我国农林类企业上市公司市盈率的影响因素

Analysis on Influencing Factors of P/E Ratio of Listed Companies in Agricultural and Forestry Enterprises in China

无论是股民选择股票,还是企业对公司的高管进行年终考核,股票的市盈率一直是被关注的焦点。但是市盈率的影响因素非常复杂,因此,研究市盈率对股民选股、公司高管管理公司都有较大的帮助。通过选取与公司经营密切相关的18个指标,进行多元回归分析以及相关性分析,得出以下结论:净资产收益率、现金资产比率与固定资产比率这三个因素与市盈率之间呈负相关关系,固定资产净利润率与营业毛利率这两个因素与市盈率之间呈正相关关系,公司管理层应该努力提高它们的比率,比如投资获利能力强的项目,尽量减少不必要的固定资产支出等等。

Whether investors choose stocks or enterprises conduct year-end assessment of company executives,the P/E ratio of stocks has always been the focus of attention,but the influencing factors of P/E ratio are very complex.Therefore,the study of P/E ratio is of great help to investors’stock selection and company executives’management of the company.By selecting 18 indicators closely related to the company’s operation,multiple regression analysis and correlation analysis,the following conclusions are drawn:the return on net assets,cash assets ratio and fixed assets ratio have a negative correlation with the P/E ratio,and the net profit margin of fixed assets and operating gross profit margin have a positive correlation with the P/E ratio,the management of the company should strive to improve their ratio,such as investing in projects with strong profitability,minimizing unnecessary expenditure on fixed assets,etc.