摘要
如何依据我国股票市场的实际情况,科学合理地确定股票的发行价格即股票的发行市盈率,一直是困扰着券商和上市公司的一大难题。由于理论行业平均市盈率只有跟大样本的市场联系起来才有其实践的合理性,因此,经实证分析,可得出接近市场的实际市盈率新模型εH=0 089466T370 06;εY=0.00024TεY,其中:εH为年行业平均市盈率;εY为行业理论市盈率;T为年综合指数的平均值。
It has been a difficult problem nagging securities dealers and listed companies how to scientifically and rationally set the issuance price of stock, that is, the issuance price-earnings ratio, in line with the actual conditions of China. Theoretical industry average price-earnings ratio is rational in reality only when it is related with the big-sample market. Therefore, the real price-earnings ratio model that approximates to the market can be concluded from empirical analysis: ε_H=0.089466T370.06;ε_Y=0.00024Tε_Y, where ε_H is the annual industry average price-earnings ratio, ε_Y is the theoretical industry price-earnings ratio and T is average annual comprehensive index.
出处
《贵州财经学院学报》
2005年第1期11-14,共4页
Journal of Guizhou College of Finance and Economics