摘要： 在过去二十年里中国广告法律规制始终以严厉打击虚假违法广告作为基本的行动逻辑。基于中国药品市场的数据分析却表明，高压式的广告法律规制思路造成了医药行业严重的效率流失，带来了创新匮乏、价格高涨、质量低下、竞争不足等一系列负面影响。当前制约中国广告法律规制效果的三大因素是失衡的广告立法、垄断的医药市场以及随意的政府权力运作。在现有的约束条件下，纠正过去目标和方向上的错误，将广告法律规制的重心转向激励制药企业更多地进行广告投入，通过提高声誉的市场回报来确保广告信息的真实性，有助于改善中国市场的信息效率和治理水平

关键词: 广告法律规制, 药品市场, 虚假广告, 信息效率, 声誉机制

Abstract: 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.

Key words: Advertising Legal Regulation, Drug Market, False Advertising, Information Efficiency, Reputation Mechanism