Abstract After the 1980's the first joint venture pharmaceutical company was set up in China and since then, foreign capital has flourished in the past 30 years to become one of the important forces in China's pharmaceutical market and a new growth point in economic development. The investment modes of foreign capital transformed from drug sale to building products bases and R&D centers. Another change regards China's foreign direct investment policy: the preferential treatment of foreign investment will be cancelled. Foreign companies will have to face the same investment policy national companies face. The aim of this research is to review the investment course of foreign capital in China's pharmaceutical industry and analyze the effect of FDI policies. It will also give advice about the absorption and utilization of foreign capital in China. By describing the development of foreign capital in China's pharmaceutical industry, the evolution of China's FDI policy, a case study and analysis of the effect of FDI policy, this research will try to provide a reference for making government policy and foreign-funded pharmaceutical enterprises' development strategies in a future time. Four chapters are included. Chapter one mainly summarizes three stages in the development of foreign capital. From 1978 to 1991, the first group of joint venture pharmaceutical companies established in China, and then they expand their investment in the second stage 1992-2000. After year 2000 the investment of foreign capital is still keeping growing in China's pharmaceutical industry. Primary investors are located in Hong Kong, Taiwan and overseas Chinese, but when multinational corporations invested in China during the 1990's, capital from Europe and America increased fast. And the investment styles changed at the same time. Chapter two covers the evolution model of China's FDI policy. This chapter presents the relation between FDI regional policy, FDI industrial policy, FDI technology policy and utilization of foreign capital in the pharmaceutical industry. It also discusses how these polices deal with pharmaceutical industry. In chapter three I chose Xian-Janssen Pharmaceutical Ltd. Company invested by Johnson & Johnson as my case study. It is one of the first joint venture companies in China, and representative. Considering the problems that come with foreign investment, I give some suggestions for the FDI policy of the pharmaceutical industry in chapter four. Key words Foreign Direct Investment Pharmaceutical Industry Investment Policy

摘要 从八十年代中国出现第一家合资医药企业开始,三十年来外资在中国制药行业 蓬勃发展,成为中国医药经济一个新的增长点和医药行业发展的重要力量。而外资 的投资方式已经由单纯销售药品到设立生产基地,再到研发、生产、销售、采购的 整体转移,外商在中国制药行业的投资呈现出新的动向。同时,中国长期的外资优 惠政策已经逐渐转向为内、外资政策趋于一致。本文旨在回顾中国制药行业的外商 投资历程,分析中国外商直接投资(Foreign Direct Investment, FDI)政策对制药行 业利用外资的影响,并提出了对制药行业吸收和利用外商投资的政策建议。 通过对中国制药行业的外商投资历程、中国的FDI 政策进行回顾,以及对案例 进行研究,分析在不同的FDI 政策对制药行业利用外资的影响,为今后的外资政策 制定提供参考,同时也可以为外资制药企业制定在中国的发展策略提供一定的帮助。 本文的研究方法包括:信息检索与文献收集,对外资在中国的投资数据及所涉及到 的政策法规进行信息检索、收集,并对相关的研究文献进行整理、分析;比较分析, 对不同时期制药行业利用外资的具体政策进行比较;案例研究,选择具有代表性的 合资制药企业进行研究。 论文主要由四个部分构成。第一部分主要对外商在中国制药行业的发展历程进 行回顾,可以分为三个阶段:1978-1991 年的起步发展阶段,中国首批合资医药企 业成立;1992-2000年的扩大发展阶段,外资在中国制药行业投资规模扩大;2000 年以后的持续发展阶段,外资在中国制药行业继续增长。从中国制药行业外资的来 源结构来看,制药行业在引进外资的初期以港澳台和海外华人资本为主,九十年代 随着跨国制药公司纷纷将注意力转向中国,欧美资本开始呈上升趋势。而外资在中 国制药行业的投资方式也呈现出从新建到并购,从合资到独资,从单个项目到产业 链,从生产投资到研发投资的一系列变化。 第二部分主要从中国的外商直接投资政策入手,分析了制药行业的相关外资政 策。首先是对中国的FDI政策的发展进行回顾,并着重阐述了与制药行业密切相关 111 澳门大学硕士学位论文 的FDI 区域政策、产业政策与科技政策的演变,然后对他们的演进模式进行了总结, 并在此基础上具体分析了中国制药行业利用外资所涉及到的政策。 第三部分选择了较早进入中国并具有代表性的中外合资制药企业西安杨森制药 有限公司作为案例研究的对象,介绍了其在中国投资建的经历和发展现状。 通过上面的研究,可以发现外资的进入在给中国制药行业带来资金和技术的同 时也存在着一些问题,而中国利用外资的政策仍有尚需完善的地方。因此,在论文 的第四部分中提出了对中国制药行业吸收和利用外资的一些政策建议。 关键词 外商直接投资 制药行业 外资政策