中国股票市场理论价格和合理市盈率的测算及其应用

The Theoretical Price and Rational P/E Ratio on Chinese Securities Markets

本文以威廉姆斯的投资价值理论和测算方法为依据 ,从分析未来经济周期所处的阶段或状态出发 ,建立我国股票市场理论价格和合理市盈率测算的多阶段模型 ;以理论价格和合理市盈率为市场风险的预警指标 ,对我国政府的干预行为进行分析与评价。

This paper sets up several-period models according to Williams's theory and measurement formula of investment value on the basis of which we measure the theoretical price and rational P/E ratio on the Chinese securities markets.