疫情常态化背景下医药股股价波动的影响因素研究  

Research on Factors Influencing Stock Price Volatility of Pharmaceutical Stocks in the Context of Epidemic Normalization

作　　者：胡焦镔 刘家鹏 HU Jiaobin;LIU Jiapeng(School of Economics and Management,China Jiliang University Hangzhou,Zhejiang 310000)

机构地区：[1]中国计量大学经济与管理学院,浙江杭州310000

出　　处：《中国商论》2022年第12期95-97,共3页China Journal of Commerce

基　　金：国家社会科学基金项目“基于多源信息融合技术的精准扶贫与防贫机制研究”(18BGL224);国家自然科学基金面上项目“逆向交叉上市与海外主动退市的理论与实证研究”(71473235)。

摘　　要：疫情常态化背景下,各国相继出台利好政策驱动医药企业的创新发展,医药类企业股票价值都出现不同程度的增幅。然而,疫情下医药股的增幅变动甚至超过市场平均收益预期,引发公众对其股价增长是否具有可持续性,市场是否存在泡沫等担心。本文选取2017—2020年剔除ST的所有医药上市企业共计276家,以股价波动率为被解释变量,主营业务收入为解释变量,取资产负债率、每股收益、企业规模为控制变量,并引入衡量疫情影响的虚拟变量,分析影响股价波动率的相关内外在因素,为投资者提供相应的价值参考。Under the epidemic normalization, countries have introduced favorable policies to drive the innovation and development of pharmaceutical companies, and the stock values of pharmaceutical companies have increased to different degrees. However, the increase of pharmaceutical stocks in the epidemic even exceeded the average market return expectations, which raised public concerns about the sustainability of their share price growth and the existence of a market bubble. This article selects a total of 276 listed pharmaceutical companies excluding ST from 2017 to 2020, takes stock price volatility as the predictable variable, main business income as the explanatory variable, debt-to-asset ratio,earnings per share, and enterprise size as the control variables, and introduces dummy variables to measure the impact of the epidemic, analyze the relevant internal and external factors affecting stock price volatility and provide investors with corresponding valuable references.

关 键 词：股价波动率 后疫情 主营业务收入 医药股票 

分 类 号：F830.91[经济管理—金融学]