Study On The Impact Of Industrial Policy On The Investment Efficiency Of Pharmaceutical Manufacturing Enterprises

In terms of the speed of development of the pharmaceutical industry,it is also the first in the world.Therefore,we call the pharmaceutical industry "sunrise industry never declining",also known as the "evergreen tree" of the industry.According to the industry's forecast,the scale of China's pharmaceutical market will exceed 450 billion yuan by 2023.With the continuous development of society,the problem of population aging in China has gradually emerged,leading to the pharmaceutical industry occupying a pivotal position in the whole consumer market.However,there is still a big gap between China's medical equipment industry and developed countries,and the mature pharmaceutical industry of developed countries in Europe and the United States.Compared with China,it is difficult for China to occupy a place in the international market.Facing the huge market and huge profits,governments of all countries have formulated a series of laws and regulations to promote the construction of drug supply guarantee,hoping to effectively promote the economic development of the pharmaceutical industry and occupy the international market.Industrial policy is formulated entirely by the state.It is a series of economic policies issued by the state to promote industrial development.It is also the main way for the government to intervene in the national economy.At present,China is one of the countries that use industrial policies more in the world.The state promotes the development of the pharmaceutical industry by intervening in the industry.For different industries,the government often adopts different industrial policies.This paper takes the pharmaceutical industry as the research object,combines the literature of the impact of national industrial policy on the investment efficiency of enterprises,and combines the method of case study and empirical study to study and analyze the data of Listed Companies in China's pharmaceutical industry,explore the transmission mechanism of industrial policy,and further explore the impact on the investment efficiency of the pharmaceutical industry.Therefore,enterprises can formulate their own R&D and investment activities according to the transmission mechanism of macro environment.Based on the previous research and theoretical analysis,this paper further analyses the impact of industrial policy on enterprise behavior and investment efficiency,and objectively evaluates the implementation effect of relevant policies in China's pharmaceutical industry in recent years.From the industrial macro-data,it is concluded that the pharmaceutical industry continues to expand under the promotion of good policies,which seems to be suspicious of "over-investment".On the basis of theoretical analysis,this paper takes the panel data of pharmaceutical listed companies in Shanghai and Shenzhen Stock Exchanges for six years as a sample,and studies the impact of the annual intensive industry support policy on the investment scale and efficiency of photovoltaic enterprises in China through the event study method.It draws the following conclusions: First,the favorable industrial policy will stimulate the further expansion of the investment scale of pharmaceutical industry in China,so as to promote the development of enterprises.In general,there is no over-investment in the pharmaceutical industry,which is mainly caused by the longer window period of industrial policy and the characteristics of the pharmaceutical industry itself.Secondly,financial subsidies can significantly reduce the efficiency of investment of enterprises,mainly because financial subsidies belong to ex ante subsidies,alleviating the capital gap of enterprises at the same time.It improves the opportunism of managers;tax preferences can significantly improve the investment efficiency of enterprises again,mainly because of the location factors in East China,which enable them to obtain more tax preferences,and at the same time,the policy can correctly guide the capital flow of enterprises;finally,there are significant differences between the two policies on the impact of enterprise investment efficiency,mainly due to the differences between different policies.Fixed.In this article,we should deal with the following questions:(1)First of all,we should clarify the transmission mechanism of industrial policy on the efficiency of enterprise investment.(2)Point out the reasonable basis of the hypothesis and the problems to be solved.(3)Rational basis and construction plan of model construction.The main difficulties of this study are as follows: the definition and data collection of sample enterprises,the screening and reconstruction of existing models,the rationality and validity of theoretical assumptions,and the test and analysis of empirical results.The article mainly includes six parts,the first chapter is the introduction.The second chapter is about the basic theory.The third chapter is the analysis of investment status of pharmaceutical manufacturing enterprises in East China.The fourth chapter is the research design.The fifth chapter is the empirical results and analysis.Chapter 6 is the conclusion and Prospect of this paper.