NO.PZ2018091706000022
问题如下:
In the long run, which of the following factor is most likely drive stock market performance?
选项: A. the potential GDP.
B.
the P/E ratio.
C.
the earning to GDP ratio.
解释:
A is correct.
考点:股票市场和经济增长的关系
解析:在长期,the potential GDP growth rate equals the growth rate of aggregate equity valuation.
对于其它因素,growth rate in the P/E ratio will be zero and growth in earnings relative to GDP is zero.
老师,这个结论我记住了,但是有个疑问。 那按着这个逻辑,中国的股市指数价格这么低,是因为潜在gdp不高。感觉好像不太对。我记得和老师上课讲过这个问题,但好像不是潜在gdp的逻辑。