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]

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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 (...)

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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 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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