A Study On The Effect Of Industrial Policy On The Investment Behavior Of Medicine Industry

With the development of the national economy,the problems of population aging and health are increasingly prominent,therefore,the development foreground of medicine industry in our country is huge;however,owing to its starting late and weak foundation of technique,there is still a huge gap compared with the medicine industry in Euramerican developed countries.Since the Tenth Five-Year Plan,the medicine industry has entered into the industrial planning in our country for 4 times.As the strategic supporting industry in our country,the policy formulation and implementation for the medicine industry determines its development speed and quality.The investment decision is one of the most important decisions for enterprises,which plays key roles for the corporate operation and development.For the medicine industry has the characteristic of high risk,the investment decision on it may influence the future 5-10 years' development for enterprises.The investment amount in the medicine industry is too huge to rely on the internal capitals to maintain the project development,which determines that it need to rely on external force.The external strategy and internal development demand in the medicine industry commonly determine that the industrial decision will affect the investment behavior on the industry.In reality,the enterprise adjusts the investment behavior based on the external development situation,its own development strategy and resources to affect the output.Therefore,the paper tries to understand the influence of industrial policy on the investment scale and efficiency of the industry;at the same time,on the purpose of checking the emerging tendentiousness problem in the implementation process of the industrial policy,the paper tries to know the influence of industrial policy on the investment orientation of the industry.The medicine industry,as the representative of the high and new technology industry,its research capability has been highly concerned.Does the industrial policy enhance the investment of intangible assets on the industry?The paper summarizes and analyzes the related literatures on the industrial policy and investment theory,and then divides the corporate investment behavior into 3 parts including investment scale,investment orientation and investment efficiency and divides the methods of industrial policy into fiscal support and financial support,deeply analyzes the influence of industrial policy on the investment behavior,objectivelyevaluates the implementation effects of the industrial policy and gives related suggestions.Based on theoretical analysis,the paper takes the listed enterprises in the medicine industry as research object to research the effect of industrial policy on the investment scale,investment orientation and investment efficiency during the period from 2007 to2015 by the method of regression analysis,and then concludes that:(1)The equity financing support and fiscal support of the industrial policy play positive effects on the growth of investment scale in medicine industry;(2)In investment orientation,the industrial policy has preference in fixed assets investment,its equity financing support and fiscal support have positive effects on the investment of intangible assets instead of the debt support;(3)The investment on the industry is insufficient as a whole from the perspective of investment efficiency;The equity financing support and fiscal support in the industrial policy have positive effects on the inefficient investment;The industrial policy doesn't play a positive role on relieving the insufficient investment in the industry.Based on the above research conclusions,the author gives related suggestions on the investment behavior and related industrial policy in the medicine industry:(1)The government should pay attention to the research and innovation and enlarge the investment in the formulation and implementation process of industrial policy;(2)The medical enterprises should focus on the investment structure management to avoid being shortsighted in order to improve the conversion rate of research results.In conclusion,the joint efforts of the government and the enterprise will really improve the sustainable development of the medicine industry in our country.