政府税费返还、医药企业研发投入与市场绩效OA

Objective To investigate the relationship among government tax refunds,R&D investment of pharmaceutical enter-prises,and corporate market performance,and provide a basis for the Chinese government to formulate and optimize innovation in-centive policies.Methods Based on panel data from 57 listed pharmaceutical companies from 2016 to 2024,an empirical analysis was conducted using a panel data simultaneous equations model.Results Although R&D investment and government tax refunds have a bidirectional promoting effect,the promoting effect of government tax refunds on R&D investment is significantly weaker than that of R&D investment on government tax refunds.Compared to the group included in the medical insurance directory(0.205),the pro-moting effect of government tax refunds on R&D investment was greater in the group not included in the medical insurance directory(0.494).Compared to the group not included in the medical insurance directory(0.06),the promoting effect of domestic pharma-ceutical enterprises'R&D investment on market performance was stronger in the group included in the medical insurance directory(0.134).Conclusion Establish government tax refunds policies linked to R&D investment is more conducive to increasing R&D in-vestment in domestic pharmaceutical enterprises.From an incentive perspective,domestic pharmaceutical enterprises not included in the medical insurance directory may require more targeted incentives to effectively promote their R&D activities.