Study On The Impact Of Volume-Based Purchasing Policy On The Share Prices Of Chinese Listed Medical Device Companies

In recent years,"expensive medical care" has become a hot issue that has attracted widespread attention from the government and society.In the face of the serious problem of high medical device prices,the government has issued documents proposing to deepen the reform of the medical consumables collection system.However,there are few studies on medical device policies and they mainly focus on qualitative research.Therefore,it is important to study the impact of the collectivization policy on the share prices of listed companies,which not only helps to enrich the gaps in the research on the effects of specific industry policies but also helps the government,listed companies and investors to make management,operation and investment decisions more effectively and rationally.In this thesis,we apply the event study method to analyze the impact of medical device collection policies on the stock market and use the case study method to further study the impact of specific collection policies on the stock prices and performance of representative listed companies,we can obtain the following conclusions.Firstly,the collective purchasing policies will have an impact on the stock prices,with specific program-based policies having a more significant impact than the overall guiding policies.Secondly,the extent and direction of the impact of program-based policies on share price vary depending on the program details and the market expectations.Thirdly,the impact of the first release of the collection policy is more pronounced.Fourthly,the company can mitigate the negative impact of pooling on performance through innovative products.Based on the findings,government should pay close attention to the implementation effect of the procurement policy and its impact on the capital market to ensure that the policy can promote the healthy development of the real industry and the stable operation of the capital market.Listed companies should actively cope with the pressure and seize the opportunities,and focus on value enhancement.Investors should rationally judge the market impact of the pooling policy and avoid irrational sentiment and herd behavior.