中文摘要：

本文首先考察了中国A股公司市盈率的截面和时间序列的变动行为，并探讨了市盈率与暂时性盈利、风险之间的关系，发现市盈率存在显著的均值回归现象，在长期中市盈率存在着收敛趋势，而这种趋势可以部分地由暂时性盈利的存在来解释。其次，本文发现与CAPM-β相比，Fama—French（1992）模型中的规模、账面／市价比率能更好地解释中国A股市盈率的截面变动。

英文摘要：

This paper examines the behavior of P/E ratio on China＇s A share market, and explores the relation between transitory earning, risk and PIE ratio. The paper finds that P/E ratio demonstrates a notable mean reversion tendency and converges in the long run, which can be explained by the existence of transitory earnings. Meanwhile, this paper suggests that size and B/M factors in Fama- French （1992） significantly outperform CAPM-β in explaining the cross -sectional variation of P/E ratios.