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本文在资本资产定价模型和有效市场假说的分析框架下,分析了市盈率的形成机理。理论上股票的市盈率应该以公司的未来增长潜力为基础,且次年的增长率能反映在其股价之上。投资者理性分析与投资的能力虽然有所提高,但和成熟的证券市场相比,还有待完善。
This paper analyzes the formation mechanism of price-earnings ratio under the framework of the analysis of capital asset pricing model and effective market hypothesis. The P / E of a stock should theoretically be based on the company’s future growth potential and the growth rate of the following year can be reflected in its share price. Although the ability of investors to rationally analyze and invest has increased, it still needs improvement compared with the mature securities market.