{"id":381641,"date":"2021-05-10T15:45:20","date_gmt":"2021-05-10T22:45:20","guid":{"rendered":"https:\/\/nai500.com\/?p=381641"},"modified":"2021-05-11T14:19:36","modified_gmt":"2021-05-11T21:19:36","slug":"%e9%80%89%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a0%87-%e5%b8%82%e7%9b%88%e7%8e%871-%e4%bb%80%e4%b9%88%e6%98%af-%e5%b8%82%e7%9b%88%e7%8e%87","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e9%80%89%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a0%87-%e5%b8%82%e7%9b%88%e7%8e%871-%e4%bb%80%e4%b9%88%e6%98%af-%e5%b8%82%e7%9b%88%e7%8e%87\/","title":{"rendered":"\u9009\u80a1\u91cd\u8981\u6307\u6807\u5e02\u76c8\u73871\uff1a\u4ec0\u4e48\u662f\u5e02\u76c8\u7387"},"content":{"rendered":"<h2><b>\u4ec0\u4e48\u662f\u5e02\u76c8\u7387\uff1f<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u5e02\u76c8\u7387\uff08P\/E ratio\uff09\u662f\u8861\u91cf\u516c\u53f8\u5f53\u524d\u80a1\u4ef7\u76f8\u5bf9\u4e8e\u5176\u6bcf\u80a1\u6536\u76ca\uff08<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/eps.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EPS<\/span><\/a><span style=\"font-weight: 400;\">\uff09\u7684\u4f30\u503c\u6bd4\u7387\u3002\u5e02\u76c8\u7387\u6709\u65f6\u4e5f\u88ab\u79f0\u4e3a\u4ef7\u683c\u500d\u6570\u6216\u6536\u76ca\u500d\u6570\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u56db\u4e2a\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e9%80%89%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a0%87-%e5%b8%82%e7%9b%88%e7%8e%87-2-%e5%a6%82%e4%bd%95-%e4%bb%8e%e5%b8%82%e7%9b%88%e7%8e%87-%e7%9c%8b%e5%85%ac%e5%8f%b8-%e4%bc%b0%e5%80%bc\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e8c\u90e8\u5206<\/a><\/strong>\u3001<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e9%80%89%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a0%87-%e5%b8%82%e7%9b%88%e7%8e%873-%e5%b8%82%e7%9b%88%e7%8e%87-%e6%94%b6%e7%9b%8a%e7%8e%87%e5%92%8c-%e6%9c%ac%e7%9b%8a%e6%88%90%e9%95%bf\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e09\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hans\/blog\/2021\/05\/%e9%80%89%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a0%87-%e5%b8%82%e7%9b%88%e7%8e%874-%e4%bd%bf%e7%94%a8-%e5%b8%82%e7%9b%88%e7%8e%87-%e4%bc%b0%e5%80%bc%e7%9a%84-%e6%b3%a8%e6%84%8f%e4%ba%8b%e9%a1%b9\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u56db\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u5e02\u76c8\u7387\u662f\u6295\u8d44\u8005\u548c\u5206\u6790\u5e08\u7528\u6765\u786e\u5b9a\u516c\u53f8\u80a1\u7968\u76f8\u5bf9\u4ef7\u503c\u7684\u4e00\u79cd\u6bd4\u8f83\u65b9\u6cd5\u3002\u5e02\u76c8\u7387\u4e5f\u53ef\u4ee5\u7528\u6765\u5c06\u4e00\u4e2a\u516c\u53f8\u4e0e\u5b83\u81ea\u5df1\u7684\u5386\u53f2\u8bb0\u5f55\u8fdb\u884c\u6bd4\u8f83\uff0c\u6216\u8005\u5c06\u603b\u7684\u5e02\u573a\u76f8\u4e92\u6bd4\u8f83\uff0c\u6216\u8005\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u8fdb\u884c\u6bd4\u8f83\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5173\u952e\u8981\u70b9<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5e02\u76c8\u7387\uff08P\/E ratio\uff09\u5c06\u516c\u53f8\u7684\u80a1\u4ef7\u4e0e\u5b83\u7684\u6bcf\u80a1\u6536\u76ca\u8054\u7cfb\u8d77\u6765\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u9ad8\u5e02\u76c8\u7387\u53ef\u80fd\u610f\u5473\u7740\u4e00\u4e2a\u516c\u53f8\u7684\u80a1\u7968\u88ab\u9ad8\u4f30\u4e86\uff0c\u6216\u8005\u6295\u8d44\u8005\u5bf9\u672a\u6765\u7684\u589e\u957f\u7387\u6709\u5f88\u9ad8\u7684\u671f\u671b\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u6ca1\u6709\u6536\u76ca\u6216\u6b63\u5728\u4e8f\u635f\u7684\u516c\u53f8\u6ca1\u6709\u5e02\u76c8\u7387\uff0c\u56e0\u4e3a\u6ca1\u6709\u4efb\u4f55\u4e1c\u897f\u53ef\u4ee5\u653e\u5728\u5206\u6bcd\u4e2d\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5728\u5b9e\u8df5\u4e2d\u91c7\u7528\u4e86\u4e24\u79cd\u5e02\u76c8\u7387\u2013\u8fdc\u671f\u5e02\u76c8\u7387\u548c\u5386\u53f2\u5e02\u76c8\u7387\u3002<\/span><\/li>\n<\/ul>\n<h2><strong>\u5e02\u76c8\u7387\u516c\u5f0f\u548c\u8ba1\u7b97\u65b9\u6cd5<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u5206\u6790\u5e08\u548c\u6295\u8d44\u8005\u5728\u786e\u5b9a\u80a1\u4ef7\u662f\u5426\u51c6\u786e\u4ee3\u8868\u9884\u6d4b\u7684\u6bcf\u80a1\u6536\u76ca\u65f6\uff0c\u4f1a\u5ba1\u67e5\u516c\u53f8\u7684\u5e02\u76c8\u7387\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u4e2d\u4f7f\u7528\u7684\u516c\u5f0f\u548c\u8ba1\u7b97\u65b9\u6cd5\u5982\u4e0b\u3002<\/span><\/p>\n<p style=\"text-align: center;\"><strong>\u5e02\u76c8\u7387=\u6bcf\u80a1\u5e02\u573a\u4ef7\u683c\/\u6bcf\u80a1\u6536\u76ca<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u4e3a\u4e86<\/span><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/070314\/how-do-i-calculate-pe-ratio-company.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u786e\u5b9a\u5e02\u76c8\u5229\u7387\u503c<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u4eba\u4eec\u5fc5\u987b\u7528\u5f53\u524d\u7684\u80a1\u7968\u4ef7\u683c\u9664\u4ee5<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/eps.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u76ee\u524d\u7684\u80a1\u7968\u4ef7\u683c\uff08P\uff09\u53ef\u4ee5\u901a\u8fc7\u5728\u4efb\u4f55\u91d1\u878d\u7f51\u7ad9\u4e0a\u8f93\u5165\u80a1\u7968\u7684\u80a1\u7968\u4ee3\u7801\u6765\u83b7\u5f97\uff0c\u5c3d\u7ba1\u8fd9\u4e2a\u5177\u4f53\u7684\u6570\u503c\u53cd\u6620\u4e86\u6295\u8d44\u8005\u76ee\u524d\u5fc5\u987b\u4e3a\u4e00\u53ea\u80a1\u7968\u652f\u4ed8\u7684\u8d39\u7528\uff0c\u4f46EPS\u662f\u4e00\u4e2a\u7a0d\u5fae\u6a21\u7cca\u7684\u6570\u5b57\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EPS\u6709\u4e24\u4e2a\u4e3b\u8981\u79cd\u7c7b\u3002\u7b2c\u4e00\u79cd\u662f\u5728\u5927\u591a\u6570\u91d1\u878d\u7f51\u7ad9\u7684\u57fa\u672c\u9762\u90e8\u5206\u5217\u51fa\u7684\u6307\u6807\uff1b\u5176\u7b26\u53f7\u662f \u201cP\/E\uff08TTM\uff09\u201d\uff0c\u5176\u4e2d \u201cTTM \u201c\u662f\u534e\u5c14\u8857\u201d<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/t\/ttm.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u8ffd\u8e2a12\u4e2a\u6708<\/span><\/a><span style=\"font-weight: 400;\">\u201c\u7684\u7f29\u5199\u3002\u8fd9\u4e2a\u6570\u5b57\u8868\u793a\u8be5\u516c\u53f8\u5728\u8fc7\u53bb12\u4e2a\u6708\u7684\u8868\u73b0\u3002\u7b2c\u4e8c\u79cd\u7c7b\u578b\u7684EPS\u662f\u5728\u516c\u53f8\u7684\u6536\u76ca\u53d1\u5e03\u4e2d\u53d1\u73b0\u7684\uff0c\u5b83\u901a\u5e38\u63d0\u4f9bEPS<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/g\/guidance.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u6307\u5bfc<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u8fd9\u662f\u8be5\u516c\u53f8\u5bf9\u5176\u672a\u6765\u9884\u671f\u6536\u76ca\u7684\u6700\u4f73\u731c\u6d4b\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6709\u65f6\uff0c\u5206\u6790\u5e08\u5bf9\u957f\u671f\u4f30\u503c\u8d8b\u52bf\u611f\u5174\u8da3\uff0c\u8003\u8651\u5e02\u76c8\u738710\u6216\u5e02\u76c8\u738730\u7684\u8861\u91cf\u6807\u51c6\uff0c\u5206\u522b\u662f\u8fc7\u53bb10\u5e74\u6216\u8fc7\u53bb30\u5e74\u6536\u76ca\u7684\u5e73\u5747\u503c\u3002\u5f53\u8bd5\u56fe\u8861\u91cf\u4e00\u4e2a\u80a1\u7968\u6307\u6570\u7684\u6574\u4f53\u4ef7\u503c\u65f6\uff0c\u7ecf\u5e38\u4f7f\u7528\u63aa\u65bd\uff08\u5982\u6807\u51c6\u666e\u5c14500\u6307\u6570\uff09\uff0c\u539f\u56e0\u662f\u8fd9\u4e9b\u957f\u671f\u63aa\u65bd\u53ef\u4ee5\u8865\u507f<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/businesscycle.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5546\u4e1a\u5468\u671f\u7684\u53d8\u5316<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u6807\u51c6\u666e\u5c14500\u6307\u6570\u7684\u5e02\u76c8\u7387\u5df2\u7ecf\u4ece6\u500d\u5de6\u53f3\u7684\u4f4e\u70b9\uff081949\u5e74\uff09\u6ce2\u52a8\u5230120\u500d\u4ee5\u4e0a\uff082009\u5e74\uff09\u3002\u6807\u51c6\u666e\u5c14500\u6307\u6570\u7684\u957f\u671f\u5e73\u5747\u5e02\u76c8\u7387\u7ea6\u4e3a15\u500d\uff0c\u8fd9\u610f\u5473\u7740\u6784\u6210\u8be5\u6307\u6570\u7684\u80a1\u7968\u5171\u540c\u62e5\u6709\u6bd4\u5176\u52a0\u6743\u5e73\u5747\u6536\u76ca\u9ad815\u500d\u7684\u6ea2\u4ef7\u3002<\/span><\/p>\n<h2><b>\u5e02\u76c8\u7387\u7c7b\u578b<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u8fd9\u4e24\u7c7bEPS\u6307\u6807\u6784\u6210\u4e86\u6700\u5e38\u89c1\u7684\u5e02\u76c8\u7387\u7c7b\u578b\uff1a<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/forwardpe.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u8fdc\u671f\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u548c<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/t\/trailingpe.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5386\u53f2\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u7b2c\u4e09\u79cd\u4e0d\u592a\u5e38\u89c1\u7684\u53d8\u5316\u662f\u4f7f\u7528\u8fc7\u53bb\u4e24\u4e2a\u5b9e\u9645\u5b63\u5ea6\u548c\u672a\u6765\u4e24\u4e2a\u5b63\u5ea6\u7684\u4f30\u8ba1\u4e4b\u548c\u3002<\/span><\/p>\n<h3><strong>\u8fdc\u671f\u5e02\u76c8\u7387<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u8fdc\u671f\uff08\u6216\u52a8\u6001\uff09\u5e02\u76c8\u7387\u4f7f\u7528<\/span><a href=\"https:\/\/www.investopedia.com\/articles\/analyst\/03\/012903.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u672a\u6765\u76c8\u5229\u6307\u5bfc<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u800c\u4e0d\u662f\u8ffd\u8e2a\u6570\u5b57\u3002\u6709\u65f6\u4e5f\u88ab\u79f0\u4e3a 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400;\">\u8d22\u62a5\u516c\u5e03\u65f6\u5bf9\u5176\u8fdb\u884c\u8c03\u6574<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u6b64\u5916\uff0c\u5916\u90e8\u5206\u6790\u5e08\u4e5f\u53ef\u80fd\u63d0\u4f9b\u4f30\u8ba1\uff0c\u800c\u8fd9\u4e9b\u4f30\u8ba1\u53ef\u80fd\u4e0e\u516c\u53f8\u7684\u4f30\u8ba1\u4e0d\u540c\uff0c\u9020\u6210\u6df7\u4e71\u3002<\/span><\/p>\n<h3><strong>\u5386\u53f2\u5e02\u76c8\u7387<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">\u5386\u53f2\u5e02\u76c8\u7387\u4f9d\u9760\u7684\u662f\u8fc7\u53bb\u7684\u8868\u73b0\uff0c\u5373\u7528<\/span><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/061615\/how-companys-share-price-determined.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5f53\u524d\u80a1\u4ef7<\/span><\/a><span style=\"font-weight: 400;\">\u9664\u4ee5\u8fc7\u53bb12\u4e2a\u6708\u7684EPS\u603b\u6536\u76ca\u3002\u8fd9\u662f\u6700\u53d7\u6b22\u8fce\u7684\u5e02\u76c8\u7387\u6307\u6807\uff0c\u56e0\u4e3a\u5b83\u662f\u6700\u5ba2\u89c2\u7684\u2013\u5047\u8bbe\u516c\u53f8\u51c6\u786e\u5730\u62a5\u544a\u76c8\u5229\u7684\u8bdd\u3002\u56e0\u4e3a\u4e0d\u76f8\u4fe1\u53e6\u4e00\u4e2a\u4eba\u7684<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/earningsestimate.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u76c8\u5229\u4f30\u8ba1<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u6240\u4ee5<\/span><span style=\"font-weight: 400;\">\u6709\u4e9b\u6295\u8d44\u8005\u559c\u6b22\u770b\u5386\u53f2\u5e02\u76c8\u7387\u3002\u4f46\u662f\uff0c\u5386\u53f2\u5e02\u76c8\u7387\u4e5f\u6709\u5b83\u7684\u7f3a\u70b9\u2013\u5373\u4e00\u4e2a\u516c\u53f8\u8fc7\u53bb\u7684\u4e1a\u7ee9\u5e76\u4e0d\u4ee3\u8868\u672a\u6765\u7684\u884c\u4e3a\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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href=\"https:\/\/www.investopedia.com\/terms\/p\/price-earningsrelative.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u76f8\u5bf9\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u8fdb\u884c\u533a\u5206\u3002<\/span><\/p>\n<h3><strong>\u7edd\u5bf9\u5e02\u76c8\u7387<\/strong><\/h3>\n<p><span style=\"font-weight: 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href=\"https:\/\/www.investopedia.com\/ask\/answers\/05\/051005.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u76f8\u5bf9\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 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