ETF基金估值指标一文搞懂

<p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">老张是生意人，左思右想，什么贸易战、去杠杆，老百姓该吃吃该喝的还得喝，餐饮行业肯定是常青树，只要用心经营，赚钱肯定不在话下，正准备在家门口的食街投资一家火锅店。</p> <p style="margin: 0px; padding: 0px; clear: both; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important;">老张的“海底锅”</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: center; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"></p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">一番考察后，老张找到两家准备转让的火锅店“洞子陈”和“海底锅”。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">正处夏季，火锅店生意略显清淡，两家店的出售价格都比较合理。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">“洞子张”出售价格为100万，去年的盈利为15万；</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">“海底锅”出售价格同样为100万，去年的盈利为20万。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">老张引用市盈率（PE），计算公式：（市盈率=公司市值/公司盈利）作为参考。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">“洞子陈”的售价为100万（公司市值），去年盈利15万（公司盈利），即PE为100/15=6.67；</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">同样“海底锅”的PE为100/20=5。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">老张的经验告诉他，“洞子陈”是家没有任何品牌价值的小店市盈率为6.67，而“海底锅”已在当地小有名气市盈率为5，很明显“洞子陈”的市盈率高了，不适合投资，这就是市盈率（PE）。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">这时老张的朋友小明有疑问了，买下“海底锅”这家火锅店，到底划不划算，每年能赚多少钱啊？</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">老张给小明算了一笔账，借用股市常用估值指标盈利收益率为参考，计算公式（盈利收益率=公司盈利/公司市值）。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">“海底锅”盈利收益率为（20/100）100%=20%，很明显这是一个不错的项目，每年能给老张带来20%的收益，这就是盈利收益率。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">细心的朋友会发现，盈利收益率就是市盈率的倒数。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">对比分析后，老张已经铁定，这是个赚钱的项目，必须买下“海底锅”，盈利指日可待。可是问题来了，老张只有80万，还缺20万，怎么办呢？</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">小明坐不住了，这么好的生意，自己也想参与，但不愿承担投资风险。于是乎老张提出方案，让小明借20万给自己，获取一定的利息收入，不承担经营风险，同时成为火锅店的员工，一起把生意做大做强。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">小明深深的被老张生意经打动，决定和老张一起闯一把。这可把老张乐坏了，真是享尽天时地利人和的好项目。在夏天买了火锅店，正属于淡季，已至于市盈率（PE）不会太高；火锅店开在离老张家很近的食街，方便日常管理；有小明的两肋插刀，既解决了资金问题又解决了员工问题。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">最后，老张花100万买了下这家火锅店，我们来看看“海底锅”的市净率PB是多少，计算公式（市净率=公司市值/公司净资产）。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">明白PB之前，得知道什么是公司净资产？火锅店总价100万，这个是总资产，其中20万是负债，从小明手里借入。公司净资产=总资产-负债(100-20=80)，火锅店的净资产为80万。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">“海底锅”的市净率PB为100/80=1.25。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 0px; padding: 0px; clear: both; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important;">经营篇</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: center; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"></p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">经过一年努力，老张的“海底锅”生意越来越火爆，这一年取得30万的净利润。我们借用评判企业资产运作效率的重要指标净资产收益率（ROE）作参考。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">计算公式：公司净利润/公司净资产=净资产收益率(ROE)，30/80=0.375，净资产收益率（ROE）即为37.5%。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">老张发现，自己的火锅店ROE远远高于同行业。（ROE越高的企业，资产运作效率越高，市净率PB也就越高）</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">正因为小明和员工们的努力，“海底锅”才有今天的成绩。年底老张制定了员工激励政策，所有员工都能享受到火锅店业绩增长的红利，每年计提20%净利润作为现金分红，让员工不花一分钱成为公司的“股东”，大大增加员工积极性。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">那么老张今年得拿出净利润30万的20%，即6万元，作为奖金池，按比例分配给员工。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">这就是我们常见的：股息率=现金分红/公司市值，火锅店今年的股息率为6/100=0.06，即股息率为6%。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">同时有个叫分红率的，也叫分红比例。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">引入分红率这个词，员工们连手指头都不用掰，便知道今年能拿多少分红。分红率=现金分红/总利润，6/30=0.2，即20%。跟老张制定的员工激励政策一致，即为分红比例。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: center; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"></p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">火锅店不断创新，老张的生意越做越大，成为行业内的标杆，赚的盆满钵满。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 0px; padding: 0px; clear: both; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important;">案例总结</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">通过老张的投资案例，我们再来梳理一下知识点，让你也成为投资行家。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">市盈率PE（公司市值/公司盈利），代表这个价企业的估值。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">盈利收益率（公司盈利/公司市值），企业的赚钱能力。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">市净率PB（公司市值/公司净资产），从购买资产的角度来衡量企业。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">净资产收益率ROE（公司盈利/公司净资产），企业运作资产的效率。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">股息率（现金分红/公司市值），企业成长现金福利。</p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">分红率（现金分红/公司盈利），企业净利润分配比例。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: justify; color: rgb(161, 161, 161); text-transform: none; line-height: 1.8em; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 14px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;">上述案例，引用老张的投资项目作为一家上市公司，阐明常见估值指标应用分析，方便投资者日常使用，文章篇幅有限案例中忽略市值波动等因素，目的是让投资者简明易懂。</p> <p style="margin: 0px; padding: 0px; text-align: justify; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="margin: 10px 0px 0px; padding: 0px; text-align: center; color: rgb(51, 51, 51); text-transform: none; text-indent: 0px; letter-spacing: 0.54px; clear: both; font-family: 微软雅黑; font-size: 16px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; -ms-word-wrap: break-word !important; min-height: 1em; max-width: 100%; box-sizing: border-box !important; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"></p>