关键词：A股 港股 生物医药行业 市盈率 影响因素 面板数据回归一、引

Keywords: A-shares, Hong Kong stocks, biopharmaceutical industry, price-earnings ratio, influencing factors, panel data regression <br>1. Introduction <br>(1) Research background and significance The <br>price-earnings ratio is an important indicator of stocks and one of the key factors that affect investors ’value investment. In terms of economic meaning, the price-earnings ratio indicates the relative price of stocks and the future prospects of enterprises, and is closely related to many economic indicators from macro-economy to micro-enterprises. Therefore, in the international arena, a reasonable price-earnings ratio range is a sign of a mature market, and the price-earnings ratio along with the fluctuations of various key economic indicators will also reflect the market's adjustment to investment behavior, investors' expected valuation of enterprises and the market Investors' investment habits, etc.

Keywords: A-share Hong Kong stocks biopharmaceutical industry price-earnings ratio factors panel data regression<br>First, the introduction<br>(i) Study background and significance<br>Price-earnings ratio is an important index of stocks and one of the key factors that affect investors' value investment. In economic terms, the price-to-earnings ratio represents the relative price of stocks and the future prospects of enterprises, and has close intrinsic correlation with many economic indicators, from macro-economics to micro-enterprises. Therefore, internationally, a reasonable price-earnings ratio range is a sign of a mature market, and the price-earnings ratio with the fluctuations of key economic indicators will also reflect the market for investment behavior, investors' expected valuation of enterprises and investors in the market investment habits.

Key words: A-share, Hong Kong stock, biomedical industry, P / E ratio, influencing factors, panel data regression<br>Introduction<br>（1） Research background and significance<br>P / E ratio is an important index of stock, and it is also one of the key factors that affect the value investment of investors. In terms of economic meaning, the price earnings ratio represents the relative price of stocks and the future prospects of enterprises, and has close internal relations with a number of economic indicators from macro-economy to micro enterprises. Therefore, in the world, a reasonable P / E ratio range is a sign of a mature market, and with the fluctuation of key economic indicators, the P / E ratio will also reflect the adjustment of the market for investment behavior, the expected valuation of investors for enterprises and the investment habits of investors in the market.<br>