市盈率与市净率之间的关系辨析——以沪市新股发行为例

The Relationship between Price-Earnings Ratios and Market-to-Book Ratios:Evidence from Shanghai Security Market

市盈率与市净率都是投资者评估资本市场中股票质量和公司价值的重要指标,理解这两个指标的经济实质和计算要求很有意义。依据2005年至2012年3月在沪市A股上市的100多家公司有关数据,采用实证研究的方法,对新股发行市盈率和市净率的整体水平以及行业特点等进行了较为深入的探讨,并就个股发行市盈率和市净率的有效性进行了比较分析。以此为基础,还将两者与新股发行首日表现的相关数据相结合进行了综合评价,以求对两者的作用有更为深入的了解。

It is of great significance to understand the economic substance and calculation of rice-earnings ratios and market-to-book ratios which are always important financial indexes for investors to evaluate the quality of stocks and the market value of companies.Based on the data of Shanghai Security Market from the year 2005 to 2012,this article aims at the levels,industry characteristics and effectiveness of price-earnings ratios and market-to-book ratios of IPO stocks by an empirical analysis.Furthermore,we examine the relationship between the price-earnings ratios and market-to-book ratios and the performance of IPO stocks in order to better understand the roles of these ratios.