中国金融学术研究网

所属栏目：资本市场/政府政策与监管

Government Policy Uncertainty and Stock Market Response: An Evidence Based on China's National Centralized Drug Procurement Policy

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发布日期：2024年05月02日上次修订日期：2024年05月02日

Yu Gao 暂无 Beijing Foreign Studies University Desheng Fan fandesheng@bfsu.edu.cn Beijing Foreign Studies University

摘要

We use the event study method to assess the impact of China's National Centralized Drug Procurement (NCDP) policy on the stock price of A-share listed companies in pharmaceutical industry. And the empirical evidence reveals that the policy has a negative effect on the share prices of firms won the bids in the past six centralized procurement. The stock prices of winning bidders were more negatively affected than those of non-winning bidders. If the winning bid price continues to be depressed, we cannot rule out the possibility of a collective abandonment of bidding by quality manufacturers.

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关键词：

Policy uncertainty Stock market Event study

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