摘要
交易费用的存在 ,使换手率极大地影响了投资者的收益率 ,也就影响了合理市盈率波动范围上限。本文通过推导 ,得到了与换手率对应的市盈率合理上限的一系列数据 ,并据此认为我国股市市盈率目前的合理上限为 3 0倍。而后对美国纽约、英国伦敦和中国股票市场进行的实证分析表明 ,美国纽约和英国伦敦股市是理性的 。
Transaction cost makes exchange ratio greatly influence price-earning ratio of investors and its reasonable upper limit of vibration. Based on a lot of data deduced from reasonable upper limit related to exchange ratio, this paper points out that the reasonable upper limit of securities market of China is thirty times. After positive research into securities market of New York, London and China, the author thinks that securities market of New York and London is reasonable but Chinese securities market is not reasonable in the past ten years.
