导　　师： 耿志民

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 郑州大学

摘　　要： 市盈率是现今资本市场理论和实践研究中经常使用的重要的指标之一。因为它容易理解、便于计算,能够被大多数人所掌握,常常被应用于公司股票价值的评估当中,用以判断股票价格的高低、大小以及对公司未来盈利的预测。而且也成为股票市场上价值判断、风险判断和投资决策的重要参考因素以及政府监管部门制定相关政策的重要依据。影响上市公司市盈率水平的因素有很多,长期以来众多专家学者从各个方角度不同方向进行了研究和分析。 每个企业、行业的发展都要经历初创期、成长期、稳定期和衰退期这样一个生命周期,每个行业由于现实所处的发展阶段不同,他的发展前景自然不同,而发展状况和特点在很大程度制约着各公司的发展前景和经济利益,因而势必影响本公司股价进而影响股票市盈率。因此,股票市盈率的高低是各种因素的综合反映,本文是从实证的角度对中国上市公司整体市盈率水平的影响因素加以分析论证。我们研究发现,决定市盈率高低的直接因素是上市公司的每股价格和每股盈利,而进一步分析影响市盈率发生变动的原因,主要有一国的基本国情、经济发展状况、金融深化程度以及投资者心理等因素。此外还有如企业经营管理因素、市场行业周期因素、经济环境因素等,并且这些因素处在不断的变化之中。受这些因素及其变化的共同影响,不同时期的同一市场或同一股票、同一时期的不同市场或不同股票,其市盈率都表现出明显的甚至巨大的差异性。 当前,对于市盈率的分析,业内人士已论证的比较充分,而对影响市盈率变动的宏观和微观因素进行进一步分析将有助于我们对市盈率高低的成因做出一个更为全面、合理、客观的判断。从而能给中国的证券监督管理机构、证券公司、投行以及投资者提供一个较为� P//E ratio is one of the important indicators which nowadays are often used in the Capital market theory and the time to study. It is easy to understand, easy calculation, mastered by most people, and often used in the assessment of the value of company stock. They were used to determine the level of stock prices, size and forecast the Company's future profitability. Meanwhile, P//E ratio also becomes the important reference factors for a stock market value judgments, risk judgments and investment decisions and government regulators important basis for the development of relevant policies.There are many factors affecting the level of price-earnings ratio of listed companies, many experts and scholars had studied and analyzed from each side in different directions,for a long-term. Every business, industries go through a life cycle from startup, growth, stability to decline, each industry because of the reality of different stages of development, his prospects for the development of different nature, condition and characteristics of the development, to a large extent, restricts the development prospects of the companies and economic interests, thus it bounds to affect the company's share price and thus affect the stock price-earnings ratio.Therefore, the level of stock price-earnings ratio is a comprehensive reflection of various factors, this is from an empirical perspective on the overall price-earnings ratio of listed companies to analyze factors affecting the level of proof. We found that level of direct factors determine price-earnings ratio of listed companies based on the price per share and earnings per share, P//E ratio further analysis on the changes occurred mainly because of a country's basic national conditions, economic development, financial deepening and investor psychology and other factors.There are also factors such as business management, marketing industry cycle factors and economic and environmental factors,and these factors are in constant flux..The combined effect of these factors and

关 键 词： 上市公司 市盈率 宏观因素 微观因素

领　　域： [经济管理] [经济管理] [经济管理]