Research On The Impacts Of Fiscal And Tax Policies On The Value Of Biomedical Enterprises

The bio-pharmaceutical industry,as a strategic emerging industry supported by our country,has the characteristics of huge cost of products research and development,long research and development cycle,and low success rate.The successful research and development of a new innovative drug will need to go through the process of preclinical research,clinical development,obtaining regulatory approval and commercialization,and will depend on many other factors.Therefore,the research-oriented nature of the biopharmaceutical industry and the characteristics of innovation research and development occupying an important position make the normal operation of biopharmaceutical enterprises with great uncertainty and risks.The high-quality development of the biopharmaceutical industry is the result of the joint action of government,enterprises,capital and other industrial entities.In the increasingly competitive environment of industrial development,only if the continuously innovating the mechanism and system and upgrading the development model can the biopharmaceutical industry realize high quality and breakthrough development and can become a powerful source of power for China's economic development.In the development process of biomedical companies,the government also plays a very important role.Through fiscal subsidies and preferential taxation policies,the government can alleviate funding problems and provide innovation momentum for the development of biomedical companies,thereby promoting the sustainable growth of the biomedical industry and guiding the virtuous cycle of development of the biomedical industry.At present,innovation in the field of biomedicine is being driven by a small number of large enterprises and transformed into a large number of small and medium-sized innovative enterprises.A small number of large-scale biomedical enterprises and a large number of small and medium-sized biomedical enterprises jointly promote the upgrade and development of the biomedical industry.This article uses empirical research to quantitatively analyze the impact of biopharmaceutical fiscal and taxation policies on the development of listed biopharmaceutical companies.Moreover,based on this,puts forward relevant suggestions for the government to use fiscal and taxation policies to help the healthy upgrading of the biopharmaceutical industry.This article takes 68 Shanghai and Shenzhen stock market biomedical listed companies from 2013 to 2018 as a sample.Through empirical research on financial subsidies and tax incentives and the value of biomedical companies,it is found that financial subsidies and lagging tax incentives have a significant positive impact on the value of listed pharmaceutical companies.Among them,for each additional unit of financial subsidy for a listed biopharmaceutical company,the enterprise value will increase by 0.0967 units.For each unit of actual tax rate decrease in the previous period,the enterprise value of this period will increase by 1.7818 units.This is in line with the fact that fiscal policy responds quickly as an ex-ante incentive,while tax incentives have a better long-term effect as an ex-post incentive.Based on empirical research,this article proposes the use of two types of government subsidy policies: fiscal subsidies and tax incentives.It also proposes cooperation between biopharmaceutical companies and universities and research institutions to improve the effectiveness of biomedical fiscal and taxation policies.Evaluation system,to avoid the government's excessive intervention in biomedical companies,and to strengthen the self-construction of biomedical companies.