近年來，美國健保改革爭議不斷，龐大的預算支出及持續成長的醫療費用都成為外界討論之議題。過去探討健保改革的文獻，多以降低藥價的政策或針對某些藥廠為主，較少針對整體產業所受之影響去作探討。本研究探討在健保改革新聞釋出後美國生技醫療產業的市場反應，並針對健保改革中的降低藥價政策及生技學名藥的開放作探討，觀察其和研發費用、無形資產的關聯。本研究以2009年到2011年共三年的資料，總計1,885家生技醫療公司，共46,962筆觀測值做為樣本進行研究。
如同預期，該健保改革相關新聞釋出後，生技醫療產業呈現正向反應的累積異常報酬，顯示該健保改革有利於生技醫療產業。此外，健保改革法案最終目的為降低藥價，在藥價控管之下，我們發現研發費用投入的比率與累積異常報酬呈現顯著負相關。意味著投入較少研發費用的公司在健保改革新聞釋出時股價反而表現亮眼；然而，無形資產比率亦如預期在健保改革相關新聞釋出後和股價反應呈現正相關。

The argument about health care reform is continuously in the recent year, the medical expenditure which is still in growth and the huge budget spending are the issues discussed by outsiders. Past studies which discussed the health care reform always focus on particular policy such as lower drug prices or some pharmaceutical firms. It discussed few of effect on the whole industry. In this paper, we study the market reaction of the biotechnology and medical industries after the health care reform’s news release. It also uses the policies of drug price and generic drug to observe the association with R&D expense and intangible assets. In this paper, we use three years sample data from 2009 to 2011, total of 1,885 biotechnology and medical firms and 46,962 observations as our sample.
As expected, the biotechnology and medical industries are facing positive CAR after the health care reform’s news release which is implies that the both industries are benefit from the reform bill. In addition, the final target of the reform bill is lower drug price, we finds that the R&D investment ratio has negative relationship with CAR. It means that the less R&D expenses the better stock price when the reform’s news release; however, the ratio of intangible assets is also positive associated with the stock price after the news release.

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