关于市盈率盈利及风险关系的实证研究.docx
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- 2021-04-20 发布|
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Lele was written in 2021 Lele was written in 2021
关于市盈率盈利及风险关系的实证研究
关于市盈率、盈利及风险关系的实证研究
The Emprical Studies of Relationship
Between P/E and Profit、Risk 摘 要:本文在理论阐述了市盈率、风险及盈利的概念的基础上,假定市盈率的变动决定因素主要是盈利与风险,通过收集、整理A股市场数据,建立相关回归模型,实证探讨了市盈率与盈利、风险之间的相关关系。
在实证分析过程中本文发现市盈率在变动中存在着显着的均值回归现象,并在长期的变动中逐渐收敛,而这种现象可以部分地由盈利与风险的变动来解释。为了回归模型的解释能力更有效,本文在最后在回归模型中又引进了公司规模和账面/市价比率两个变量,收到了很好实证结果,其实证分析结论具有积极地参考意义。
关键词:市盈率;盈利; ;规模
Abstract : based on theory expounded the price-earnings ratio, risk and profit on the basis of the concept of the changes, assuming that deciding factor mainly P/E, profit and risk is by collecting, sorting the a-share market data, establish relevant regression model, the empirical discusses between risk and profit, p/e ratio of related.
The empirical analysis process this paper found in ex