新型冠状病毒肺炎相关事件对中药上市公司股价的影响

Influence of Coronavirus Disease 2019 Related Events on the Stock Price of Listed Chinese Medicine Companies

目的探讨新型冠状病毒肺炎(简称新冠肺炎)相关事件对沪深两市中药公司股价的影响。方法基于事件研究法,分析《新型冠状病毒感染的肺炎诊疗方案》(简称《诊疗方案》)推荐的中成药与人民日报发布“双黄连可抑制新型冠状病毒”事件(简称“双黄连事件”,但1 d后反转)中沪深两市中药公司股票的异常收益率,并进行统计检验。结果产品始终存在于《诊疗方案》中的中药上市公司,股价受到长期的正面影响,而产品短暂进入目录的公司股价未受太大影响。对于双黄连生产公司,在“双黄连事件”发生及反转后的首个交易日,其开盘后股价依然显著上升,但影响有限,受到正面影响的持续时间短。结论纳入《诊疗方案》的中成药及公共媒体提及的中成药均会对该公司股价造成一定影响。医药行业成为目前全球重点产业,中药公司应注重与时俱进,摆脱产品单一化,以应对市场的快速变化。

Objective To investigate the influence of coronavirus disease 2019(coVID-19)related events on the stoek price of Chi-nese medicine companies listed on the Shanghai and Shenzhen stock market.Methods Based on the event study method,the abnormalreturns of A-shares of Chinese medicine stocks listed on the Shanghai and Shemzhen stock exchanges caused by the two events wereamalyzed:the event of"Shuanghuanglianm can inhibit severe acute respiratory sywdrome coromnavirus 2(SARS-Cov-2)"published by People's Daily(refrred to as"Sluanghuanglian event",but the event reversed one day later)and the Chinese patent mnedicincs recommendedby the Diagnosis and Treatment Plan for COVID-19,and a statistical test of the abnormal returns was conductedl.Results The stockprices of listed Chinese medicine companies whose drugs have always been in the Dignosis and Treatment Plan for COVD-19 havebeen positively affected for a long time,but the stock prices of companies whose drugs temporarily listed in the catalog were not greatyaffecied.For the Chinese medicime companies that prodluce Shuanghuanplian,the stock price still rose siguificautly on the fist tradimgday after the occurrence of the"Shuanghtuanglian event"and the reversal da,but the inmpact was limited and the duation of the posi-tive impact was short Conclusion The Chinese patcnt medicines included in the Diagnosis and Treatmen Plan for COVID-19 andwhich are mentioned in the public media can affect the stock market.The pharmacetica industry has become a global key indusiry,and the Chinese medicine companies should focus on advancing with the times,get rid of product singularity,and can face rapidchanges in the market environment.