摘要
市盈率指标看似反映了投资者预期投资回报率的大小，但事实并非如此简单。市盈率的高低代表了投资者对公司成长机会预期的乐观程度；它反映出公司所拥有的投资机会的期望报酬率的大小以及再投资比率的高低；从EBO模型的进一步分析表明，市盈率指标是某一时期预期的超额回报与下一期预期超额回报之差的函数。当然，投资者在使用市盈率指标进行分析时，还需注意以下几个问题：当市盈率指标中的每股收益为最近一期会计收益时，在商业周期或是通货膨胀等时期，市盈率可能会带来扭曲的结论；市盈率的分析应该与其它财务指标分析相结合；市盈率具有有限的可比性。［
Price-earnings (P/E) ratio is one of the indicators used in investment analysis. At first sight, P/E ratio seems to reflect the e xpected returns on investment. Through further analysis, however, we find that P /E ratio is a reflection of the market's optimism concerning a firm's growth prospects, and that it shows whether or not a firm has its expected good rate or re turns on investment opportunity and the level of the firm's plow back ratio. Th e Edwards-Bell-Ohlson (EBO) model further indicates that P/E ratio is differen ce of ratio between current and future returns on equity. While using P/E ratio, investors should also take into account the following aspects: If the denominat or in the P/E ratio is the latest accounting earnings, then in times of business cycle or high inflation, the analysis of P/E ratio may lead to a distorted conc lusion; the analysis of P/E ratio should be combined with other financial ratio analysis; the limitation of P/E ratio comparison should be taken into considerat ion.
出处
《复旦学报（社会科学版）》
CSSCI
北大核心
2001年第5期81-84,124,共5页
Fudan Journal（Social Sciences）
