本益比與市淨率之動態關係研究
Other Title
The Dynamic Relation of P/E and M/B Ratios
Date Issued
2001
Date
2001
Author(s)
DOI
892416H002062
Abstract
In business or firm valuation, investors commonly use market-to-book (M/B)
and price-earning (P/E) ratios to assess if a firm’s stock price reflects its fundamental value. Since the two ratios are derived based on different theoretical assumptions,
both may not be consistent. That is, a firm may have a high (low) P/E, but a low (high) M/B. With the possible relations of P/E and M/B, Palepu, Bernard, and Healy (1996)
classify the firms with high P/E and M/B as “rising stars”, the firms with low P/E and high M/B as “falling stars”, the firms with high P/E and low M/B as “recovering
firms”, and the firms with low P/E and M/B as “dogs”.
Palepu, Bernard, and Healy (1996) provide a framework of classification, but
they do not explore further to show the implications of their grouping to the business
valuation. Given the above classified four groups, this study will investigate the
following questions:
1. Is there existing any group with a significantly higher return than others?
2. What are the major characters (financial and non-financial) in describing
each classified group?
Subjects
Market-to-Book (M/B) Ratio
Price-Earning (P/E) Ratio
Business Valuation
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
report
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