不同医药新品研发信息披露的市场反应一致吗?——基于四家科创板医药公司的案例分析

Are the Market Reaction of Information Disclosures of New Pharmacy Products Consistent: A Case Study on Four Pharmacy Companies in the Science and Technology Innovation Board

本文从我国上市公司新药研发和信息披露情况入手,考虑到科创板医药创新的敏感性,选取四家科创板医药公司作为案例分析样本,研究四家医药公司的基本情况和对新药研发信息的披露包括抗肿瘤药、疫苗和试剂盒,分析新药研发的本质和特征,利用事件研究法,探索中国上市公司医药新品研发、信息披露与市场反应关系,得出资本市场会对药品适应症人群的大小、药品接受度的高低、药品实时热度和药品适用不同物种因素产生不同反应的结论。分析产生不同市场反应的原因,对我国医药公司完善信息披露、促进药品研发具有一定的参考意义,能帮助创新医药公司融资做出更加准确的决策,推动A股医药科技板块价值发现。

This paper uses the event study method to explore this relationship and concludes that the capital market has different reactions to the population size of drug indications, drug acceptance, drug’s real-time popularity and different species of drugs. The analysis of the causes of different market reactions has certain practical implications for Chinese pharmaceutical companies to improve information disclosure and promote drug R&D, and to promote the value discovery of A-share pharmaceutical technology industry.