| 市盈率能否成为投资决策分析的有效指标——来自中国A股的经验数据 |
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| 引用本文： | 陈共荣,刘冉.市盈率能否成为投资决策分析的有效指标——来自中国A股的经验数据[J].会计研究,2011(9). |
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| 作者姓名： | 陈共荣 刘冉 |
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| 作者单位： | 湖南大学工商管理学院 湖南长沙 410082 |
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| 基金项目： | 国家社会科学基金(11CJY013); 湖南省社会科学基金(2010YBB148)的阶段性成果 |
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| 摘 要： | NPVGO模型说明市盈率是一个反映风险与收益、能传递出公司发展潜力与获利能力信息、进行投资决策分析的重要指标。来自中国A股的数据表明:我国股票市场价值投资理念的缺失导致市盈率在反映公司的发展潜力和获利能力方面具有局限性。市盈率指标只能作为投资决策分析的参考,只有通过完善股票市场的监管机制、建立有效的信息披露机制、树立价值投资理念,建立起比较成熟的资本市场才能使市盈率指标在投资决策分析中真正发挥作用。
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| 关 键 词： | 市盈率 经济内涵 投资运用 |
Can PER be effective in investment analysis and decision——Data from Chinese A-Share Stock Market |
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| Chen Gongrong Liu Ran.Can PER be effective in investment analysis and decision——Data from Chinese A-Share Stock Market[J].Accounting Research,2011(9). |
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| Authors: | Chen Gongrong Liu Ran |
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| Institution: | Chen Gongrong Liu Ran |
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| Abstract: | The model ofNPVGO indicates PER plays an important role in investment analysis and decision, which reflects the stock returns and risks, gives information about company growth and profitability. However, data from Chinese A-Share stock market states, the lack of Value-Investment concept makes it ineffective to reflect company growth and profitability, PER can should be regarded as a consultative target. Only in the efficient market, can PER be decisive, which should be achieved by improving supervision mech... |
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