中国股市市盈率太低了吗?检验收益波动的作用

International Environment of Global Business eJournal Pub Date : 2010-07-25 DOI:10.2139/ssrn.1632667

T. Wirjanto, A. Huang

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引用次数: 16

摘要

我们发现，中国的市盈率与美国标准普尔相当，并且(ii)中国的历史盈利波动性比美国高得多。中国较高的盈利波动性抵消了设定市盈率时较高的增长前景，使其市盈率更接近于经验观察结果，而不是增长率所暗示的结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Is China’s P/E Ratio Too Low? Examining the Role of Earnings Volatility

We find that China’s P/E ratio is comparable to that of the U.S. SP and (ii) historical earnings volatility is considerably higher in China than in the U.S. Higher earnings volatility in China offsets higher growth prospect in setting the P/E ratio, making its P/E ratio much closer to what is observed empirically than otherwise implied by its growth rate.

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International Environment of Global Business eJournal

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