Research On The Efficiency Of Financial Support For Technological Innovation In Pharmaceutical Manufacturing And Its Influencing Factor

For technological innovation of pharmaceutical manufacturing industry,financial market is an important external financing channel with government funds play a key guiding role in the early stage of industrial development.The amount and utilization efficiency of capital supply affect the innovation level of pharmaceutical manufacturing industry.Then,have the innovative funds from the capital market,banking financial institutions,government and other departments maximized the utilization efficiency in China’s pharmaceutical manufacturing industry? What are the effects of environmental factors affecting the efficiency of capital allocation? To this end,this paper measures the financial support efficiency of technological innovation in pharmaceutical manufacturing industry,and makes a regression analysis on the environmental factors affecting efficiency,in order to draw a conclusion.This paper follows the idea of "reality introduction-theory introduction-condition description-efficiency measurement-regression analysis-conclusion and suggestion".Firstly,this paper defines financial support and other concepts,expounds the relevant theories of financial support for technological innovation,and combs the action mechanism;by using the data from 2010 to 2020,this paper analyzes the current situation in the form of charts.Secondly,this paper calculates the static and dynamic financial support efficiency of pharmaceutical manufacturing technology innovation at the overall level,subregions and provinces,analyzes the results,and seeks out the possible causes for the differences through index decomposition by using DEA-BCC and DEA-Malmquist index.Thirdly,taking the calculated financial support efficiency value as the dependent variable,select the influencing factors from the perspective of financial environment and industrial environment to build Tobit regression model for analyzing the action direction and intensity of influencing factors,and passing the robustness test to ensure the reliability of the research conclusion.Finally,raising targeted suggestions for government,financial market and enterprises.The results show that:(1)during the sample period,the innovation ability of China’s pharmaceutical manufacturing industry has improved.The number of invention patent applications,new product sales revenue and the number of R&D personnel have increased with the growth trends are similar.Capital market is the main source of innovation funds with loans from financial institutions and government funds respectively play a complementary and guiding role.(2)From the perspective of static efficiency,the financial support efficiency of technological innovation in national pharmaceutical manufacturing industry in 2020 is0.816,and there is still room for improvement.The change trend of pure technical efficiency is similar to that of financial support efficiency;Scale efficiency is the crux for the difference of financial support efficiency in time and space.The efficiency of the central,Western and northeast regions is basically maintained in an effective state,especially in Inner Mongolia,Hubei,Guizhou,Heilongjiang and other places;The financial support efficiency of pharmaceutical manufacturing technological innovation in the eastern region is declining due to the constraints of scale efficiency,and the excessive agglomeration of financial resources leads to the weakening of the output capacity of innovation funds.(3)From the perspective of dynamic efficiency,the efficiency has not been promoted during the research period,and the progress of technology has not offset the negative impact of the deterioration of financial technical efficiency,for the change of pure technical efficiency is the main account.(4)The expenditure of R&D institutions and new product development funds at the industrial level have a negative impact on the efficiency of financial support.The scope and the efficiency of financial industry,the number of R&D institutions,the number of new product development and industrial operation have a positive impact on the efficiency of financial support,and the results are stable.Therefore,starting from the conclusion,we proposed relevant suggestions from the perspective of government,financial market and enterprises.