市销率
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市销率英文Price-to-sales ratio或P/S ratio简称P/S或PSR）,也译作股价营收比，市值营收比,是股票的一个估值指标。市销率是以公司市值除以上一财年（或季度）的营利收入，或等价地， 以公司股价除以每股营利收入。
这一指标可以用于确定股票相对于过去业绩的价值。市销率也用于来确定一个市场板块或整个股票市场中的相对估值。
不同的市场板块市销率的差别很大，所以市销率在比较同一市场板块或子板块的股票中最有用。 同样，由于营利收入不像盈利那样容易操纵，因此市销率比市盈率更具业绩的指标性。
历史
Fisher’s theoretical work identifying and testing the price-to-sales ratio (PSR) is detailed in his 1984 Dow Jones book, Super Stocks. He is credited with being the first to define and use the PSR to identify undervalued stocks.[1] In Fisher’s most recent book, The Only Three Questions That Count, he states the PSR, being widely used, is no longer an indicator for undervalued stocks.[2] However, the PSR is still frequently included as required curriculum for the chartered financial analyst exam.[1]
参见
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- ^ See What Works on Wall Street by James O'Shaughnessay. McGraw Hill, 2005.
- ^ See The Only Three Questions that Count: Investing by Knowing what Others Don’t. Kenneth Fisher with Jennifer Chou and Lara Hoffmans. John Wiley & Sons. 2006.