上海自贸区设立对医药行业市场影响的实证研究
发布时间：2018-08-26 10:45
【摘要】：衡量政府的经济政策对一个行业的影响向来是经济学也是管理学里的重要课题。医药改革是当前社会的民生热点问题也是重点问题,而医药行业是世界上公认的最具发展前景、也是世界上贸易增长最快的国际化高技术产业之一。在人口预期寿命增长、医保政策调整、科技进步和国家战略定位的推动下,医药产业的规模迅速扩大,其增长速度远高于同期全球经济增长速度,已经成为全球支柱产业。医药行业作为非周期性行业,与宏观经济周期的相关性不高,行业自身具有较强的抗周期性,但受行业政策以及一些突发事件的影响,行业整体的政策风险较大。可见,医药行业的特殊性对于研究政策效果具有重要意义。2013年8月22日,商务部正式通报：国务院正式批准设立中国(上海)自由贸易试验区,该自贸区围绕国际经济、金融、贸易、航运四个中心战略任务,并提出试点设立外资专业健康医疗保险机构并允许设立外商独资医疗机构,这是中国医药改革政策的一个重大转变。除此之外,上海自由贸易试验区为外商投资企业和民营企业提供更便利和更优惠的物流、税收和进出口条件,不可避免地对医药行业的相关产品和行业发展带来深远的间接影响。因此,本文拟采用事件研究法,以2013年中国内地医药行业上市公司的股票价格为研究对象,研究上海自由贸易区的设立对医药行业与资本市场总体之间、以及医药行业各子行业资本市场之间的股票价格的影响以及形成原因,并分别进行对比和分析,以此为依据了解当前重大政策事件对医药行业这一具有一定特殊性质的行业是否有效地影响,影响程度和时间跨度有多大。同时,本文还分析了这一政策对医药行业各子市场的影响及影响的显著程度。研究结果表明,上海自贸区建立这一政策的发布事件对医药行业的股票价格有所影响,而且对不同子行业的影响程度不一致,但是没有发现显著的短期“政策市”效应。
[Abstract]:Measuring the impact of government economic policies on an industry has always been an important issue in economics and management. Pharmaceutical reform is a hot issue of the people's livelihood and a key issue in the current society, and the pharmaceutical industry is recognized as the world's most promising development, and also one of the fastest growing international high-tech industries in the world. Driven by the growth of population life expectancy, the adjustment of health care policy, the progress of science and technology and the national strategic orientation, the scale of the pharmaceutical industry has expanded rapidly, and its growth rate is far higher than that of the global economy in the same period, and has become a global pillar industry. As a non-cyclical industry, pharmaceutical industry is not highly correlated with the macroeconomic cycle, the industry itself has a strong anti-cyclical, but by the impact of industry policies and some unexpected events, the overall policy risk of the industry is greater. It can be seen that the particularity of the pharmaceutical industry is of great significance to the study of the effectiveness of the policy. On August 22, 2013, the Ministry of Commerce officially announced that the State Council has formally approved the establishment of the China (Shanghai) Free Trade pilot Zone, which revolves around international economy and finance. The strategic tasks of the four centers of trade and shipping and the establishment of foreign-funded specialized health insurance institutions on a pilot basis and the establishment of wholly foreign-owned medical institutions are proposed, which is a major change in China's medical reform policy. In addition, the Shanghai Free Trade pilot Zone provides more convenient and preferential logistics, taxation, import and export conditions for foreign-invested enterprises and private enterprises. Inevitably, the development of related products and industries in the pharmaceutical industry will have a profound indirect impact. Therefore, this paper intends to study the relationship between the establishment of Shanghai Free Trade area and the overall relationship between the pharmaceutical industry and the capital market, taking the stock prices of listed companies in the pharmaceutical industry in the mainland of China in 2013 as the research object. As well as the influence of the stock price among the capital markets of various sub-industries of the pharmaceutical industry and the reasons for its formation, and the comparison and analysis are carried out respectively. Based on this, we can understand whether the current major policy events have an effective impact on the pharmaceutical industry, which has a certain special nature, and how much the influence degree and time span are. At the same time, this paper also analyzes the influence and significance of this policy on the sub-markets of pharmaceutical industry. The results show that the issue of the establishment of this policy in Shanghai Free Trade Zone has an impact on the stock price of the pharmaceutical industry, and the impact on different sub-industries is not consistent, but no significant short-term "policy market" effect has been found.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F752.8
本文编号：2204629
[Abstract]:Measuring the impact of government economic policies on an industry has always been an important issue in economics and management. Pharmaceutical reform is a hot issue of the people's livelihood and a key issue in the current society, and the pharmaceutical industry is recognized as the world's most promising development, and also one of the fastest growing international high-tech industries in the world. Driven by the growth of population life expectancy, the adjustment of health care policy, the progress of science and technology and the national strategic orientation, the scale of the pharmaceutical industry has expanded rapidly, and its growth rate is far higher than that of the global economy in the same period, and has become a global pillar industry. As a non-cyclical industry, pharmaceutical industry is not highly correlated with the macroeconomic cycle, the industry itself has a strong anti-cyclical, but by the impact of industry policies and some unexpected events, the overall policy risk of the industry is greater. It can be seen that the particularity of the pharmaceutical industry is of great significance to the study of the effectiveness of the policy. On August 22, 2013, the Ministry of Commerce officially announced that the State Council has formally approved the establishment of the China (Shanghai) Free Trade pilot Zone, which revolves around international economy and finance. The strategic tasks of the four centers of trade and shipping and the establishment of foreign-funded specialized health insurance institutions on a pilot basis and the establishment of wholly foreign-owned medical institutions are proposed, which is a major change in China's medical reform policy. In addition, the Shanghai Free Trade pilot Zone provides more convenient and preferential logistics, taxation, import and export conditions for foreign-invested enterprises and private enterprises. Inevitably, the development of related products and industries in the pharmaceutical industry will have a profound indirect impact. Therefore, this paper intends to study the relationship between the establishment of Shanghai Free Trade area and the overall relationship between the pharmaceutical industry and the capital market, taking the stock prices of listed companies in the pharmaceutical industry in the mainland of China in 2013 as the research object. As well as the influence of the stock price among the capital markets of various sub-industries of the pharmaceutical industry and the reasons for its formation, and the comparison and analysis are carried out respectively. Based on this, we can understand whether the current major policy events have an effective impact on the pharmaceutical industry, which has a certain special nature, and how much the influence degree and time span are. At the same time, this paper also analyzes the influence and significance of this policy on the sub-markets of pharmaceutical industry. The results show that the issue of the establishment of this policy in Shanghai Free Trade Zone has an impact on the stock price of the pharmaceutical industry, and the impact on different sub-industries is not consistent, but no significant short-term "policy market" effect has been found.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F752.8
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