行业市盈率

在行业市盈率定价中，市场估值对行业估值具有显著的解释能力。

Market valuation has significant explanatory power on the industry valuation .

中国股票市场整体及行业市盈率合理水平的确定

The Confirming of the Intrinsic Level of the Market / Industry P / E Ratio in Chinese Stock Market

股票价格与反映公司增长机会预期的行业市盈率在股票市场高涨时显著正相关，在股票市场低迷时相关性不显著。

We also find that the stock price has a significant positive relationship to the industry PE ratio implied growth opportunities when stock market is booming , but we find no significant positive relationship between stock price and industry PE ratio during recession .

纵向的考察主要是指近十年股票市场市盈率的分布特征与投资者预期的关系，包括市场整体市盈率水平的中位数分析、市盈率的结构分析和行业市盈率分类比较。

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 .

影响初始回报的主要因素来自二级市场，如股价总体水平、行业平均市盈率等。

Almost all the factors that affect the level fo the initial return come from the secondary market , including the market price level the mean industry P / E ratio , and so forth .

在中国，互联网行业股票的市盈率尽管因2015年和2016年的抛售潮而有所下降，但仍高于美国。

In China , price-earnings ratios for the sector , though dented by sell-offs in 2015 and 2016 , remain above multiples in the US .

本文研究的主要目的是建立一个较符合中国实际的合理市盈率计算的模型，并结合中国股票市场计算出市场和行业的合理市盈率区间。

The main purpose of this paper is to establish a more reasonable calculation model of Price-earnings ratio ( P / E ) which is in line with Chinese stock market , and to compute the Intrinsic P / E intervals of Chinese stock market and industries .

市场市盈率作为整体评价指标，其代表性具有显著行业差异，表现为行业间市盈率估值并不统一。

The representation of Market P / E as a whole has significant industry difference , which showed as the inconsistence of industry P / E valuation .