| The pharmaceutical industry,as a hot industry in the stock market this year,has attracted more and more investors' attention.The dazzling yield of medical stocks has caused people to think.With the continuous advancement of the national medical and health system reform,the pharmaceutical reform policy has benefited thousands of households,the pharmaceutical industry has gradually increased the threshold,and the pharmaceutical industry has experienced rapid growth.The pharmaceutical industry is hailed as a sunrise industry forever and belongs to a typical non-cyclical industry.As we all know,the stocks of pharmaceutical companies can hedge their risks during the low tide of the stock market,and at the same time,they can obtain far more profit than the broader market.Therefore,it is of great significance for us to correctly analyze the factors that affect the yield of pharmaceutical stocks.This article starts with an analysis of the status quo of China's pharmaceutical industry,explains the significance of studying the pharmaceutical industry,reviews the domestic and foreign literature that has been read,compares domestic and foreign research thinking,and analyzes the different achievements of domestic and foreign scholars.Second,through a series of theoretical analysis step by step from shallow to deep,to provide adequate theoretical support and analysis for the subsequent empirical research,to provide a solid foundation for the interpretation of the results of the later articles,make the article more convincing.Then introduce the characteristics of pharmaceutical companies,from the qualitative aspects of the factors affecting the stock yield analysis,and further shift the focus of attention to the financial indicators.Next,sample data should be selected for empirical analysis to explore how financial indicators of pharmaceutical listed companies affect stock returns.The innovation of this paper lies in the detailed analysis of the characteristics of the pharmaceutical industry in the study of the factors affecting the stock price return rate of pharmaceutical companies.Based on a review of the traditional analysis methods,this paper uses the multiple regression model for empirical analysis for the first time.The index system of the factors affecting the stock returns of listed companies in the pharmaceutical industry selected in this article is more comprehensive and complete.After comprehensive comparison and analysis,the indicators are handled more meticulously,and the adverse indicators and appropriate indicators are treated positively,and the extreme outliers are controlled within a reasonable range.Within the adjustment,to overcome the impact of different dimensions,the non-dimensionalization process,try to make the sample data subject to normal distribution,normalized processing,making the pricing more accurate and reliable.But also take into account the complex logical relationship between the indicators.This article takes all the sample stocks of the CSI 100 Index on April 28,2017 as the research object,and takes the period of 2011-2017 as the sample period,and selects the factors affecting the stock returns of listed companies in the pharmaceutical industry in conjunction with relevant domestic and foreign literature.,Including:corporate information,operational capacity,profitability,debt repayment ability,growth ability,capital expansion ability in six aspects of a total of 24 indicators,and then build a regression model and test to obtain an effective model.The empirical results show that the strongest positive correlation with the stock returns of listed companies is the profitability factor.This factor determines the core reference point for investing in pharmaceutical stocks,followed by the capital expansion ability factor.This paper applies it for the first time.The selection of pharmaceutical stocks came up and found a strong correlation with the return on stocks of pharmaceutical companies.This empirical result can provide reference for investment decisions in the pharmaceutical industry. |
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