| In recent years,China's economic situation has continued to improve,the quality of people's life has been improving,and the development momentum of enterprises has been good.China's enterprises gradually shift from cost driven to technology driven,trying to drive the overall development of enterprises and economy with science and technology.The core of science and technology lies in R&D and innovation.President Xi pointed out that innovation is the first driving force for development and the strategic support for building a modern economic system.We must strengthen the building of the national innovation system and strengthen technological forces.Pharmaceutical industry is an important industry which directly related to the national economy,and it effects people's livelihood.China's pharmaceutical industry has been developed rapidly after the 1980 s,and it used to be the fastest growing industry in the national economy.Its sales revenue has reached 2.6 trillion yuan in 2019,and it becomes the mainstay of China's stable economic growth.With the continuous improvement of people's attention to their own health and the gradual expansion of the demand for pharmaceutical products,the status of Chinese pharmaceutical industry is gradually increasing.The arrival of the aging population has put forward higher requirements for the pharmaceutical industry and its products.Some emergencies and public events happened all around the world,such as trade war and COVID-19 epidemic,have brought new things to Chinese pharmaceutical industry.In the development of China's pharmaceutical industry,there are problems such as overcapacity of low-quality products and serious homogenization of products.In the next 20 years,Chinese pharmaceutical industry would be further expanded.It is imperative to increase R&D investment,increase scientific and technological content and encourage innovation in the pharmaceutical industry.To promote R&D innovation,Chinese government has formulated a series of tax preferential policies.Income tax preferential policy is the most effective tool,and it is worth our further study and discussion.Based on the externality theory,endogenous economic growth theory and related literature,this paper expounds that the positive externality,risk and uncertainty of the pharmaceutical industry will lead to market failure,which needs the support of relevant policies issued by the state.Secondly,this paper combs the preferential tax policies taken by Chinese pharmaceutical enterprises,and analyzes the shortcomings of the current preferential income tax policies.In the part of empirical research,this paper uses descriptive statistics to explain the number of enterprises enjoying tax preference and the intensity of R&D in China's pharmaceutical industry.Although it fluctuated during the research period,the overall trend is still gradually rising.Based on the financial data of 151 Chinese pharmaceutical companies,this paper uses the method of propensity score matching to test the preferential policies of income tax.The incentive effect of policy on R&D investment of pharmaceutical enterprises is found that the preferential income tax policy usually has significant incentive effect on R&D of pharmaceutical enterprises.But in some years,this incentive effect is not particularly significant.This incentive effect is different for enterprises of different natures,and the incentive effect on private enterprises is greater than that of non-private enterprises.Based on the experience of advanced foreign countries,combined with the empirical results of PSM,this paper come out with four policy recommendations:(1)Increase tax incentives,expand the scale of beneficiary enterprises.(2)Enrich the tax preferential links and establish a long-term incentive mechanism.(3)Pay attention to the cultivation of scientific and technological personnel and strengthen tax incentive policies.(4)Clarify the implementation rules of the policy and promote the evaluation of R&D effect. |
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