对股票市盈率的思考

SOME THINKING OVER PROFIT RATE

市盈率作为反映股价相对水平高低的指标,在投资者投资决策分析中起着非常重要的指导作用。在用市盈率指标进行股票投资分析时,不能静态地比较市盈率的高低,必须以动态的、发展的观点来判断市盈率未来变动的趋势或可能性。结合基本面情况对上市公司发展状况进行分析和预测,判断其未来发展的走向及业绩变动的趋势,是市盈率指标在股票投资分析和决策中发挥作用的真实内涵。影响股票市盈率的因素除了股价和公司的经营业绩外,还包括市场利率、公司的成长性、公司所处的行业、公司股本规模的大小和股本结构等。必须结合我国的具体国情来科学认识市盈率。

Profit rate plays an important part in investors＇decision analysis when it, as an index, shows the level of stock prices. While doing stock investment analysis with the index, one cannot compare the level of profit rate in a stationary state, but should judge the changing trends of the future in a dynamic way. When the tracking of companies is analyzed and forecast with the basic status, the index will play a real role. Factors such as stock price, company performance, market interest rate, development of the company, trade of the company, stock size and stock structure will all affect profit rate. So profit rate should be treated correctly and scientifically with the specific situation in mind.