廣告法律規制的市場效應及其策略檢討－－來自中國醫藥行業的經驗證據

The Market Effects and Strategy Review of Advertising Legal Regulation: From Empirical Evidence of China Pharmaceuticals Industry

在過去二十年裡中國廣告法律規制始終以嚴厲打擊虛假違法廣告作為基本的行動邏輯。基於中國藥品市場的數據分析卻表明，高壓式的廣告法律規制思路造成了醫藥行業嚴重的效率流失，帶來了創新匱乏、價格高漲、質量低下、競爭不足等一系列負面影響。當前制約中國廣告法律規制效果的三大因素是失衡的廣告立法、壟斷的醫藥市場以及隨意的政府權力運作。在現有的約束條件下，糾正過去目標和方向上的錯誤，將廣告法律規制的重心轉向激勵製藥企業更多地進行廣告投入，通過提高聲譽的市場回報來確保廣告信息的真實性，有助於改善中國市場的信息效率和治理水平。

To fight against false advertising has been the basis of China's advertising legal regulation system in the past twenty years. However, data analysis based on China drug market showed that the idea of strict control would cause severe efficiency loss in pharmaceutical industry, and bring about a number of negative effects such as innovation deficiency, high prices, low quality and competition insufficiency. Three major factors constrain advertising legal regulation effects in China: unbalanced advertising legislations, monopolistic drug market and arbitrary government power operation. The study proposes that in order to improve information efficiency and governance quality, the policy makers should correct past mistakes in the goal and direction, and transfer the focus of advertising legal regulation to incie more advertising investment which will ensure truth of advertising statements by enhancing the market return of enterprise reputation.