我国创业板市场市盈率估值的合理性分析

Rationality Analysis on Estimating of P/E Ratio of Growth Enterprise Market in China

股市创业板的设立是我国调整产业结构,推进经济转型和技术进步,促进中小企业发展的重要举措。但是,我国首批上市的28家创业板企业的加权平均市盈率高达57.30,这个值远高于海外创业板市场和我国主板市场市盈率的估值,其是否合理也引起了资本市场的关注。文章主要就当前的市场状况,从我国股市运行的特殊规律、创业板公司内部因素、宏观经济等几个方面来考虑,并结合海外创业板市场的实例来看,我国创业板市盈率估值在合理的区间内,但是,值得警惕的是如果创业板上市公司在开盘当天遭到爆炒,则会加大创业板的风险。

Establishing the Growth Enterprise Moarket is an important measure for adjusting industrial structure and improving the development of the Smale and medium - sized enterprises. Investor concern on Growth Enterprise Market（GEM） increasing with the day of the opening quotation of the GEM come closer and this phenomenon that P/E ratio of the firm to be listed high by 57.30 rises market dispute. This article concluded that the P/E ratio of our GEM in reasonable intervals, but risk would be increase if on the opening quotation speculative trading increases.