{"id":381647,"date":"2021-05-10T15:36:11","date_gmt":"2021-05-10T22:36:11","guid":{"rendered":"https:\/\/nai500.com\/?p=381647"},"modified":"2021-05-11T14:26:56","modified_gmt":"2021-05-11T21:26:56","slug":"%e9%81%b8%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a8%99-%e5%b8%82%e7%9b%88%e7%8e%871-%e4%bb%80%e9%ba%bc%e6%98%af-%e5%b8%82%e7%9b%88%e7%8e%87","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e9%81%b8%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a8%99-%e5%b8%82%e7%9b%88%e7%8e%871-%e4%bb%80%e9%ba%bc%e6%98%af-%e5%b8%82%e7%9b%88%e7%8e%87\/","title":{"rendered":"\u9078\u80a1\u91cd\u8981\u6307\u6a19\u5e02\u76c8\u73871\uff1a\u4ec0\u9ebc\u662f\u5e02\u76c8\u7387"},"content":{"rendered":"<h2><b>\u4ec0\u9ebc\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\u7576\u524d\u80a1\u50f9\u76f8\u5c0d\u65bc\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\u6642\u4e5f\u88ab\u7a31\u70ba\u50f9\u683c\u500d\u6578\u6216\u6536\u76ca\u500d\u6578\u3002<\/span><\/p>\n<p>\u672c\u6587\u5171\u6709\u56db\u500b\u90e8\u5206\uff0c\u5728\u6b64\u67e5\u770b\u672c\u6587\u7684<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e9%81%b8%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a8%99-%e5%b8%82%e7%9b%88%e7%8e%87-2-%e5%a6%82%e4%bd%95-%e5%be%9e%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-hant\/blog\/2021\/05\/%e9%81%b8%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a8%99-%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%b7\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u4e09\u90e8\u5206<\/a><\/strong>\u548c<strong><a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2021\/05\/%e9%81%b8%e8%82%a1-%e9%87%8d%e8%a6%81-%e6%8c%87%e6%a8%99-%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%a0%85\/\" target=\"_blank\" rel=\"noopener\">\u7b2c\u56db\u90e8\u5206<\/a><\/strong>\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u5e02\u76c8\u7387\u662f\u6295\u8cc7\u8005\u548c\u5206\u6790\u5e2b\u7528\u4f86\u78ba\u5b9a\u516c\u53f8\u80a1\u7968\u76f8\u5c0d\u50f9\u503c\u7684\u4e00\u7a2e\u6bd4\u8f03\u65b9\u6cd5\u3002\u5e02\u76c8\u7387\u4e5f\u53ef\u4ee5\u7528\u4f86\u5c07\u4e00\u500b\u516c\u53f8\u8207\u5b83\u81ea\u5df1\u7684\u6b77\u53f2\u8a18\u9304\u9032\u884c\u6bd4\u8f03\uff0c\u6216\u8005\u5c07\u7e3d\u7684\u5e02\u5834\u76f8\u4e92\u6bd4\u8f03\uff0c\u6216\u8005\u5728\u4e00\u6bb5\u6642\u9593\u5167\u9032\u884c\u6bd4\u8f03\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u95dc\u9375\u8981\u9ede<\/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\u5c07\u516c\u53f8\u7684\u80a1\u50f9\u8207\u5b83\u7684\u6bcf\u80a1\u6536\u76ca\u806f\u7e6b\u8d77\u4f86\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\u8457\u4e00\u500b\u516c\u53f8\u7684\u80a1\u7968\u88ab\u9ad8\u4f30\u4e86\uff0c\u6216\u8005\u6295\u8cc7\u8005\u5c0d\u672a\u4f86\u7684\u589e\u9577\u7387\u6709\u5f88\u9ad8\u7684\u671f\u671b\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u6c92\u6709\u6536\u76ca\u6216\u6b63\u5728\u8667\u640d\u7684\u516c\u53f8\u6c92\u6709\u5e02\u76c8\u7387\uff0c\u56e0\u70ba\u6c92\u6709\u4efb\u4f55\u6771\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\u5be6\u8e10\u4e2d\u63a1\u7528\u4e86\u5169\u7a2e\u5e02\u76c8\u7387\u2013\u9060\u671f\u5e02\u76c8\u7387\u548c\u6b77\u53f2\u5e02\u76c8\u7387\u3002<\/span><\/li>\n<\/ul>\n<h2><strong>\u5e02\u76c8\u7387\u516c\u5f0f\u548c\u8a08\u7b97\u65b9\u6cd5<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u5206\u6790\u5e2b\u548c\u6295\u8cc7\u8005\u5728\u78ba\u5b9a\u80a1\u50f9\u662f\u5426\u6e96\u78ba\u4ee3\u8868\u9810\u6e2c\u7684\u6bcf\u80a1\u6536\u76ca\u6642\uff0c\u6703\u5be9\u67e5\u516c\u53f8\u7684\u5e02\u76c8\u7387\u3002\u9019\u500b\u904e\u7a0b\u4e2d\u4f7f\u7528\u7684\u516c\u5f0f\u548c\u8a08\u7b97\u65b9\u6cd5\u5982\u4e0b\u3002<\/span><\/p>\n<p style=\"text-align: center;\"><strong>\u5e02\u76c8\u7387=\u6bcf\u80a1\u5e02\u5834\u50f9\u683c\/\u6bcf\u80a1\u6536\u76ca<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u70ba\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;\">\u78ba\u5b9a\u5e02\u76c8\u5229\u7387\u503c<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u4eba\u5011\u5fc5\u9808\u7528\u7576\u524d\u7684\u80a1\u7968\u50f9\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\u50f9\u683c\uff08P\uff09\u53ef\u4ee5\u901a\u904e\u5728\u4efb\u4f55\u91d1\u878d\u7db2\u7ad9\u4e0a\u8f38\u5165\u80a1\u7968\u7684\u80a1\u7968\u4ee3\u78bc\u4f86\u7372\u5f97\uff0c\u5118\u7ba1\u9019\u500b\u5177\u9ad4\u7684\u6578\u503c\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u76ee\u524d\u5fc5\u9808\u70ba\u4e00\u96bb\u80a1\u7968\u652f\u4ed8\u7684\u8cbb\u7528\uff0c\u4f46EPS\u662f\u4e00\u500b\u7a0d\u5fae\u6a21\u7cca\u7684\u6578\u5b57\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EPS\u6709\u5169\u500b\u4e3b\u8981\u7a2e\u985e\u3002\u7b2c\u4e00\u7a2e\u662f\u5728\u5927\u591a\u6578\u91d1\u878d\u7db2\u7ad9\u7684\u57fa\u672c\u9762\u90e8\u5206\u5217\u51fa\u7684\u6307\u6a19\uff1b\u5176\u7b26\u865f\u662f\u201dP\/E\uff08TTM\uff09\u201d\uff0c\u5176\u4e2d\u201dTTM \u201c\u662f\u83ef\u723e\u8857\u201d<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/t\/ttm.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u8ffd\u8e2a12\u500b\u6708<\/span><\/a><span style=\"font-weight: 400;\">\u201c\u7684\u7e2e\u5beb\u3002\u9019\u500b\u6578\u5b57\u8868\u793a\u8a72\u516c\u53f8\u5728\u904e\u53bb12\u500b\u6708\u7684\u8868\u73fe\u3002\u7b2c\u4e8c\u7a2e\u985e\u578b\u7684EPS\u662f\u5728\u516c\u53f8\u7684\u6536\u76ca\u767c\u5e03\u4e2d\u767c\u73fe\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\u5c0e<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u9019\u662f\u8a72\u516c\u53f8\u5c0d\u5176\u672a\u4f86\u9810\u671f\u6536\u76ca\u7684\u6700\u4f73\u731c\u6e2c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6709\u6642\uff0c\u5206\u6790\u5e2b\u5c0d\u9577\u671f\u4f30\u503c\u8da8\u52e2\u611f\u8208\u8da3\uff0c\u8003\u616e\u5e02\u76c8\u738710\u6216\u5e02\u76c8\u738730\u7684\u8861\u91cf\u6a19\u6e96\uff0c\u5206\u5225\u662f\u904e\u53bb10\u5e74\u6216\u904e\u53bb30\u5e74\u6536\u76ca\u7684\u5e73\u5747\u503c\u3002\u7576\u8a66\u5716\u8861\u91cf\u4e00\u500b\u80a1\u7968\u6307\u6578\u7684\u6574\u9ad4\u50f9\u503c\u6642\uff0c\u7d93\u5e38\u4f7f\u7528\u63aa\u65bd\uff08\u5982\u6a19\u6e96\u666e\u723e500\u6307\u6578\uff09\uff0c\u539f\u56e0\u662f\u9019\u4e9b\u9577\u671f\u63aa\u65bd\u53ef\u4ee5\u88dc\u511f<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/b\/businesscycle.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u5546\u696d\u5468\u671f\u7684\u8b8a\u5316<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u6a19\u6e96\u666e\u723e500\u6307\u6578\u7684\u5e02\u76c8\u7387\u5df2\u7d93\u5f9e6\u500d\u5de6\u53f3\u7684\u4f4e\u9ede\uff081949\u5e74\uff09\u6ce2\u52d5\u5230120\u500d\u4ee5\u4e0a\uff082009\u5e74\uff09\u3002\u6a19\u6e96\u666e\u723e500\u6307\u6578\u7684\u9577\u671f\u5e73\u5747\u5e02\u76c8\u7387\u7d04\u70ba15\u500d\uff0c\u9019\u610f\u5473\u8457\u69cb\u6210\u8a72\u6307\u6578\u7684\u80a1\u7968\u5171\u540c\u64c1\u6709\u6bd4\u5176\u52a0\u6b0a\u5e73\u5747\u6536\u76ca\u9ad815\u500d\u7684\u6ea2\u50f9\u3002<\/span><\/p>\n<h2><b>\u5e02\u76c8\u7387\u985e\u578b<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\u9019\u5169\u985eEPS\u6307\u6a19\u69cb\u6210\u4e86\u6700\u5e38\u898b\u7684\u5e02\u76c8\u7387\u985e\u578b\uff1a<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/f\/forwardpe.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u9060\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;\">\u6b77\u53f2\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u7b2c\u4e09\u7a2e\u4e0d\u592a\u5e38\u898b\u7684\u8b8a\u5316\u662f\u4f7f\u7528\u904e\u53bb\u5169\u500b\u5be6\u969b\u5b63\u5ea6\u548c\u672a\u4f86\u5169\u500b\u5b63\u5ea6\u7684\u4f30\u8a08\u4e4b\u548c\u3002<\/span><\/p>\n<p><strong>\u9060\u671f\u5e02\u76c8\u7387<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u9060\u671f\uff08\u6216\u52d5\u614b\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\u4f86\u76c8\u5229\u6307\u5c0e<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u800c\u4e0d\u662f\u8ffd\u8e2a\u6578\u5b57\u3002\u6709\u6642\u4e5f\u88ab\u7a31\u70ba\u201d\u9810\u671f\u5e02\u76c8\u7387\u201d\uff0c\u9019\u4e00\u524d\u77bb\u6027\u6307\u6a19\u5c0d\u65bc\u6bd4\u8f03\u7576\u524d\u6536\u76ca\u548c\u672a\u4f86\u6536\u76ca\u975e\u5e38\u6709\u7528\uff0c\u6709\u52a9\u65bc\u66f4\u6e05\u695a\u5730\u4e86\u89e3\u6536\u76ca\u7684\u60c5\u6cc1\u2013\u7121\u9700\u8b8a\u5316\u548c\u5176\u4ed6\u6703\u8a08\u8abf\u6574\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7136\u800c\uff0c\u9060\u671f\u5e02\u76c8\u7387\u6307\u6a19\u5b58\u5728\u56fa\u6709\u7684\u554f\u984c\u2013\u5373\u516c\u53f8\u53ef\u80fd\u4f4e\u4f30\u6536\u76ca\uff0c\u4ee5\u4fbf\u5728\u4e0b\u4e00\u5b63\u5ea6\u6536\u76ca\u516c\u4f48\u6642\u8d85\u904e\u9810\u671f\u5e02\u76c8\u7387\u3002\u5176\u4ed6\u516c\u53f8\u53ef\u80fd\u6703\u8a87\u5927\u4f30\u8a08\uff0c\u7136\u5f8c\u5728\u4e0b\u4e00\u500b<\/span><a href=\"https:\/\/www.investopedia.com\/terms\/e\/earnings-announcement.asp\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u8ca1\u5831\u516c\u4f48\u6642\u5c0d\u5176\u9032\u884c\u8abf\u6574<\/span><\/a><span style=\"font-weight: 400;\">\u3002\u6b64\u5916\uff0c\u5916\u90e8\u5206\u6790\u5e2b\u4e5f\u53ef\u80fd\u63d0\u4f9b\u4f30\u8a08\uff0c\u800c\u9019\u4e9b\u4f30\u8a08\u53ef\u80fd\u8207\u516c\u53f8\u7684\u4f30\u8a08\u4e0d\u540c\uff0c\u9020\u6210\u6df7\u4e82\u3002<\/span><\/p>\n<p><strong>\u6b77\u53f2\u5e02\u76c8\u7387<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u6b77\u53f2\u5e02\u76c8\u7387\u4f9d\u9760\u7684\u662f\u904e\u53bb\u7684\u8868\u73fe\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;\">\u7576\u524d\u80a1\u50f9<\/span><\/a><span style=\"font-weight: 400;\">\u9664\u4ee5\u904e\u53bb12\u500b\u6708\u7684EPS\u7e3d\u6536\u76ca\u3002\u9019\u662f\u6700\u53d7\u6b61\u8fce\u7684\u5e02\u76c8\u7387\u6307\u6a19\uff0c\u56e0\u70ba\u5b83\u662f\u6700\u5ba2\u89c0\u7684\u2013\u5047\u8a2d\u516c\u53f8\u6e96\u78ba\u5730\u5831\u544a\u76c8\u5229\u7684\u8a71\u3002\u56e0\u70ba\u4e0d\u76f8\u4fe1\u53e6\u4e00\u500b\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\u8a08<\/span><\/a><span style=\"font-weight: 400;\">\uff0c\u6240\u4ee5<\/span><span style=\"font-weight: 400;\">\u6709\u4e9b\u6295\u8cc7\u8005\u559c\u6b61\u770b\u6b77\u53f2\u5e02\u76c8\u7387\u3002\u4f46\u662f\uff0c\u6b77\u53f2\u5e02\u76c8\u7387\u4e5f\u6709\u5b83\u7684\u7f3a\u9ede\u2013\u5373\u4e00\u500b\u516c\u53f8\u904e\u53bb\u7684\u696d\u7e3e\u4e26\u4e0d\u4ee3\u8868\u672a\u4f86\u7684\u884c\u70ba\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\u5c0d\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 400;\">\u9032\u884c\u5340\u5206\u3002<\/span><\/p>\n<h3><strong>\u7d55\u5c0d\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\u5c0d\u5e02\u76c8\u7387<\/span><\/a><span style=\"font-weight: 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