Abstract
With the continuous prominence of medical problems, the construction of a smart medical system has received more and more attention. With coronavirus disease 2019 in a state of regular prevention and control, the epidemic prevention and control in China had produced favorable effects. Therefore, a comprehensive evaluation of the emergency governance mechanism in China was crucial to epidemic prevention and control worldwide. This paper empirically analyzed the effects of epidemic prevention and control based on the dual perspective of epidemic governance and capital market, taking the daily outbreak data at the provincial level in China as the sample. The findings were as follows: (1) The accumulation of epidemic medical treatment experience in each province and city produced a positive emergency effect on preventing and controlling the dissemination of epidemic. The effective medical security mechanism was one of the most important mechanisms for the significant emergency effect, with the effective material security as a critical supplement. (2) Companies and corporations with stronger capabilities for emergency medical treatment received more positive responses from the capital market comparatively. Aiming at diversifying directions and measurements for the improvement of emergency governance, this paper provided theoretical bases for improving the emergency governance system against major public health emergencies by using the Chinese characteristics.