市盈率投资策略的适用性实证研究——基于我国创业板市场

近期,我国证券市场(尤其创业板市场)的频繁波动引起投资者的高度关注.作为一种重要的投资参考指标,市盈率能否为投资者提供良好的决策依据?针对这一问题,运用因子分析、独立样本T检验等方法,从股票成长性、低市盈率股票投资价值两方面,探究市盈率投资策略是否适用于我国创业板市场.结果显示,高市盈率股票不具有高成长性,甚至是较低的成长性;低市盈率股票的市场表现没有达到理论状态.因此,市盈率投资策略目前在我国创业板市场上效果不显著,市盈率在指导投资中的作用有限.研究结论为监管当局完善创业板市场的相关制度、上市公司优化企业的经营状况、投资者的投资决策提供有用的信息.

An Empirical Study on the Applicability of the Investment Strategy of P/E Ratio:Based on China GEM

Recently,China 's securities market( especially the GEM market) frequent fluctuations have been attached much attention to by investors. As an important indicator of investment,can the price-earnings ratio provide investors with a good basis for decision-making? This article attempts to do the research in two aspects of stocks' growth and the investment value of low price-earnings ratio stocks,using factor analysis and independent sample T test methods to study the investment strategy's applicability. The results show that the high price-earnings ratio stocks don't have higher growth,and even have lower growth; the market performance of low price-earnings ratio stocks doesn't reach the theoretical state. Therefore,the applicability of P / E investment strategy isn't significant in China Growth Enterprise Market,and the effect of P / E ratio in guiding investment is limited. The conclusion provides useful information to improve the GEM market relevant system,optimize corporations' business operations and help investors' decisions.