滬深A(yù)股市場市盈率分布特征研究
發(fā)布時間:2018-11-04 17:24
【摘要】:本文首先以反映投資收益與投資風(fēng)險的重要指標(biāo)為核心,從市場、行業(yè)及個股三個維度對滬深A(yù)股市盈率的分布特征進(jìn)行研究。結(jié)果顯示:滬深A(yù)股市盈率存在顯著的多層次的聯(lián)動性,具有顯著相關(guān)性,說明投資者對企業(yè)創(chuàng)造財富的預(yù)期是一致的;從市盈率的分布結(jié)構(gòu)來看,自2005年股權(quán)分置改革到2009年的股權(quán)分置改革完成,滬深A(yù)股市場進(jìn)入全流通時代,滬深A(yù)股市場市盈率的分布呈現(xiàn)V型的兩極分化分布特征;市盈率的行業(yè)分布特征表明,滬深A(yù)股市場16個行業(yè)服從尖峰胖尾分布,不同行業(yè)市盈率呈現(xiàn)了顯著的分化分布特征現(xiàn)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.
【作者單位】: 南華工商學(xué)院財務(wù)金融學(xué)院;
【分類號】:F832.51
[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.
【作者單位】: 南華工商學(xué)院財務(wù)金融學(xué)院;
【分類號】:F832.51
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