市盈率计算公式的缺陷

The Shortcomings of the P/E Ratio

市盈率是一种广泛使用的股票价值评估的工具,但市盈率的计算公式存在着缺陷。由于在市盈率的计算公式中没有明确地包含任何资产负债表项目的因素,因而没有考虑公司的特殊(正常负债的追加)负债或可供分配的超额资产。在公司存在特殊负债或超额资产的情况下根据市盈率计算公式得出的市盈率并不能代表公司实际的市盈率。当一个公司存在特殊负债或超额资产时,我们需要将特殊负债加到股票价格上或将超额资产从股票价格中减去以计算公司实际的市盈率。

The P/E ratio is a widely used tool for valuation it does not reflect a firm＇s extraordinary liabilities or excess asset, the P/E calculations might have to be adjusted to extraordinary liability to the price of the stock or subtract adjusted P/E ratio, of common stock. But the P/E ratio has some shortcomings that assets. When a firm has an extraordinary liability or an excess better reflect these special circumstances. We should add the the excess asset from the price of the stock to compute the