【摘要】 药品集中带量采购(简称“集采”)模式下，中标药企面临产品利润率下降和创新投入高的两难困境。集采实施后，中标药品的价格已显著下降，但对药企的创新效应以及相应的作用机制尚待明确。基于2012—2021年的上市公司数据，以第1～4轮集中带量采购为准自然实验，利用多时点双重差分模型探讨集采政策的创新效应和作用机制。研究发现：第一，集采显著增加了中标企业的研发产出，初步显现出创新效应，但对其研发投入没有产生显著影响；第二，研发效率的提升是集采实现研发产出增加的重要机制，而集采的规模效应和价格效应相互抵消是研发投入未显著增加的重要原因；第三，“以量换价”中的量价均衡是影响集采创新效应的重要因素。进一步研究发现，集采的创新效应在市场竞争度较低、创新型企业和创新意识较强的企业中更为明显。基于结论，提出平衡集采的量价关系、畅通集采创新效应的渠道以及加快医药企业向研发型企业转型等政策建议，以实现集采模式下医药减负与药企创新发展的双赢。更多还原

【Abstract】 After the implementation of Centralized drug procurement(CDP), the winning pharmaceutical enterprises are faced with the conflict between a significant drop in product profit margins and high investment in innovation. The price of the winning drugs has been significantly reduced, but it remains unclear whether and how the innovative capacity of PE has improved. Based on the data of listed companies from 2012 to 2021 and the first to fourth rounds of CDP as a quasi-natural experiment, this paper investigates the innovation effect of CDP and the corresponding mechanisms using a dynamic difference-in-difference model. Results show that: first, CDP significantly increases the R&D output of the winning enterprises, which initially shows the innovation effect, but does not have a significant impact on their R&D input; second, the improvement of R&D efficiency is an important mechanism for CDP to achieve the increase of R&D output, while the opposing effects of the scale effect and price effect of CDP is a critical reason for the insignificant increase in R&D investment; third, the volume-price equilibrium is a crucial factor affecting the innovation effect of CDP, based on which, this paper further finds that the innovation effect of CDP is more pronounced in enterprises with lower market competition, higher innovation capacity and stronger innovation consciousness. Finally, based on the conclusion, this paper proposes policy recommendations, including balancing the volume-price relationship of CDP, smoothing the channels of innovation effect of CPD, and accelerating the transformation of PE into innovative enterprises to achieve a win-win situation for the pharmaceutical burden reduction of patients and the innovative development of PE.更多还原