本文選題：醫(yī)藥行業(yè) + 市盈率��； 參考：《上海外國語大學(xué)》2017年碩士論文

【摘要】：醫(yī)藥行業(yè)在各國國民經(jīng)濟(jì)中有著重要地位,醫(yī)藥工業(yè)生產(chǎn)總值占國民生產(chǎn)總值的比重也在不斷的增加。而在二級(jí)市場(chǎng)方面,醫(yī)藥類上市企業(yè)也在不斷增加。因此,正確的分析醫(yī)藥股票價(jià)格的影響具有重要的意義。首先,本文通過整理國內(nèi)外的參考文獻(xiàn)和經(jīng)典理論的推導(dǎo),對(duì)市盈率的影響因素有了基礎(chǔ)了解。其次,結(jié)合醫(yī)藥行業(yè)的特點(diǎn),從理論方面分析影響市盈率的因素,這些因素包括宏觀層面、行業(yè)層面和微觀層面的多個(gè)具體指標(biāo)。最后,在理論分析的基礎(chǔ)上,利用Stata軟件和面板數(shù)據(jù)分析方法,對(duì)113家醫(yī)藥上市企業(yè)2011-2015年五年的數(shù)據(jù)進(jìn)行定量分析。通過一系列研究,最終得出:變量凈利潤增長率、資產(chǎn)負(fù)債率、ROE、BETA、換手率、GDP同比增長率以及一年定期存款利率(interestRate)均表現(xiàn)出了對(duì)市盈率的顯著性影響關(guān)系。其中除了ROE、BETA和一年定期存款利率(interestRate)的系數(shù)估計(jì)值為負(fù)以外,其他影響因素的相關(guān)系數(shù)均顯著為正,表現(xiàn)出了對(duì)市盈率的正向影響�？傮w來看,對(duì)于醫(yī)藥行業(yè)股票市盈率的影響因素來說,行業(yè)因素的解釋力度最弱,宏觀因素居中,微觀因素的解釋力度最強(qiáng)。這在一定程度上反映了醫(yī)藥消費(fèi)需求的剛性特征,同時(shí)也與二級(jí)市場(chǎng)醫(yī)藥板塊股票在某些程度上可以抵抗經(jīng)濟(jì)周期的特點(diǎn)相符合。
[Abstract]:The pharmaceutical industry plays an important role in the national economy of various countries, and the proportion of the gross national product (GNP) of the pharmaceutical industry is also increasing. And in the secondary market, pharmaceutical listed enterprises are also increasing. Therefore, the correct analysis of the impact of pharmaceutical stock prices has an important significance. Firstly, this paper has a basic understanding of the influencing factors of the price-earnings ratio by sorting out the references and the derivation of the classical theory at home and abroad. Secondly, combined with the characteristics of the pharmaceutical industry, this paper analyzes the factors affecting the price-to-earnings ratio from the theoretical point of view. These factors include the macro level, the industry level and the micro level of a number of specific indicators. Finally, on the basis of theoretical analysis, using Stata software and panel data analysis method, the data of 113 listed pharmaceutical enterprises from 2011 to 2015 are analyzed quantitatively. Through a series of studies, it is concluded that the variable net profit growth rate, the asset-liability ratio ROEBETA, the turnover ratio and the annual GDP growth rate, as well as the one-year time deposit interest rate, all show a significant effect on the price-to-earnings ratio. Except that the coefficient of ROEBETA and one year time deposit interest rate is negative, the correlation coefficient of other influencing factors is significantly positive, which shows the positive effect on the price-earnings ratio. As a whole, the industry factor is the weakest, the macro factor is the middle factor, and the micro factor is the strongest, for the influencing factors of the pharmaceutical stock price / earnings ratio, the industry factor is the weakest, the macro factor is the middle, and the micro factor is the strongest. To a certain extent, this reflects the rigid characteristics of pharmaceutical consumption demand, and it is also consistent with the characteristics of the secondary market pharmaceutical stocks that can resist the economic cycle to some extent.
【學(xué)位授予單位】：上海外國語大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.72

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本文編號(hào)：1814083