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Background <p>Innovation in the pharmaceutical industry relies on sustained R&amp;D investment, but the high-input, long-cycle, and high-risk characteristics of R&amp;D activities often create financing constraints for enterprises. How to effectively incentivize enterprises to increase R&amp;D investment through fiscal and tax policies is a focus of attention for both the government and academia.</p> Methods <p>Based on the panel data of 57 pharmaceutical companies from 2016 to 2024, this study employs a benchmark regression model to investigate the impact of government tax refunds on pharmaceutical companies’ R&amp;D investment, and conducts empirical analysis using semi-parametric estimation.</p> Results <p>When LTr &lt; 15, the partial derivative graph of tax refunds on R&amp;D investment generally exhibits a horizontal trend. When 15 ≤ LTr, it shows a linear growth trend. For companies with innovative drugs, there is a “W”-shaped fluctuation trend between tax refunds and R&amp;D investment, while for companies without innovative drugs, the impact of tax refunds on pharmaceutical companies’ R&amp;D investment exhibits a “U”-shaped fluctuation trend.</p> Conclusions <p>There is a certain optimal range for the promotional effect of tax refunds on pharmaceutical companies’ R&amp;D investment. Compared with companies without innovative drugs, companies with innovative drugs are more sensitive to tax refunds on R&amp;D investment.</p>

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Research on the incentive effect of government tax refunds on R&D investment of pharmaceutical enterprises

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月2日

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  • Qing Xu,
  • Yajing Wang,
  • Shuyong Fu,
  • Guangwei Fan

摘要

Background

Innovation in the pharmaceutical industry relies on sustained R&D investment, but the high-input, long-cycle, and high-risk characteristics of R&D activities often create financing constraints for enterprises. How to effectively incentivize enterprises to increase R&D investment through fiscal and tax policies is a focus of attention for both the government and academia.

Methods

Based on the panel data of 57 pharmaceutical companies from 2016 to 2024, this study employs a benchmark regression model to investigate the impact of government tax refunds on pharmaceutical companies’ R&D investment, and conducts empirical analysis using semi-parametric estimation.

Results

When LTr < 15, the partial derivative graph of tax refunds on R&D investment generally exhibits a horizontal trend. When 15 ≤ LTr, it shows a linear growth trend. For companies with innovative drugs, there is a “W”-shaped fluctuation trend between tax refunds and R&D investment, while for companies without innovative drugs, the impact of tax refunds on pharmaceutical companies’ R&D investment exhibits a “U”-shaped fluctuation trend.

Conclusions

There is a certain optimal range for the promotional effect of tax refunds on pharmaceutical companies’ R&D investment. Compared with companies without innovative drugs, companies with innovative drugs are more sensitive to tax refunds on R&D investment.