【摘要】：衡量政府的經(jīng)濟(jì)政策對(duì)一個(gè)行業(yè)的影響向來(lái)是經(jīng)濟(jì)學(xué)也是管理學(xué)里的重要課題。醫(yī)藥改革是當(dāng)前社會(huì)的民生熱點(diǎn)問(wèn)題也是重點(diǎn)問(wèn)題,而醫(yī)藥行業(yè)是世界上公認(rèn)的最具發(fā)展前景、也是世界上貿(mào)易增長(zhǎng)最快的國(guó)際化高技術(shù)產(chǎn)業(yè)之一。在人口預(yù)期壽命增長(zhǎng)、醫(yī)保政策調(diào)整、科技進(jìn)步和國(guó)家戰(zhàn)略定位的推動(dòng)下,醫(yī)藥產(chǎn)業(yè)的規(guī)模迅速擴(kuò)大,其增長(zhǎng)速度遠(yuǎn)高于同期全球經(jīng)濟(jì)增長(zhǎng)速度,已經(jīng)成為全球支柱產(chǎn)業(yè)。醫(yī)藥行業(yè)作為非周期性行業(yè),與宏觀經(jīng)濟(jì)周期的相關(guān)性不高,行業(yè)自身具有較強(qiáng)的抗周期性,但受行業(yè)政策以及一些突發(fā)事件的影響,行業(yè)整體的政策風(fēng)險(xiǎn)較大�？梢�,醫(yī)藥行業(yè)的特殊性對(duì)于研究政策效果具有重要意義。2013年8月22日,商務(wù)部正式通報(bào)：國(guó)務(wù)院正式批準(zhǔn)設(shè)立中國(guó)(上海)自由貿(mào)易試驗(yàn)區(qū),該自貿(mào)區(qū)圍繞國(guó)際經(jīng)濟(jì)、金融、貿(mào)易、航運(yùn)四個(gè)中心戰(zhàn)略任務(wù),并提出試點(diǎn)設(shè)立外資專業(yè)健康醫(yī)療保險(xiǎn)機(jī)構(gòu)并允許設(shè)立外商獨(dú)資醫(yī)療機(jī)構(gòu),這是中國(guó)醫(yī)藥改革政策的一個(gè)重大轉(zhuǎn)變。除此之外,上海自由貿(mào)易試驗(yàn)區(qū)為外商投資企業(yè)和民營(yíng)企業(yè)提供更便利和更優(yōu)惠的物流、稅收和進(jìn)出口條件,不可避免地對(duì)醫(yī)藥行業(yè)的相關(guān)產(chǎn)品和行業(yè)發(fā)展帶來(lái)深遠(yuǎn)的間接影響。因此,本文擬采用事件研究法,以2013年中國(guó)內(nèi)地醫(yī)藥行業(yè)上市公司的股票價(jià)格為研究對(duì)象,研究上海自由貿(mào)易區(qū)的設(shè)立對(duì)醫(yī)藥行業(yè)與資本市場(chǎng)總體之間、以及醫(yī)藥行業(yè)各子行業(yè)資本市場(chǎng)之間的股票價(jià)格的影響以及形成原因,并分別進(jìn)行對(duì)比和分析,以此為依據(jù)了解當(dāng)前重大政策事件對(duì)醫(yī)藥行業(yè)這一具有一定特殊性質(zhì)的行業(yè)是否有效地影響,影響程度和時(shí)間跨度有多大。同時(shí),本文還分析了這一政策對(duì)醫(yī)藥行業(yè)各子市場(chǎng)的影響及影響的顯著程度。研究結(jié)果表明,上海自貿(mào)區(qū)建立這一政策的發(fā)布事件對(duì)醫(yī)藥行業(yè)的股票價(jià)格有所影響,而且對(duì)不同子行業(yè)的影響程度不一致,但是沒有發(fā)現(xiàn)顯著的短期“政策市”效應(yīng)。
[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.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.72;F752.8

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張?bào)K;史占中;;醫(yī)療器械行業(yè)的政策有效性探究——基于上市公司投資收益率的實(shí)證研究[J];中國(guó)科技論壇;2014年06期

2 王凱;李超;薛媛;;營(yíng)業(yè)稅改征增值稅對(duì)物流上市公司收益影響的實(shí)證研究[J];中國(guó)鄉(xiāng)鎮(zhèn)企業(yè)會(huì)計(jì);2014年05期

3 湯偉;;上海自貿(mào)區(qū)設(shè)立對(duì)航運(yùn)業(yè)市場(chǎng)反應(yīng)的實(shí)證研究[J];交通財(cái)會(huì);2014年01期

4 陳丹妮;薛志宏;陳瑤;;房地產(chǎn)政策調(diào)控效應(yīng)的截面異質(zhì)性[J];統(tǒng)計(jì)研究;2013年11期

5 張華;卓建偉;;中央“一號(hào)文件”支農(nóng)政策效應(yīng)的實(shí)證研究[J];湖南農(nóng)業(yè)科學(xué);2013年19期

6 屈耀輝;杜亞斌;傅元略;;產(chǎn)品負(fù)面報(bào)道沖擊效應(yīng)實(shí)證分析——以酒鬼酒塑化劑風(fēng)波為例[J];華東經(jīng)濟(jì)管理;2013年10期

7 吳良海;謝志華;周可躍;;公司高管變更的市場(chǎng)反應(yīng)——來(lái)自中國(guó)A股市場(chǎng)的經(jīng)驗(yàn)證據(jù)[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2013年05期

8 周四清;趙月華;;證券市場(chǎng)“黑天鵝”事件及其沖擊——基于“毒膠囊”事件的實(shí)證分析[J];產(chǎn)經(jīng)評(píng)論;2013年01期

9 王洪會(huì);何彥林;;基于事件研究的政策效應(yīng)測(cè)算——以吉林省農(nóng)業(yè)國(guó)內(nèi)支持政策對(duì)農(nóng)村內(nèi)需的拉動(dòng)效應(yīng)為實(shí)證[J];中南大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2012年05期

10 王文玲;潘慧峰;;重大政治事件對(duì)我國(guó)股票市場(chǎng)影響的實(shí)證研究[J];科學(xué)決策;2012年09期

相關(guān)碩士學(xué)位論文 前6條

1 韓學(xué)文;我國(guó)貨幣政策對(duì)股票價(jià)格影響的實(shí)證研究[D];山東大學(xué);2013年

2 蘭澤琛;基于貨幣政策對(duì)中國(guó)股市影響的實(shí)證研究[D];西南財(cái)經(jīng)大學(xué);2012年

3 張佳佳;我國(guó)存款準(zhǔn)備金率變動(dòng)對(duì)股票市場(chǎng)影響的實(shí)證研究[D];北京交通大學(xué);2009年

4 徐子峰;我國(guó)貨幣政策對(duì)股票市場(chǎng)影響的實(shí)證研究[D];廈門大學(xué);2008年

5 康宏;事件研究法算法的研究與設(shè)計(jì)[D];河北工業(yè)大學(xué);2005年

6 余競(jìng);深圳A股市場(chǎng)行業(yè)板塊數(shù)字結(jié)構(gòu)特征的挖掘和實(shí)證研究[D];四川大學(xué);2003年

，

本文編號(hào)：2204629