively,from the perspective of different regions,the overall comprehensive efficiency is:the west region> east region>central region;there are 9 decision units with relatively effective DEA in pharmaceutical manufacturing industry,accounting for only 9.18%of the total,and there are 64 decision units are in a state of increasing returns to scale,and 34 decision units are in a state of diminishing returns to scale;the average improvement of R&D investment amount and R&D personnel investment are 53.87% and 60.45% respectively,and the average improvement of tax incentives is 30.35%,the improvement of tax incentives in the western region is smaller than that in the eastern region and central region;the average improvement of new products sales revenue,profits and invention patents granted are 21.04%,16.98% and 8.56%respectively.Conclusions and suggestions:(1)In terms of investment of technological innovation: the tax preferential policy has a positive incentive effect on investment of technological innovation in pharmaceutical manufacturing industry,but profitability is comprehensively affected by other factors,such as the policy of drug volume-based purchasing,the tax preferential policy has limited effect on profitability in the short term,and the low quality of technological innovation in most pharmaceutical enterprises;the policy has regional differences in the incentive impact on investment of technological innovation in pharmaceutical manufacturing industry;the incentive impact of the policy on the R&D investment of large-scale pharmaceutical manufacturing industry is better than that of small-and medium-scale one.(2)In terms of efficiency of technological innovation: low pure technical efficiency is a key factor which restricts the improvement of overall comprehensive efficiency,the efficiency of technological innovation in eastern region is at low level which is affected by the subjective reason of low technological management efficiency and the objective reason of delayed output of innovation achievements;the tax preferential policy has a significant positive incentive effect on the investment of technological innovation in pharmaceutical manufacturing industry,but the efficiency of technological innovation has not been improved simultaneously;the efficiency of enterprise’ investment is higher than that of the government,the aim of government’s investment is inconsistent with the aim of enterprises’ investment,and enterprises’ rent-seeking behavior are possible reasons why tax preferential policy has limited effect on improving the efficiency of technological innovation in pharmaceutical manufacturing industry;the new products sales revenue and profits have greater potential for improvement than the number of invention patents granted,which may be related to the fact that pharmaceutical manufacturing enterprises pursue the increase in the number of patents while ignoring the improvement in the quality of patents.In view of the above research conclusions,the following suggestions are put forward.First,it is recommended to refine and improve the tax preferential policy,expand the scope of tax preferential policy,and improve the tax preferential policy system guided by the policy of encouraging the efficiency of technological innovation.Second,it is recommended to effectively combine short-periodicity technology with long-periodicity technology so as to rationalize the technology ratio structure,focus on evaluating the research and development capabilities of funded objects and the feasibility of funded projects,strengthen the supervision of pharmaceutical companies on the use of government funds,and reduce the occurrence of corporate rent-seeking behavior.Third,adjust the policy for different regions,combined with the strong absorptive capacity of policies in the western region,increase tax incentives for the western region in the stage of technology research and development,government can offer preferential policies in welfare treatment,promotion of professional titles and other aspects in the stage of product commercialization.Fourth,focus on guiding policies to favor small-and medium-scale pharmaceutical manufacturing industry,take both inclusive and structural tax reductions for small-and medium-scale pharmaceutical manufacturing industry,and guide commercial banks and private capital to finance small-and medium-scale pharmaceutical manufacturing industry.Fifth,pay attention to the practical value of patent achievements,decouple social public resources from the number of patents,and improve the novelty requirements of tax preferential policy for achievements;improve the technological innovation ecological environment,and optimize the technological innovation quality evaluation system.Sixth,reasonably increase the profit margin of the pharmaceutical manufacturing industry,implement tax credits for pharmaceutical companies that have won the bid in centralized procurement and have low profitability;refine and improve the pharmaceutical patent linkage,and integrate the pharmaceutical patent compensation system and data protection system,so as to improve the investment and efficiency of technological innovation in pharmaceutical manufacturing industry.