股票基本知识

糊涂 发表于 23-11-2003

PE（本益比）反映了投资者对公司未来盈利的预期，比率越高，越表现出投资者对股票的预期越乐观，反之则不然。其原因在于，正因为投资者对公司未来盈利的预期 大，股价才会上升，这一比率才相应地增加。一般说来，那些有着高成长与稳定的公司都会有着较高的本益比。许多朋友都会认为把钱存在银行是件很划算的事，其 实并不然，若以本益比来计算话，你就会知道为什么了：
当利率4%时，P/E = 1/0.04 = 25
当利率5%时，P/E = 1/0.05 = 20
当利率7%时，P/E = 1/0.07 = 14
这也说明了为何股市对利率的走势是多么敏感。这是因为每个精明的投资人，都懂得把资金放在最高回酬与最低风险的产品上。当然，我们还得运用其它的指标来估计股票的合理价格与其潜在的风险。
本益比也是衡量股票投资收成（回酬）期限的推算方式。10倍本益比表示回酬期为十年，这也就是说你将在十年后将取得相当于投资额的回酬（若不计算复利的 话）。PE（本益比）不是一个死的指标，公司每年的每股盈利都会有所不同。而PE也将会随股票的价格与公司每年的盈利而有所改变。

ROE - Return On Equity 
ROE是基本派投资家的最神奇投资武器之一，它包含了三个管理层常用的重要杠杆-- 收益率(profitability)、资产管理(asset management)、财务杠杆（finance leverage)。ROE越高就表示管理层的管理效率越佳。同时，这也显示管理层能够平衡与有效的使用这三个杠杆来为公司赚取最高的利润。


Indicator Formula
Performance Ratio
Gross Profit Margin = (Profit Before Tax/Turnover)*100
Net Profit Margin = (Profit After Tax/Turnover)*100
Return on Shareholders Equity = Profit After Tax/Total Shareholders Funds 
Current Assets Turnover = Revenue/Current Assets
Fixed Assets Turnover = Revenue/Fixed Assets
Total Assets Turnover = Revenue/Total Assets
Revenue Per Share = Revenue/Issued Shares
Inventory Turnover = Revenue/Inventory

Liquidity Ratio
Current Ratio = Current Assets/Current Liabilities
Acid Test Ratio = (Current Assets-Stock)/Current Liabilities
Interest Coverage = Profit Before Tax/Interest Charge

Growth Ratio
Annual Revenue Growth Rate(%) = ((Current Year Revenue-Last Year Revenue)*100)/Last Year Revenue
Annual Profit Growth Rate (%) = ((Current Year Profit-Last Year Profit)*100)/Last Year Profit

Debt Ratio
Debtors Turnover (Days) = (Debtors/Turnover)*365
Creditors Turnover (Days) = (Creditors/Turnover)*365
Debt Ratio (%) = (Total Liabilities/Total Assets)*100
Current Debt To Equity Ratio (%) = (Current Liabilities/Shareholders Fund)*100
Total Debt To Equity Ratio (%) = (Total Liabilities/Shareholders Fund)*100