我国上市公司市盈率行业差异及成因分析会计毕业论文.doc

武汉科技大学本科毕业论文 PAGE 40 本科毕业论文 题目： 我国上市公司市盈率行业差异及成因分析 武汉科技大学本科毕业论文 PAGE I 摘 要 市盈率是衡量股票是否具有投资价值的工具之一，它是分析股票市价高与低的重要指标，也是一个风险指标，它反映了某种股票在某一时期的收益率。市盈率综合了投资的成本与收益两个方面，不仅可以反映股票的投资收益，而且可以显示投资价值，所以它全面地反映股市发展的全貌，在分析上具有重要价值。 属于不同行业的企业在生产模式、销售方式及获利方式等方面不同，其股票的市盈率是否存在差异呢？事实证明上市公司所属的行业对股价波动有较大的影响，不同企业，不同行业之间的市盈率水平相差悬殊，同时从历年行业市盈率水平的变动也可以看出在即使属于同一行业的股票市盈率随着时间的推移变化也是很大的。 本文采取实证分析的方法，分四个部分来写，首先阐述了研究的目的和国内外研究现状，基于对现状的理解和认识，确定了本文的研究内容和方法。第二部分详细阐述了市盈率的相关理论基础。第三部分为我国上市公司市盈率行业差异的实证分析，根据中国证监会行业分类法来研究，分为研究方法和实证分析两章内容。第四部分是对实证结果进行评价和成因分析，并在此基础上提出对我国股票市场发展的政策建议。 关键词：上市公司；市盈率；行业 Abstract PE ratio is used to measure the investment value of stocks. It’s one of the important indexes to analysis whether the price of stock market is high or low. What’s more, it’s also a risky index. It reflects the ROE of one stock in a period. PE ratio combines the two aspects of the investment: costs and benefits. It can not only reflect the returns of stock investment, but also indicate the investment value. So it fully reflects the outline of the development of stock market, it has very important value on analysis. The enterprises belong to different industry are different in production mode, sales method and profit pattern. What about the PE ratio of its stock? Whether it has the same difference? It turns out that different industry has a strong influence in the stock price of listed company. Different enterprises and industries have great different levels of PE ratio. At the same time, from the changes of industry PE ratio level over the years, we can find out that the PE ratio may change greatly year after year, even in the same industry. The article adopts the method of empirical analysis. It has four parts. Firstly, expound the purpose as well as domestic and foreign research literature. According to the understanding of the present situation, we confirm the content and method of this article. Secondly, we explain the related theoretical basis in details. The third part is the empirical analysi