The Research On Fiscal And Taxation Policy For Promoting The Development Of Bio-pharmaceutical Industry In China

With the China's economic development has entered a new norm,China's economic growth rate is getting slowdown.Therefore,changing the economic growth mode which relies heavily on labor-intensive industries is imminent.China has to promote the development of new industries represented by capital intensive industries and technology intensive industries.As one of the strategic emerging industries,bio-pharmaceutical industry has become the focus of industrial development with its market application prospect and development potential.However,bio-pharmaceutical industry development is also faced with challenges from the capital,innovation and industrialization.Given this situation,China's government departments at all levels have introduced the fiscal and taxation policies as the representative of the industrial policy to support the bio-pharmaceutical industry,and strive to promote the competitiveness of the bio-pharmaceutical industry in the shortest possible time.At present,there is a lack of systematic research on the fiscal and tax support policies and its impact on China's bio-pharmaceutical industry.Therefore,it is of great theoretical and practical significance to carry out a detailed study on the fiscal and taxation support policies and its effects on China's bio-pharmaceutical.Firstly,the paper analyzes the concept and characteristics of the fiscal and taxation policy and the bio-pharmaceutical industry.Then the research points out the necessity that government supports bio-pharmaceutical industry by fiscal and taxation policy,which based the external theory,the Keynes theory and the theory of industrial economics.And it also analyzes the mechanism of fiscal and taxation policies to promote the development of the bio-pharmaceutical industry.Next,this paper also systematically analyzes and sorts out the current status of China's bio-pharmaceutical industry and its fiscal and taxation support policies,and sums up the main problems of China's current fiscal and taxation support policy for bio-pharmaceutical industry.The article also makes a detailed comparison and introduction to the experience of the relevant countries in applying the fiscal and taxation policies to promote the development of the bio-pharmaceutical industry,and draws the enlightenment to the application of China's fiscal and taxation policy.In the empirical analysis section,the dissertation introduced CSMAR database of 70 bio-pharmaceutical industry listed companies financial data during 2007-2015.And it discusses the impact of fiscal and taxation support policies on R&D input,business performance and investment efficiency of bio-pharmaceutical enterprises in detail.Then,the study constructs panel regression model and carries out empirical analysis,the following results are obtain:(1)Government subsidy has a significant effect on the increase of R&D input,the improvement of total factor productivity and the alleviation of under investment,but the impact on the enterprises 'return on net assets and over investment is not significant;(2)The business tax rate has no significant effect on the R&D input,total factor productivity,return on net assets and investment efficiency of bio-pharmaceutical enterprises;(3)The actual income tax rate has a significant stimulating effect on the increase of the R&D input,the improvement of the enterprises 'return on net assets and the alleviation of under investment,but has no significant effect on the total factor productivity and the over investment of the enterprise.Finally,the dissertation puts forward some policy recommendations to perfect the fiscal and taxation policies to promote the development of bio-pharmaceutical industry according to the theoretical analysis and empirical analysis.