摘要
目前,国内外大多数研究主要探讨了利率、居民消费价格指数等宏观经济因素对整体股价的影响。通过建立V AR模型,将研究对象进一步细分,分析利率、医疗保健类居民消费价格指数对医药行业股价指数的动态作用。结果表明,利率对医药行业股价指数有一定影响但并不是主要因素,这与欧美等发达金融市场还有较大的差距;而医疗保健类居民消费价格指数对医药行业股价指数有较大的影响。最后,在研究结论的基础上,提出进一步推进利率市场化、完善股市建设、优化投资策略等建议。
At present,most researches mainly discuss the influence of macroeconomic factors such as interest rate and consumer price index on the overall stock price.In this paper,the research object is further subdivided to analyze the dynamic effects of interest rate and consumer price index of medical care on the stock price index of the pharmaceutical industry by establishing VAR model.The final result shows that the loan interest rate has certain influence on the stock price,but it is not the main factor.And the result is still far from the developed financial markets such as Europe and America.Meanwhile,The consumer price index of health care has a significant influence on the share price index of the pharmaceutical industry.Finally,on the basis of the research conclusions,suggestions are put forward to further promote interest rate liberalization,improve the construction of the stock market,and optimize investment strategies.
作者
陶阳
张青龙
TAO Yang;ZHANG Qing-long(University of Shanghai for Science and Technology,School of Management,Shanghai 200093,China)
出处
《经济研究导刊》
2019年第36期54-59,共6页
Economic Research Guide
