具成长性公司的普通股市盈率分析

An Analysis on the Price-Earnings Ratio of the Common Shares of Growing Corporations

在导出两类典型的成长性公司的理论市盈率的基础上，分析了再投资利润率、市场利率与理论市盈率的关系．澄清了关于市盈率的一些模糊或不正确的认识，得到了一些新的有价值的结论。

The theoretical P/E of two typical kinds of growing corporations is analyzed in this paper. Some useful conclusions are obtained as follows: the rate of return of reinvestment other than the growth factor is the decisive factor affecting the theoretical P/E, the reciprocal of interest rate is still the appropriate index of estimating the theoretical P/E for a few of growing corporations. Hence, the phenomenon that the P/E of some growing corporations in China's Securities Markets are over 100 implies that the degree of speculation in our country's securities markets is high.