沪深A股市场市盈率分布特征研究

发布时间：2018-11-04 17:24

【摘要】：本文首先以反映投资收益与投资风险的重要指标为核心,从市场、行业及个股三个维度对沪深A股市盈率的分布特征进行研究。结果显示:沪深A股市盈率存在显著的多层次的联动性,具有显著相关性,说明投资者对企业创造财富的预期是一致的;从市盈率的分布结构来看,自2005年股权分置改革到2009年的股权分置改革完成,沪深A股市场进入全流通时代,沪深A股市场市盈率的分布呈现V型的两极分化分布特征;市盈率的行业分布特征表明,沪深A股市场16个行业服从尖峰胖尾分布,不同行业市盈率呈现了显著的分化分布特征现象。
[Abstract]:In this paper, the distribution characteristics of Shanghai and Shenzhen A-share P / E ratio are studied from three dimensions: market, industry and individual stock, taking the important index reflecting investment return and investment risk as the core. The results show that: Shanghai and Shenzhen A share price / earnings ratio has a significant multi-level linkage, with significant correlation, indicating that investors' expectations of enterprises to create wealth is consistent; From the distribution structure of price-earnings ratio, from the reform of split share structure in 2005 to the completion of split share structure reform in 2009, the A-share market of Shanghai and Shenzhen has entered the full circulation era, and the distribution of P / E ratio of Shanghai and Shenzhen A-share market has the characteristics of V-type polarization distribution. The characteristics of industry distribution of P / E ratio show that 16 industries of Shanghai and Shenzhen A share market are distributed from peak to fat tail, and the P / E ratios of different industries show a distinct differentiation and distribution phenomenon.
【作者单位】：南华工商学院财务金融学院;
【分类号】：F832.51

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