我国股市市盈率分析

针对当前我国沪深股市平均超过60倍的市盈率，有关人士忧心忡忡，认为市盈市过高，超过了欧美国家股市市盈率30倍的警戒线，笔者认为 深两市的总体市盈率状况，是与我国的基本国情、经济发展状况和所处的经济周期，市场利率水平，企业的获利能力和成长能力相适应的，没有偏离经济运行的总体轨道，当然，市盈率不高并不意味着股票市不存在风险，加强监督管是化解股市风险、防止股市泡沫膨胀和过度投机的重要举措。

Analysis of Price-earning Ratio in China

People concerned are worrying about our country's current price-earning ratio of Shanghai and Shenzhen stockmarkets, which is more than 60 times.They think that it is about twice of the warning limit of developed countries market ratio.But the author believes that considering some factors such as the basic state of our nation,conditions of economic development, business cycle,level of market interest rate and the profitability and growth capacity of corporations , the overall price-earning ratio is quite normal and it doesn't deviate from the aggregate track of the economic operations. This however,does not mean that there are no risks existing in the stockmarket,and an important measure to lower the stockmarket risks, prevent the overspeculation and bubble expansion of stockmarket is to strengthen supervision and management.