Abstract
In this paper, we use the four stage DEA method to measure and evaluate the financing efficiency of China's biopharmaceutical industry. Besides that, we analyze the dynamic change trend by using Malmquist index. The research shows that the financing efficiency of China's biomedicine industry has failed to achieve its effectiveness generally. There are much room to improve. And the macro environment and micro environment all affect its financing efficiency in varying degrees. We suggest that government should provide a better financing ecological environment and widening financing channels. At the same time, enterprises themselves should also improve their ability of finds using, in order to improve the total financing efficiency of China's biopharmaceutical industry and make the industry develop more quickly.
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