美国股市平均市盈率约为15倍左右,而中国沪深两地股市市盈率约为40倍左右,两者是否具有可比性?能否以美国股市市盈率为参照,得出我国股市市盈率偏高的结论?文章通过引入 White 模型,对以上问题进行了分析探讨,说明美国股市市盈率的决定因素主要是 D/P、D/E,并且是与美国实行高股利政策息息相关的,而目前中国上市公司的股利分配方式使得股利对投资者失去实际的投资意义,因此单纯比较两国股市市盈率的绝对大小缺少现实基础。 The average price-earnings ratio of the U.S. stock market is about 15 times, while the price-earnings ratios of China's Shanghai and Shenzhen stock markets are about 40 times. Whether the two are comparable or not? Can we draw a conclusion that the P / E ratio of China's stock market is high with reference to the price-earnings ratio of the U.S. stock market? By introducing the White model, the article analyzes and discusses the above problems, which shows that the determinants of the P / E ratio in the US stock market are mainly D / P and D / E, and are closely related to the high dividend policy adopted by the United States. However, the current dividend distribution of Chinese listed companies Ways to dividends make investors lose their real investment meaning, so simply comparing the absolute size of the P / E of the two stock markets lacks a realistic basis.