同股不同价、不同市盈率的合理性分析

Analysis on the Rationality of Same Stock with Different Prices and Different P/E Ratios

同股同期在一年期银行存款利息率不同的市场上,股价和市盈率不同,对这种现象国内外理论界和职业投资人中有不少人认为不正常。在对上述问题进行理论和实例分析后,得出了同股不同价、不同市盈率是正常的、合理的结论,反之却是不正常、不合理的。内地投资人非理性地到香港去炒股,必将损失惨重。

In markets with different benchmark one-year deposit rates,there exists a phenomenon of the same stock with different prices and different P/E ratios,for which many scholars in the theoretical circle both home and abroad and lots of professional investors question its rationality.Based on the theoretical and example analysis on this phenomenon as well as the questioning,the author concludes that this is actually a rational and normal phenomenon.He thinks that if the investors from China's Mainland invest in the Hong Kong stock market irrationally,they will definitely suffer big losses.