The Empirical Analysis Of The Influence Factors Of The Stock Price Earnings Ratio Of The Pharmaceutical Industry

The pharmaceutical industry has important position in national economy,the pharmaceutical industry accounted for the proportion of gross national product has been increased,and in the secondary market,the listed pharmaceutical companies are also increasing.Therefore,it is important to analyze the influence of pharmaceutical stock price correctly.Firstly,this paper gives a basic understanding of the influence factors of the P/E ratio by the derivation of reference literature and classical theory both at home and abroad.Secondly,combining with the characteristics of the pharmaceutical industry,from the aspects of theory analysis of the influencing factors of P/E ratio,these factors include the macro level,industry level and micro level of 15 specific indicators.Finally,on the basis of theoretical analysis,the data of 113 pharmaceutical listed companies in 2011-2015 were analyzed and analyzed by using the Stata software and panel data analysis method.Through a series of research,finally it is concluded that: variables,asset-liability ratio,ROE,net profit growth of BETA,turnover rate,year-on-year growth rate of GDP and interestRate all showed a significant impact on the p/e ratio,which in addition to the ROE,BETA and interestRate factor coefficient estimate is negative,the other factors were significantly positive correlation coefficients,showed the positive influence of p/e ratio.For the pharmaceutical industry,therefore,the influence factors of stock price/earnings ratio,the industry factors explanation the weakest,macro factors in the middle and micro factors explain the strength strongest.Partly reflects the rigidity characteristics of medical consumer demand,but also with the secondary market,pharmaceutical stocks in some extent,can resist the characteristics of the economic cycle.