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Description当今中国，人口老龄化趋势正驱动卫生总费用快速攀升，国家医保基金可持续性面临挑战。从卫生费用结构来看，中国长期以来存在药品费用占卫生总费用比例高、用药结构相对不合理等问题，限制了基金使用效率的提升，不利于医保基金的可持续发展。医保控费尤其是控制药品花费的必要性日益凸显。2018年末，新组建的国家医保局在“4+7城市”启动了国家药品集中采购试点工作，通过“量价挂钩”“以量换价”的形式，实现了25个药品品种的大幅降价，在减轻患者经济负担、节省医保费用、净化流通环境等方面成效显著。可以预期，在医保控费压力下，以带量采购为核心的集中采购将成为一项长期的政策选项。与此同时，该项政策将通过对价格信号的重大调整和采购量的重新分配重塑市场格局，对制药产业和制药企业产生深刻影响。因此，对集中采购政策的实施影响进行全面、审慎的评估，一方面能形成对集中采购政策执行现状的深刻理解，另一方面也能基于政策实施后的产业影响，对推广实施集中采购政策形成针对性建议。 本文通过文献梳理、案例研究、问卷分析和回归预测分析等多元研究方法，对国家药品集中采购试点政策实施后对制药企业和制药行业的影响进行了深入分析。研究发现，在企业层面，受制于本国制药企业发展阶段和价格下降导致的利润压缩，国家集中采购试点政策将在一定程度上影响中标药品对于大量中国患者需求的满足并对中标药品的质量控制形成一定压力；产业层面，由于价格下降和市场格局变动导致企业预期变化，国家集中采购试点政策将使得仿制药企业对待药品的“质量和疗效一致性评价”更为审慎，短期内在被采购的药物分子领域形成一家独大的局面，长远将导致行业集中度的进一步提高。针对上述研究发现。
本文分别从带量采购政策的政策设计、带量采购中标药品质量监管政策和仿制药产业鼓励政策等维度提出了相应优化建议。建议政府在带量采购政策设计上坚持分类采购原则，强化中标企业产能、产量的核实，加大自由竞争市场份额，合理划分带量采购片区，避免医院采用“一刀切”的政策使用中标药；在质量监管上加强针对性质量监管，运用风险工具进行评估，针对高危风险制定风险最小化措施，加强推进ICH Q10在仿制药企业中的落地；在仿制药产业鼓励政策上落实“质量和疗效一致性评价”鼓励政策，为高质量仿制药提供积极的市场环境，优化流通环节费率计算方式。
本文分别从带量采购政策的政策设计、带量采购中标药品质量监管政策和仿制药产业鼓励政策等维度提出了相应优化建议。建议政府在带量采购政策设计上坚持分类采购原则，强化中标企业产能、产量的核实，加大自由竞争市场份额，合理划分带量采购片区，避免医院采用“一刀切”的政策使用中标药；在质量监管上加强针对性质量监管，运用风险工具进行评估，针对高危风险制定风险最小化措施，加强推进ICH Q10在仿制药企业中的落地；在仿制药产业鼓励政策上落实“质量和疗效一致性评价”鼓励政策，为高质量仿制药提供积极的市场环境，优化流通环节费率计算方式。
ContributorsChai, Yan (Author) / Chen, Pei-Yu (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2020
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。
iv
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
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。
iv
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
Description
Due to the growing popularity of the Internet and smart mobile devices, massive data has been produced every day, particularly, more and more users’ online behavior and activities have been digitalized. Making a better usage of the massive data and a better understanding of the user behavior become at the very heart of industrial firms as well as the academia. However, due to the large size and unstructured format of user behavioral data, as well as the heterogeneous nature of individuals, it leveled up the difficulty to identify the SPECIFIC behavior that researchers are looking at, HOW to distinguish, and WHAT is resulting from the behavior. The difference in user behavior comes from different causes; in my dissertation, I am studying three circumstances of behavior that potentially bring in turbulent or detrimental effects, from precursory culture to preparatory strategy and delusory fraudulence. Meanwhile, I have access to the versatile toolkit of analysis: econometrics, quasi-experiment, together with machine learning techniques such as text mining, sentiment analysis, and predictive analytics etc. This study creatively leverages the power of the combined methodologies, and apply it beyond individual level data and network data. This dissertation makes a first step to discover user behavior in the newly boosting contexts. My study conceptualize theoretically and test empirically the effect of cultural values on rating and I find that an individualist cultural background are more likely to lead to deviation and more expression in review behaviors. I also find evidence of strategic behavior that users tend to leverage the reporting to increase the likelihood to maximize the benefits. Moreover, it proposes the features that moderate the preparation behavior. Finally, it introduces a unified and scalable framework for delusory behavior detection that meets the current needs to fully utilize multiple data sources.
ContributorsLi, Chunxiao (Author) / Gu, Bin (Thesis advisor) / Chen, Pei-Yu (Committee member) / Xiong, Hui (Committee member) / Arizona State University (Publisher)
Created2019
Description理性决策理论基于“完全理性”假定，追求帕累托最优即个体的利益最大化。但是实际决策过程中，人的行为具备“有意识的理性，但这种理性又是有限的”，投资者也是并不是完全理性、同质的。海外投资也是如此，其背景特征诸如地域、性格、年龄、财富等特征都会对海外投资决策产生重大的影响，其程度大小势必也会因投资者背景特征的差异有所不同。考虑到投资者风险偏好与海外投资活动的关系鲜有文献涉及，笔者愿意做“第一个吃螃蟹的人”，选取该视角展开论述。
本文首先对前人的研究进行总结，概述了风险偏好的理论和偏好水平的度量办法，并总结了风险偏好对海外投资影响的理论基础，即决策理论和有限理性与行为经济学理论，为本文的研究奠定了坚实的理论基础。
其次，开展了问卷调查，对小城市城镇人群、二三线大城市人群、一线大城市人群、海外华人群体等不同地域的25-60岁之间的人群作为调查对象，回收了有效问卷3748份，并就问卷结果进行了描述性分析。发现跨地域人群有着不同的投资需求，小城市城镇人群整体来说对于海外投资需求较低；二三线大城市人群对海外投资不抗拒且具备一定研究和分析能力；一线大城市人群26%已考虑移民或大量海外投资，对海外投资产品有很强的分析能力；海外华人群体38%已考虑移民或大量海外投资，对于各类海外投资产品的接触机会很多。
再次，本文对风险偏好水平进行综合评价和度量。在此基础上，设定了研究变量和研究模型，采用回归分析的方法，对跨地域人群风险偏好、跨地域人群风险偏好对海外投资影响两块进行了实证分析，并验证了相关假设。本文认为，跨地域人群具有较为明显的风险偏好，其中一线城市人群风险偏好最高，高于海外华人群体，高于二三线大城市人群和小城市城镇人群。基于教育水平、财富程度和信息获取的风险偏好对海外投资影响的实证分析结果显示，风险偏好越高的区域，海外投资总额越多。充分验证了跨地域人群不同的风险偏好，以及风险偏好对海外投资的显著正向影响关系。最后，本文针对实证结果提出了相应的对策建议。
本文首先对前人的研究进行总结，概述了风险偏好的理论和偏好水平的度量办法，并总结了风险偏好对海外投资影响的理论基础，即决策理论和有限理性与行为经济学理论，为本文的研究奠定了坚实的理论基础。
其次，开展了问卷调查，对小城市城镇人群、二三线大城市人群、一线大城市人群、海外华人群体等不同地域的25-60岁之间的人群作为调查对象，回收了有效问卷3748份，并就问卷结果进行了描述性分析。发现跨地域人群有着不同的投资需求，小城市城镇人群整体来说对于海外投资需求较低；二三线大城市人群对海外投资不抗拒且具备一定研究和分析能力；一线大城市人群26%已考虑移民或大量海外投资，对海外投资产品有很强的分析能力；海外华人群体38%已考虑移民或大量海外投资，对于各类海外投资产品的接触机会很多。
再次，本文对风险偏好水平进行综合评价和度量。在此基础上，设定了研究变量和研究模型，采用回归分析的方法，对跨地域人群风险偏好、跨地域人群风险偏好对海外投资影响两块进行了实证分析，并验证了相关假设。本文认为，跨地域人群具有较为明显的风险偏好，其中一线城市人群风险偏好最高，高于海外华人群体，高于二三线大城市人群和小城市城镇人群。基于教育水平、财富程度和信息获取的风险偏好对海外投资影响的实证分析结果显示，风险偏好越高的区域，海外投资总额越多。充分验证了跨地域人群不同的风险偏好，以及风险偏好对海外投资的显著正向影响关系。最后，本文针对实证结果提出了相应的对策建议。
ContributorsWan, Jianying (Author) / Chen, Pei-Yu (Thesis advisor) / Wu, Fei (Thesis advisor) / Chen, Xinlei (Committee member) / Arizona State University (Publisher)
Created2019
Description近些年来，我国城市化进程不断加快，到2020年我国常住人口城镇化率将达到60%左右，户籍人口城镇化率将会达到45%左右。伴随着我国城市化进程的高速推进以及经济水平的不断提高，公共物品及服务的需求程度加大，政府单独出资建设公共项目会导致资金不足、经营管理效率低下等问题。与此同时，我国当前不同层级地方政府的政府性债务都达到了一个非常高的水平，截至2017年末，中国地方政府债务16.47万亿元，债务率（债务余额/综合财力）为76.5%，其中地方负有偿还责任的债务约12.9万亿，地方政府性债务的控制和转化成为经济新常态下重要特征之一。在地方债务压力较大的情况下，PPP将替代土地财政和地方政府融资，为我国新型城镇化建设提供可持续的资金支持，PPP模式成为当前城市建设领域融资的重要选项。
据此，本文基于实证研究方法探讨在债务约束的背景下，在地方政府债务约束下，PPP模式的引入，对城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量的影响；与此同时，考虑到地方政府的政策很大程度上受到是由地方官员，特别是受到作为地方政府党政“一把手”的市委书记和市长的晋升压力和激励的影响，讨论市委书记/市长的晋升压力和激励对PPP模式引入效果的影响。研究发现，在地方政府债务约束下，PPP模式的引入，显著增加城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量；同时，地方政府官员存在利用PPP放大城市建设和规划规模的行为，反映了PPP项目在引入和使用的过程中很大程度上受政府官员的激励的影响。
据此，本文基于实证研究方法探讨在债务约束的背景下，在地方政府债务约束下，PPP模式的引入，对城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量的影响；与此同时，考虑到地方政府的政策很大程度上受到是由地方官员，特别是受到作为地方政府党政“一把手”的市委书记和市长的晋升压力和激励的影响，讨论市委书记/市长的晋升压力和激励对PPP模式引入效果的影响。研究发现，在地方政府债务约束下，PPP模式的引入，显著增加城市规划中建设用地面积、人口规划规模与容量、建设用地属性等的城市规划变量；同时，地方政府官员存在利用PPP放大城市建设和规划规模的行为，反映了PPP项目在引入和使用的过程中很大程度上受政府官员的激励的影响。
ContributorsXu, Ke (Author) / Chen, Pei-Yu (Thesis advisor) / Zhu, Qigui (Thesis advisor) / Chen, Xin (Committee member) / Arizona State University (Publisher)
Created2019
Description
In recent years, the decentralized exchange (DEX) has shown an explosive growth trend in recent years. Uniswap, as one of the largest decentralized exchanges, invented Uniswap, a decentralized financial protocol of the same name based on exchanging cryptocurrencies. Automated transactions between cryptocurrency tokens on the Ethereum blockchain. Currency trading participants create a liquidity pool based on this agreement, and this paper mainly studies the factors that affect the liquidity of currency trading.Specifically, this paper explores the factors that affect monetary liquidity through three hypotheses. The first is the impact of rates on liquidity, exploring the differences in liquidity under various rates. Then, the impact of differences in Uniswap protocol versions on liquidity was studied. Compared with the V2 version, the Uniswap V3 version added centralized liquidity，which changed the unpaid loss. . This feature makes Uniswap V3 the most flexible and efficient protocol. Finally, the influence of different active users on liquidity is compared, and the change trend of liquidity under different numbers of users is explored.
Based on the above three assumptions, this paper adopts GARCH and OLS regression analysis to explore and analyze the collected currency transaction data, and draws the following conclusions for the three assumptions:
(1) Researcher may conclude that rates are correlated with trading volume, and volume growth impacts liquidity capacity and increases rates. Therefore, the fee rate has a significant impact on liquidity.
(2) Compared with V2, V3， quantitative analysis was carried out using unpaid loss. It was found that impermanent loss has a more significant impact on the liquidity of the V3 version but has little correlation with the V2 version.
(3) According to the analysis and comparison of the model, there is no obvious ARCH phenomenon among active users, so it is believed that there is no significant correlation between the two.
(4) Combining conclusions 1 and 3, researcher further analyzed the impact of several independent variables on liquidity and found that the fee rate has a more significant influence than active users
ContributorsWu, Jiawei (Author) / Chen, Pei-Yu (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
This paper focuses on the path of business model digitalization and its impact on corporate performance, and empirically tests the relationship between the path of business model digitalization and corporate performance of listed companies in China.The empirical results show that: digital transformation will improve enterprise performance, the technological innovation capability of enterprises helps to improve the business performance of enterprises; the level of enterprise technological innovation has a strengthening effect on the positive impact of digitalization on enterprise performance; corporate financing constraints will weaken the positive effect of corporate digital transformation on corporate performance; the improvement of technological innovation capability is conducive to the improvement of the performance of digital transformation enterprises; technological innovation of manufacturing enterprises is difficult to have a greater impact on enterprise performance by improving production efficiency.
Based on the empirical results of this paper, in order to fully grasp the development opportunities of the digital economy, the government should take the digital transformation of enterprises as a way to help enterprises develop with high quality. At the industrial level, we should promote the digital transformation of economic industries based on the principle of differentiation. At the enterprise level, we should strengthen the financial services and R&D investment that match the financing needs of enterprises, effectively play the positive regulatory role of enterprises' technological innovation ability on the performance of enterprises' digital transformation, and effectively weaken the negative regulatory role of financing constraints on the performance of enterprises' digital transformation.
ContributorsWang, Minghui (Author) / Chen, Pei-Yu (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
Institutional on-site visit can reflect the focus of institutional investors in a timely manner. This article starts with the short-term and long-term impacts of institutional on-site visit, using abnormal return models and factor model to study the value of institutional on-site visit. It is found that institutional on-site visit has certain information value in the short term, but the abnormal return is not large, and long-term abnormal returns are not obvious. Further information processing is needed in conjunction with other information to find effective investment methods. Research has found that: (1) The results of the CAPM model show that cumulative abnormal returns are significantly different from 0 during the impact window period, and the t-values are very high. The abnormal returns of the Fama French model are only significant within the two intervals of [T0-1, T0+1] and [T0+1, T0+5], indicating a certain level of significant abnormal returns within the week after the event announcement date. However, the average daily abnormal return within the interval is less than 1%, indicating that the abnormal returns are not significant. (2) During the financial reporting period, the abnormal returns were significantly negative in the 5 trading days before the research, while the abnormal returns were significantly positive in the 5 trading days after the on-site visit. On the survey day, the abnormal returns were not significant. In the non financial reporting period, the sample size accounted for 28.11%. Although abnormal returns were positive before and after the survey, their impact during the time window was not significant. (3) There were significant negative abnormal returnsii
before the survey, while there were significant positive returns after the survey. (4) Institutional on-site visit cannot predict excess returns for individual stocks, and this effect is valid within 3 months, 6 months, and 1 year.
ContributorsYan, Zhao (Author) / Chen, Pei-Yu (Thesis advisor) / Li, Feng (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2024
Description
At present, the photovoltaic industry has entered into the stage of affordable power generation, with power generation costs tending towards thermal power. China has also gradually cancelled various subsidy policies, and the risks faced by enterprises have changed to a certain extent. This paper aims to explore the characteristics and causes of financial crises faced by photovoltaic enterprises through horizontal and vertical comparisons, and analyze the relationship between financial crisis management capabilities and performance. By identifying the risk areas that are most likely to turn into crises and developing crisis response strategies in advance, we provide useful exploration at the practical level to enhance the competitiveness of Chinese photovoltaic enterprises.
ContributorsCheng, Zhongguang (Author) / Chen, Pei-Yu (Thesis advisor) / Cheng, Shijun (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2024
Description
NFT market have developed into an annual sales scale of nearly $60 billion. After the crazy blockchain investment myth, how can the rational trading market grasp consumer demand? As the main platform of marketing for 21st century, social media is widely used by both traditional artists and NFT creator. When artworks are combined with NFT in social media marketing, how do they affect the willingness to purchase digital collectibles? In the hot era of GPT, how will artificial intelligence-generated content (AIGC) affect people's purchasing behavior? This article measures the impact on consumer purchasing willingness from the activity level of social media accounts (number of posts), creator attributes (human vs. artificial intelligence), published content (diversity, content tendency), etc. Through experiments, this article verifies that consumers' demand for uniqueness will positively affect the willingness to purchase digital collectibles and payment prices; artificial intelligence generated content(AIGC) will reduce consumers' willingness to purchase and payment prices, but as the diversity and quantity of published content increases, the negative impact is significantly weakened; compared with emotionally inclined content, the negative impact of artificial intelligence generated content is greater on technology-oriented content.
ContributorsSong, Kai (Author) / Chen, Pei-Yu (Thesis advisor) / Hu, Jie (Thesis advisor) / Hong, Yili (Committee member) / Arizona State University (Publisher)
Created2024