摘要
本文通过研究医疗器械行业的两类政策的市场效应来考察政策对行业的影响。采用事件研究法,发现2010年的产品警示类政策使上市公司的投资收益率平均下降8%以上,导致行业总市值下降28亿元;而2011年的"十二五"规划与2012年的下放审批权政策则将上市公司收益率平均提升4%,带来总市值20亿元左右的提升。实证结果表明,医疗器械行业上市公司的股价收益率对国家扶持政策的颁布、不良产品的警示等积极、消极事件均有显著反应,这表明了中国医疗器械行业的政策刺激效果明显。
This paper studies the market effects of two kinds of policies in medical device industry to examine policies＇ impact on the industry. This paper takes the method of Event Study, finding out that consumption alert on products caused a huge damage to listed com- panies, whose average of return fell by 8%, and the companies＇ market value decreased by 2. 8 biUion. However, the industrial sup- porting-policy and reasonable national planning made the companies＇ share price rise by 4% on average, which means the whole market value rose by 2. 0 billion. The empirical results show that share price＇s yield rate of medical device listed companies are significantly associated with whether good supporting polices or bad policies like consumption-alert. That is to say, the government＇s policy stimulates medical device industry effectively and significantly.
出处
《中国科技论坛》
CSSCI
北大核心
2014年第6期51-55,共5页
Forum on Science and Technology in China
基金
国家社会科学基金重点项目"世界产业发展新趋势及我国培育发展战略性新兴产业跟踪研究"(12AZD046)
