Prospective Study, Based On The Price-earnings Ratio Of Investors

P/E in essence is a price, and the change process of P/E is the discoverying process of market price. In the capital asset pricing model and the efficient market hypothesis research platform, we analysed the formation mechanisms P/E, and vertical inspected the a-share markets in Shanghai and Shenzhen stock market investors expected changes horizontal accuracy of the test leave investors expected. Longitudinal study mainly refers to the distribution of P/E in the past 10 years the stock market and investors anticipated, including market analysis of the overall median level of P/E, P/E structural analysis and classification of industry P/E compare. Horizontal test including the random nature of corporate profits test changes, different P/E companies future profit growth capacity differences and trends. Finally, especially study the special value of the expected impact on P/E.Ther are 6 chapters in this thesis:Part I, Introduction. Firstly this part discussed presently research condition and significance of the selection of subjects. The article maintains that the the most existing research on P/E are not in the capital asset pricing model and the efficient market hypothesis reasonable P/E theoretical analysis platform formation mechanisms, in the article often intentionally or unintentionally made on the assumption that the level of effectiveness of the market, resulting in low P/E, or on whether the information content of the evaluation. However, the existence of such an assumption, it is probably also articles conclusions. Another approach is a departure or from the existing valuation models to explore whether the market price performance consistent with the model forecasts, the results are often displayed on market efficiency judgement. If the judgment based on the valuation model superior it based on the market value assessment , the lapse on the market. But this failure does not necessarily...