Study On The Problem Of Price To Earnings Ratio In Shanghai A Share

As an important indicator of measuring stock investment value and stock bubble,the Price to Earnings Ratio responds relative prices among different stocks．Undercommon conditions,the greater Price to Earnings Ratio is,the larger stock bubble is ifother factors remain invariable。Moderate capital bubble plays a role of wealth utility,benefiting economy development and improvement of people S living standard．However,eccessive bubble and over．speculation will destroy the stock market seriously． During recent years,The Price to Earnings Ratio in China fluctuated greatly andThe diversities between difierent stages were apparent．From 1 999 to 2002,the average Price to Earnings Ratio reached 40,over-surpassing mature market of western countries．As for the relations between theorial and practical Price to Earnings Ratio,it'S discrepancy rates reduced first,expanded regressively later．Different industries and individual stocks were of different characters． Thus,is the Price to Earnings Ratio SO high that produces eccessive bubble?Isthe Price to Earnings Ratio unreasonable?What problems can we detect from the Price to Earnings Ratio?How to solve them? Originated from an argument,the dissertation dicusses the relations respectively between Price to Earnings Ratio and reference interest rate,peformance of listed company,Mock structure,earnings ratio of seeonday market in Shanghai A share,combining theorial and empirical analysement．Still it judges correctly the standard of Price to Earnings Ratio,detects the essentials of it,discovers it S characters and defects,offers policies and suggestions f'mally...