我国股票市场市盈率合理变动性探析

China stocks market PE ratio reasonable change probing

本文通过比较国内外股市的市盈率,发现我国股市市盈率偏高、波动幅度大,然后从宏观和微观角度分析了产生这种现象的具体原因。进而考虑到我国投资者的投资理念并根据我国股市的实际情况推算出我国股市市盈率合理变动区间,并得出我国市盈率虽偏高但具有阶段合理性。最后,本文提出了解决市盈率偏高和波动大的一些建议,这将对人们正确认识我国股票市场市盈率合理变动性具有一定的实践意义。

This paper compares price-earnings ratios in domestic and foreign stock markets,finds that our price-earnings ratio is high and volatility is big,then from the perspective of the macro and micro specifics the reasons for this phenomenon.Thus taking into account the concepts of investors and in accordance with the actual situation of our stock market this paper projects reasonable change interval of price-earnings ratio,and gets that the price-earnings ratio is high,but has stage reasonableness.Finally,this paper puts forward some recommendations to solve the high and volatile price-earnings ratio,which will supply realistic and practical significance for people correctly understanding the reasonable volatility of price-earnings ratio in our stock market.