摘要
集中带量采购作为医保战略性购买政策的关键一环,其对医药行业的深远影响成为业界关注的焦点。以中成药医保集采“公告日”事件作为研究事件,利用A股市场股价数据检验集中采购政策溢出效应。研究发现,采购规则和中标结果等集采关键信息具有对资本市场信息冲击效力,进而引发政策溢出效应。异质性分析表明,采购规则公布呈现利空效应,中成药集采对其他细分行业产生了行业间传染性溢出效应,但持续时间有限,中标结果呈现利多效应,中标公司对未中标公司产生了行业内传染性溢出效应,但未中标公司具有更加显著的正向波动。
As a key part of the strategic purchasing policy for medical insurance,centralized volume based procurement has become a focus of industry attention for its profound impact on the pharmaceutical industry.Taking the“announcement day”event of traditional Chinese patent medicines and simple preparations medical insurance centralized purchase as the research event,we use the A-share market share price data to test the spillover effect of centralized purchase policy.Research has found that key information on centralized procurement,such as procurement rules and winning bid results,have an impact on capital market information,leading to policy spillover effects.Heterogeneity analysis shows that the publication of procurement rules has a negative effect.The centralized purchase of traditional Chinese patent medicines and simple preparations has had an inter industry contagion spillover effect on other sub industries,but the duration is limited.The winning results have a positive effect.The winning companies have had an intra industry contagion spillover effect on the unsuccessful companies,but the unsuccessful companies have more significant positive fluctuations.
作者
李尚静
张媚
王飞
袁艳平
刘家宇
谢梦琦
吴柜坊
LI Shangjing;ZHANG Mei;WANG Fei;YUAN Yanping;LIU Jiayu;XIE Mengqi;WU Guifang(Sichuan University West China Tianfu Hospital,Chengdu 610213,China;School of Management,Chengdu University of Traditional Chinese Medicine,Chengdu 611100,China;Panzhihua College Affiliated Hospital,Panzhihua 617000,Sichuan,China)
出处
《科技和产业》
2024年第17期14-20,共7页
Science Technology and Industry
基金
国家重点研发计划(2020YFC2003100,2020YFC2003104)
四川中医药大健康产业发展与乡村振兴研究中心重点项目(DJKZD202205)。
关键词
医保集采
资本市场
政策溢出效应
传染效应
pharmaceutical industry policy
market reaction
spillover effects
stock price fluctuations
