Research On Value Of Investment Value Of Bio Pharmaceutical Listed Companies Under The Background Of New Medical Reform

Since the second half of 2016,our government from the hospital classification reform,reform of medical insurance system and drug procurement system of "two votes" reform,policy reform,pharmaceutical R & D industry support policy reform of a comprehensive and systematic and in-depth reform of the health care system.Great changes have taken place in the medical related industries after reform.The hospital revenue incentives have been completely changed,the innovation of pharmaceutical companies has been further stimulated,the market environment has been reshaped,and the value structure of pharmaceutical listed companies has also changed.In order to explore the method of measuring the value of biopharmaceutical listed companies and provide help for investors in the new situation,this paper extracts an effective stock selection model from two perspectives: industry research and multi factor stock selection.First,through industry research,from the long-term,medium-term and short-term factors were analyzed,a clear bio pharmaceutical listed companies investment logic and investment value,pointed out that the investment in research and development level is an important indicator of the industry characteristics of the bio pharmaceutical company,deeply affect the bio pharmaceutical company’s value,should be combined with financial index system.A measure of the value of the company.Second,this paper selects all the biopharmaceutical listed companies in China for 2016-2017 years’ annual report data,carries out principal component analysis,and establishes stock selection models including seven factors,including growth ability,profitability and R & D ability.After testing,we found that the screening results of stock selection models outperform the performance of big cities,which can help investors to screen stocks,clarify the value points of biopharmaceutical companies,and help regulators and research institutions to improve the supervision and analysis of biopharmaceutical listed companies.