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本文综合了企业经营业绩、市场、人口三方面因素,运用向量自回归(VAR)模型对我国医药制造业上市公司市值影响因素进行了实证研究。研究表明:每股收益、上证指数和老年人口占总人口比重的上升都会对医药制造业公司市值带来正向冲击,而净资产收益率与市值存在负相关。从短期来看,每股收益和上证指数对医药制造业市值的冲击较大;而从长期来看,老年人口占总人口比重对医药制造业市值的冲击存在长期积累效应。
This paper combines three aspects of business performance, market and population, and uses the VAR model to make an empirical study on the influence factors of the listed companies’ value of the pharmaceutical manufacturing industry in our country. The research shows that the increase of earnings per share, the Shanghai stock index and the proportion of elderly population in the total population will have a positive impact on the market value of pharmaceutical manufacturing companies, while the return on equity and the market capitalization are negatively correlated. In the short term, earnings per share and the Shanghai Composite Index will have a greater impact on the market value of the pharmaceutical manufacturing industry. In the long run, the impact of the share of the elderly in the total population on the market value of the pharmaceutical manufacturing industry will have a long-term cumulative effect.