P/E ratio[市盈率]

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衡量市场业绩。 P/E ratio[市盈率]解析。

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P/E ratio[市盈率] Price to Earnings ratio

什么是市盈率? 释义

市盈率(Price to Earnings ratio, P/E ratio)是指公司当时股价与每股盈利的比率。 Discounted Cash Flow[贴现现金流]衡量公司绩效的一个较高级的方法, 但有时候投资者比较喜欢用一些简单的方法。


市盈率计算。 公式

P/E ratio[市盈率]是用来衡量市场绩效表现的,它可以通过如下计算公式求得。


市盈率公式: 每股市价/ Earnings Per Share[每股盈利](每股盈利一般根据过去12个月的盈利计算)。

 

在现实当中,由于计算方便,市盈率被用得很多。 如果你在市盈率为10的时候购进一支股票,这就意味着这家公司要花10年的时间才能为你赚回投资。


市盈率计算范例

假设某公司去年盈利1000万美元,同时这家公司计有100万股, 每股盈利则为10美元。 如果该公司每股市价为100美元,它的市盈率则为10。 换句话说,这一价格意味着投资者愿意为去年每1美元的盈利投资10美元。
 

市盈率的局限

市盈率的前提假设是公司将会于未来获取更多利润。 这一方法至少有两个缺点:

  1. 它基于报告的盈利,也就是会计利润,但这并不是股东实际价值的一个理想指标。
  2. 分子也有问题,即用每股市价也不妥。 那么用行业平均水平吗? 对此所作的修改和调整经常基于: 公司的期望增长、新增投资的回报率、以及资金成本(WACC[加权平均资本成本])。

参考书: Steven M. Bragg - Business Ratios and Formulas: A Comprehensive Guide -

参考书: Ciaran Walsh - Key Management Ratios [中译本《关键管理指标:掌握驱动和控制企业的管理工具》,北京经济管理出版社,2005] -


市盈率论坛
  When is Stock Overbought and Oversold?
WHEN IS STOCK OVERBOUGHT?
"Overbought" refers to a condition in which the demand for a certain asset unjustifiably pushes the price of an underlying asset to rise to such a degree that it does not support the fundamentals. This is generally inte...
     
 
  High PE Ratio Means What? A Good Stock?
What is the meaning if Company A has been trading at a higher PE ratio than company B?
Does it mean we should buy this stock or not?
Can anyone explain? Thanks......
     
 
  What is the meaning of X in PE Ratio?
Sometimes PE Ratio is given as 12.9x... What does "x" mean?...
     
 
  What is the Beta of a Stock?
Before we're investing in a stock, we not only consider the P/E Ratio, but also the Beta of that particular stock.
Beta is the measurement of how volatile the stock is when compared to the index.
In a nutshell, it can be stated that if a st...
     
 
  Conflict of Interest of Management Buy Out
If management is allowed to buy out the companies they work for, would it not be a conflict of interest in that the management can deliberately kill the P/E ratio before their acquisition?...
     
 
  Relevance of PE Ratio for CEO
What is the importance of the P/E ratio to the CEO of a company?...
     
 
  Why Using Average P/E Ratio is More Realistic
During favorable economic times (boom), company earnings are at record levels. As a result, the high stock prices and seemingly low P/E ratio's appear acceptable.
But investors are advised to use average earnings over the past 10 years or so to...
     
 

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最佳实践 - 市盈率 高级帐户

Expert Tips (ENG) - P/E Ratio 高级帐户
 

What are the Indicators of High Quality of Earnings?

The term quality of earnings usually refers to the degree of conservatism in a firms reported earnings. Indicators of high earnings quality in...
Usage (application)Analyzing Reported Earnings
 
 
 

What is the Degree of Management Discretion or Manipulation?

The discretionary nature of income recognition permits an examination of the degree of management manipulation of earnings under one or more of the fo...
Usage (application)Analyzing Reported Earnings
 
 

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比较: PEG Ratio[市盈率与增长比率]  |  Market Value Added[市场增值]  |  EBIT[息税前利润]  |  EBITDA[息税、折旧及摊销前利润]  |  Economic Margin[经济利润]  |  Return on Equity[股本回报率]  |  TSR[股东总回报]  |  PRVit[PRVit公式]


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