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医疗器械产品差异度对市值的影响

Description基于中国人口老龄化加速、目前人均医疗支出偏低和国内医疗器械企业以中低端产品

为主的局面，中国的医疗器械行业正面临着巨大的发展机遇，投融资活动将迎来爆发式增

长。 在此背景下， 医疗器械企业的估值研究对投融资双方都有较大的意义。

我们假设医疗器械公司的产品差异度对其公司的估值有正面影响。

产品差异度定义为：该产品区别于其他竞争性产品的独特性，由以下六个方面构成：

产品唯一性水平、先进性（器械类别、优秀国产医疗设备个数、产品的专利化程度）、利润

边际和其市场容量，并对此用 12 个指标做出了定量的估计。本研究主要的数据来源是上市

的医疗器械公司，因为这些公司的相关数据取得比较容易且数据客观性较强。我们使用一

般回归分析测量产品差异度与公司估值之间的关系。在得出正面的回归结果之后， 我们采

用双重差分分析（DID）方法，验证实际情形下新产品相关信息发布对公司股价波动的影响。

根据回归分析结果：

1、 “产生营收的产品唯一性水平”和“边际利润”与市值有显著相关性: 说明医疗器械

类企业确实是核心产品驱动发展的， 产品唯一性程度高（已剔除那些已逐渐被市场淘汰的

产品） 说明市场定价能力强， 边际利润率高，盈利能力强， 进而对公司估值形成正面影

响。

2、 “”净利润“和”“互联网概念”与市值也呈现显著相关性。净利润的相关性是显而易见

的。互联网概念的相关性体现了互联网+医疗成为近几年市场的风口。

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3、 其他一些指标未呈现明显的相关性，有可能是因为我们的数据量太少引起的， 也

有可能还有其他未在我们考虑范围内的因素导致的，也可能是因为中国目前的股票市场还

未到达半强式有效市场。这可能对其他行业的影响也是如此。

在后面进行的实证分析中， 除个别情况外，我们发现公司重磅新产品相关信息的发布

基本上对公司之后 1-30 个交易日的股价起到了较明显的推动作用。

关键词: 产品差异度 医疗器械行业 公司估值
ContributorsShen, Huifeng (Author) / Chen, Pei-Yu (Thesis advisor) / Wang, Tan (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
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A Study on Risk of Internet Finance Based on Industrial Economics

Description
Under the background of the "new normal" of China's economy and the contraction of traditional financial sector, the development of Internet finance provides new financing channels for SMEs and individual financial needs. But with rapid development of the Internet finance, the overall risk also appears gradually as well as the…

Under the background of the "new normal" of China's economy and the contraction of traditional financial sector, the development of Internet finance provides new financing channels for SMEs and individual financial needs. But with rapid development of the Internet finance, the overall risk also appears gradually as well as the platform differentiation appears more evidently. China's Internet financial industry enters the stage of standardization development. In order to effectively prevent and resolve Internet financial risks and create a good internet financial environment, we need to identify the risk factors of Internet financial industry. Through reference carding of the existing literature, this paper proposes a research hypothesis that the industrial economic background is negatively related to the operating risk of the Internet financial platform. After descriptive statistical analysis of the current situation of the Internet financial industry in China, this paper collects 600 P2P net-lending platforms data manually, and uses Probit model to test the research hypothesis. Ceteris paribus, the result show that compared with the platform without industrial economic background, the risk probability of the industrial economic background platform will be reduced by 6.5 percentage points， and there is no regional difference in this result. This paper explains the result from two layers which are the relieving information asymmetry and the platform’s reputation mechanism. The study also finds that in addition to the industrial economic background, the P2P platform's registered capital, operation time, whether the platform funds have the corresponding third-party guarantee and the information disclosure of platform executives will significantly reduce business risk probability of the platforms. The above research conclusions also passed the robust test. Finally, this paper makes a case analysis of the two Internet Financial platforms in Suning Finance and Tuniu Finance, which have different industrial economic background and mode of operation. It also summarizes the risk control system.
ContributorsSheng, Yuxin (Author) / Gu, Bin (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018