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DDAXC · 2023年04月08日

earning growth per share

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.

三个影响因素不是

  1. dividend yield,无关
  2. delta P/E,关系不强
  3. earning growth per share,有关系

跟protential GDP有什么关系?potential GDP难道包含在3里面吗

1 个答案

笛子_品职助教 · 2023年04月08日

嗨,爱思考的PZer你好:


跟protential GDP有什么关系?potential GDP难道包含在3里面吗

Hello ,亲爱的同学!

在长期,市盈率不会一直扩张,会保持稳定,因此B不选。

在长期,公司盈利相对于GDP的额外增长,不会一直存在,因此C不选。

那么在长期,驱动股价上涨的因素是什么呢,是每股收益增长,也就是earning growth per share。


那么长期的earning growth per share和什么有关呢,它和protential GDP有关。

一个国家的潜在GDP增长率越高,这个国家的上市公司盈利增长率也就越高。正如同学所理解的,potentialGDP就包含在3里。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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