市净率

目前股权估值模型很多，有现金流贴现法、EVA方法、市盈率模型以及市净率模型等等。

There are many valuation models such as CDF , EVA model , P / E model and P / B model etc.

它们在破坏价值，但其股票的市净率（pbr）约为4.9。

They are destroying value , but their shares are nevertheless rated at a price-to-book ratio ( PBR ) of around 4.9 .

按照通胀调整后的10年滚动的市盈率和市净率（q比率）这两大标准衡量，2000年时道指的11700点，是创纪录的估值过高水平，这几乎已经成为当今的传统看法。

It has become almost conventional wisdom today that the 2000 peak of 11700 on the Dow was a record level of overvaluation , based on the twin measures of the 10-year rolling inflation-adjusted price-earnings ratio and the " Q " ratio of price to book value .

中国内地银行处于全球估值最高银行之列。以2007年预期收益计算，它们的市净率从中国银行（BoC）的2.59倍，到招商银行的4.9倍不等。

Chinese banks are some of the most expensive in the world , with price to book valuations ( based on 2007 estimated earnings ) ranging from Bank of China 's 2.59 times to CMB 's 4.9 times .

但彭博（Bloomberg）的数据显示，投资者正为新兴市场银行付出越来越高的溢价。在全球市值最大的50家银行中，招商银行的市净率排名第一，为4.3倍。

But investors are attaching a growing premium to emerging markets banks , led by China Merchants , the most highly rated of the biggest 50 banks by market capitalisation , on a multiple of 4.3 , according to Bloomberg data .

它们增长强劲、roce较低、自由现金流为负而市净率较高，这种情况与20世纪70年代初的欧洲非常相似。

While they experience strong growth , low roce , negative free cash flows and high PBR , the situation looks very similar to that in Europe in the early 1970s .

本文主要以营业资产收益率（CROA）作为绩效指标，同时辅以净资产收益率、市净率等指标，并分行业进行研究。

With the operating return on assets ( CROA ) as performance indicators , supplemented by return on equity ( ROE ), Price to book ratio ( P / B ) and other indicators , this paper carried on the research by industry .

相比之下，汇丰银行的市净率大约为1.8倍。

By comparison , HSBC is valued at about 1.8 times book value .

交行的市净率为0.9倍，是最低的。

BoCom , at 0.9 , is the lowest .

市净率下滑似乎表明，他们仍根本不能确定。

The slide in price-to-book ratios suggests that they are not at all sure yet .

银行业市净率问题研究&兼论国有商业银行股权转让价格问题

A study of P / B in Banking Industry-Analyzing Transferring Prices of State-owned Commercial Banks

以市净率衡量，国美比整个零售行业要低三分之一。

On a price / book basis , it lags the retail sector by a third .

企业可以使用多种方法对目标企业估价，市盈率及市净率定价模型就是其中的方法之一。

Among others , price-earning-ratio pricing model and price-net-asset-ratio pricing model are two kinds of pricing methods .

难怪投资者对这一行业避之不及（安赛乐米塔尔的市净率仅为0.4倍）。

No wonder investors are shunning the sector ( ArcelorMittal trades on just 0.4 times book value ) .

由于额外的潜在风险，新兴市场股票的市净率长期低于发达世界。

Emerging market stocks long traded at a discount to the developed world due to the extra perceived risks .

连在过去一年里得到蓬勃发展的西方投资银行，也在市净率排行榜上被甩在后面。

Even western investment banks that have thrived over the past year have been left behind in the price-to-book league table .

在过去六年里，全球最大50家银行的平均市净率已从2“腰斩”为1。

Over the past six years , the average price-to-book value of the biggest 50 banks has halved from two to one .

中国四大国有商业银行的市净率（即股价与每股帐面价值的比）目前都接近历史低点。

China 's largest banks , known collectively as the Big Four , are trading at price to book valuations near historic lows .

例如，市净率高的廉价股有风险，因此会为投资者带来较高收益。

For example , a cheap company with a high price-to-book value was risky , and hence it generated higher returns for its investors .

第2部分为市场因子，是市净率P/B的相对变化率，与市场收益率相关，反映了市场的特征。

The second component , termed the market factor , is the relative change of P / B ratio and is related to market return .

自那以后，日本公司的市净率由4至5倍下降至1倍以下，而股本收益率开始攀升。

Since then the price-to-book ratio has gone from four or five to below one , and return on equity is starting to creep up .

发现用该模型进行预测的误差率相对市盈率法和市净率法更低，一定程度上显示我们的模型有很好的解释力。

We find the error rate is relative less than PE and PB methods . This suggests that the model have a good forecasting ability .

它们的估值较低（特别是与市净率为5-7倍的中国国内银行相比）。

They are trading on low valuation multiples ( especially compared with China 's domestic banks , valued on about five to seven times book ) .

发行人还可以同时披露市净率等反映发行人所在行业特点的发行价格指标。

The issuer may additionally disclose the price to book ratio and other such offer price indicators that reflect the particularities of the issuer 's industry .

最后本文通过市盈率法、市净率法及现金流量折现法等价值评估方法计算了长江电力公司的价值。

Finally , the paper calculates the value of China Yangtze Power Co. Ltd. through valuation methods as PE method , PB method and DCF method .

就运营而言，汇丰相比大部分同行处于更有利地位，其高于同行的1.2倍市净率是完全合理的。

Operationally , HSBC is in a better position than most of its peers and deserves its premium stock market rating of 1.2 times book value .

这一特点在很大程度上解释了为何中行的市净率比国内同行低30%至40%：中行港股的市净率仅略高于1。

This feature largely explains Bank of China 's 30-40 per cent discount to its peers : the Hong Kong listed shares trade just above book .

中国各大银行目前的市净率平均为1.1倍，远低于2009年末2.7倍的峰值。

The big banks are now trading , relative to book value , at an average 1.1 times , far below the 2.7 peak in late 2009 .

不过，如果采用资产相关指标，比如以市净率衡量，目前新兴市场较发达市场存在溢价。

However , by asset-based measures , such as price / book value , emerging markets are now trading at a premium to those in the developed world .

公司估值指标，如市净率、市值、前一年增长率等，对于并购的长短期绩效解释力度都有限。

As for the corporate valuation variables , I find that PB ratio , market value and pre-annual stock return have limited explanation to both short-term and long-term performance .