市盈率的因素分析

Factors Analysis of P/E Ratio

市盈率是每股市价与其收益的比率,是股票单位收益的价格。因其概念简单,操作方便,市盈率成为广大投资者判断股票价值的常用工具之一。本文基于稳定股利增长贴现模型,推导出市盈率内在价值的基本模型,对影响市盈率的三大根本因素——预期股利、投资回报率和股息增长率进行了扩展研究,找出了影响市盈率的十大因素及其影响方式。

P/E ratio （price-to-earnings ratio） of a stock is a measure of the price paid for a share relative to the income or profit earned by the firm per share. Theoretically, a stock＇s P/E tells us how much investors are willing to pay per dollar of earnings. It is a tool widely used to evaluate the share＇s value and risks. This paper deduces intrinsic P/E ratio models from the discounted dividends model and decomposes the basic three factors into concrete ten factors which influence P/E value in different directions.