P/E ratio[市盈率]

知识中心

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]是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]

论坛讨论 市盈率论坛。 开始一个新的论坛主题 分享您的知识或提出问题   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 us... 11   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...... 8   1条评论 What is the meaning of X in PE Ratio? Sometimes PE Ratio is given as 12.9x... What does "x" mean?... 5   1条评论 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.... 5   1条评论 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?... 4   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 no... 2   Relevance of PE Ratio for CEO What is the importance of the P/E ratio to the CEO of a company?... 2

专家提示 关于P/E Ratio（英语）的高级见解。在这里，您将找到专家的专业建议。 What are the Indicators of High Quality of Earnings? Analyzing Reported Earnings The term quality of earnings usually refers to the degree of conservatism in a firm�s reported earnings. Indicators of h... What is the Degree of Management Discretion or Manipulation? Analyzing Reported Earnings The discretionary nature of income recognition permits an examination of the degree of management manipulation of earnin...

信息来源 有关市盈率的各种信息来源。在这里，您将找到Powerpoint，视频，新闻等可用于您自己的讲座和讲习班。 Financial Statement Analysis | Ratio Analysis Ratio Analysis, Finanical Statement Analysis This presentation provides insights in Financial statement and ratio analysis, and includes the following sectios: 1. F... Business Valuation | Company Valuation | Firm Valuation Business Analysis, Company Analysis | Firm Analysis This presentation elaborates on the valuation and analysis of companies and include the following sections: 1. Company ... 3 Minute Introduction to Financial Ratio Analysis: Why do it and What are the Main Types? Types of Financial Ratios, Financial Ratio Analysis, Financial Ratio Types Why financial ratio analysis? 1. To compare the financial health of (similar) companies (which one is doin... P/E Ratio Diagram Analyzing Stock Performance Download and edit this 12manage PowerPoint graphic for limited personal, educational and business use. Republishing in ...

研究链接 自动跳入有关以下内容的其他有用资源市盈率。 新闻 视频 简报 书比人好 学术的 更多

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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