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本文对1992年至2009年中国股市市盈率均值进行研究,同时从供求两方面探讨中国股市的合理估值水平。研究发现,中国股市估值水平相对较高,与盈利成长性较高、供给相对短缺,以及货币供应量过度增长有关。
This paper studies the average price-earnings ratio of China’s stock market from 1992 to 2009, and discusses the reasonable valuation of China’s stock market from both supply and demand. The study found that the valuation of China’s stock market is relatively high, which is related to the relatively high profit growth, the relative shortage of supply and the excessive growth of money supply.