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降低市盈率水平,以期提高股市的投资价值,是中国证券管理层近期扩容的目标之一。然而,随着股市整体市盈率水平的逐步降低,尽管用现值表现的理论投资价值提高了,但实际投资价值却反而降低了。只要对比1992年前后的长期投资者的收益状况和现时广大投资者的投资心态就不难得出这一结论。为什么会出现实际投资价值与市盈率水平同步下降的反常现象呢?关键的原因在于:市盈率只是描述股票
Lowering the price-to-earnings ratio to raise the investment value of the stock market is one of the goals for the recent expansion of China’s securities management. However, as the overall PE ratio of the stock market gradually decreases, the value of the real investment actually decreases despite the increase in the theoretical investment value of the present value. Just by comparing the long-term investors’ returns before and after 1992 with the investment mentality of the vast majority of investors, it is not hard to come to this conclusion. Why is there an abnormal phenomenon of the actual investment value and the price-earnings ratio falling simultaneously? The key reason is that: the price-earnings ratio is just a description of the stock