Research On Financing Efficiency And The Influencing Factors Of Bioengineering And Pharmaceutical Industry In China

In November 2016,the State Council issued the "13th Five-Year" national strategic emerging industry development planning",which states in the plan that in the 13 th Five-year period,strategic emerging industries should be placed in a more prominent position in economic and social development,Vigorously build a new system of modern industry,promote sustained and healthy economic and social development.As the biopharmaceutical industry is a technology-intensive and capital-intensive industry,it requires a large amount of capital investment in the development stage and has a long investment cycle and a slow return.As a result,the industry is facing difficulties in financing and financing inefficient.Therefore,it is of great practical significance to study the financing efficiency of bio-pharmaceutical enterprises and analyze the influencing factors that affect the financing efficiency of the industry to promote the healthy development of the industry.Based on the expatiation of relevant theories,this paper analyzes the development of biomedical industry in China.Taking biopharmaceutical industry companies as the research object,using the fourstage DEA method to finance listed companies in China's biopharmaceutical industry Efficiency of the biomedical industry,and the Malmquist index method was used to analyze the dynamic changes of the financing efficiency of listed companies in China's biopharmaceutical industry.Then,the influencing factors of the financing efficiency of biomedical industry in China were further analyzed,and the value of the financing efficiency was interpreted Taking environmental factors as explanatory variables,Tobit's cross-sectional regression was used to analyze the variables.Some policy suggestions were made according to the regression results.On the whole,the financing efficiency of China's bio-pharmaceutical industry has great room for improvement.Moreover,the macro-environment and micro-environment affect the financing efficiency of enterprises in varying degrees.In view of this,in reality,our country should focus on the issue,to further optimize the financing environment and broaden the channels and channels for the financing of the biomedical industry;while all enterprises should integrate the necessary funds at a reasonable cost,Of the ability to use,in order to enhance the overall level of China's biomedical industry financing efficiency,and promote the healthy and rapid development of biomedical industry.