P/B ratio的book value指什么？

问题如下：

Which of the following is the most appropriate ratio to measure relative value of a bank:

选项：

A.

Price-to-book ratio (P/B).

B.

Price-to-sales ratio (P/S).

C.

Price-to-cash flow ratio (P/CF).

解释：

A is correct.

Price-to-book ratio is appropriate to value firms composed of mostly liquid assets,such as insurance, finance, banking firms.

A是正确的。

因为银行，保险类企业，资产大部分都是金融资产，市场价值相对容易获得。则用其估计的净资产的市场价格会比较准确。此时用P/B会较好的反映公司的相对估值水平。

其他两种乘数其实也可以用来估计该行业。只是P/B 是最优选项而已。