问一道题：NO.PZ201512020800000403 第3小题

NO.PZ201512020800000403 问题如下 3. Baseupon Statement 1, over the requesteforecast horizon, the factor thwill most likely ive stomarket performanis the percentage change in: A.G. B.the earnings to G ratio. C.the price-to-earnings ratio. A is correct.In the long run, the growth rate of G is the most important iver of stomarket performance. Therefore, the associate economist shoulfocus on the ivers of long-run potentiG growth. The ratio of earnings to G cannot increase infinitely sinthwoulimply thprofit wouleventually absorb all of G. This ratio cannot shrink forever either sinunprofitable companies will go out of business. Thus, the annualizegrowth rate of the earnings to G ratio must approximately zero over long time horizons, anthis ratio shoulnot a minant factor in forecasting long-term stomarket performance. Similarly, the price-to-earnings ratio cannot grow or contraa finite rate forever because investors will not pexcessive prifor eallof earnings, nor will they give awearnings for free. Therefore the rate of change in the price-to-earnings ratio must approximately zero over long time horizons anshoulnot a minant factor in the forecast of long-term stomarket performance.考点股票市场和G之间的关系.解析依据公式% △ P=%△G+%△（E/G）+%△（P/E）上述公式中，在长期earnings相对于G的增长率是趋近于0的，因为如果earnings的增长快于G的增长，那么总有一天，这家公司会吞并掉国家，这在现实中是不太可能发生的。如果earnings的增长一直低于G的增长，那么公司就将倒闭，这也是不太可能发生的。所以earnings的增长就应该等于G的增长P/E的增长率也应该为0，因为P/E其实代表了人们对于市场的看法和估值，在长期来看，它是一个稳定不变的数值。所以长期而言，股票市场价格的增长率就取决于G的增长率。 就是在这这个知识点中STOCK是受到G更多影响还是POTENTIG更多影响我发现有的题目里选择G有的选择POTENTIG

NO.PZ201512020800000403 问题如下 3. Baseupon Statement 1, over the requesteforecast horizon, the factor thwill most likely ive stomarket performanis the percentage change in: A.G. B.the earnings to G ratio. C.the price-to-earnings ratio. A is correct.In the long run, the growth rate of G is the most important iver of stomarket performance. Therefore, the associate economist shoulfocus on the ivers of long-run potentiG growth. The ratio of earnings to G cannot increase infinitely sinthwoulimply thprofit wouleventually absorb all of G. This ratio cannot shrink forever either sinunprofitable companies will go out of business. Thus, the annualizegrowth rate of the earnings to G ratio must approximately zero over long time horizons, anthis ratio shoulnot a minant factor in forecasting long-term stomarket performance. Similarly, the price-to-earnings ratio cannot grow or contraa finite rate forever because investors will not pexcessive prifor eallof earnings, nor will they give awearnings for free. Therefore the rate of change in the price-to-earnings ratio must approximately zero over long time horizons anshoulnot a minant factor in the forecast of long-term stomarket performance.考点股票市场和G之间的关系.解析依据公式% △ P=%△G+%△（E/G）+%△（P/E）上述公式中，在长期earnings相对于G的增长率是趋近于0的，因为如果earnings的增长快于G的增长，那么总有一天，这家公司会吞并掉国家，这在现实中是不太可能发生的。如果earnings的增长一直低于G的增长，那么公司就将倒闭，这也是不太可能发生的。所以earnings的增长就应该等于G的增长P/E的增长率也应该为0，因为P/E其实代表了人们对于市场的看法和估值，在长期来看，它是一个稳定不变的数值。所以长期而言，股票市场价格的增长率就取决于G的增长率。 1.解析中的公式% △ P=%△G+%△（E/G）+%△（P/E）是从哪儿来的？跟讲义上的这串公式（下图）怎么有出入？2.解析中最后一句话说长期来看，股票的增长率取决于G的增长率。这话成立的前提是outstanng shares ltaS为零吧？

the earnings to G ratio. the price-to-earnings ratio. A is correct. In the long run, the growth rate of G is the most important iver of stomarket performance. Therefore, the associate economist shoulfocus on the ivers of long-run potentiG growth. The ratio of earnings to G cannot increase infinitely sinthwoulimply thprofit wouleventually absorb all of G. This ratio cannot shrink forever either sinunprofitable companies will go out of business. Thus, the annualizegrowth rate of the earnings to G ratio must approximately zero over long time horizons, anthis ratio shoulnot a minant factor in forecasting long-term stomarket performance. Similarly, the price-to-earnings ratio cannot grow or contraa finite rate forever because investors will not pexcessive prifor eallof earnings, nor will they give awearnings for free. Therefore the rate of change in the price-to-earnings ratio must approximately zero over long time horizons anshoulnot a minant factor in the forecast of long-term stomarket performance. 考点股票市场和G之间的关系. 解析依据公式% △  P=%△G+%△（E/G）+%△（P/E） 上述公式中，在长期earnings相对于G的增长率是趋近于0的，因为如果earnings的增长快于G的增长，那么总有一天，这家公司会吞并掉国家，这在现实中是不太可能发生的。如果earnings的增长一直低于G的增长，那么公司就将倒闭，这也是不太可能发生的。所以earnings的增长就应该等于G的增长 P/E的增长率也应该为0，因为P/E其实代表了人们对于市场的看法和估值，在长期来看，它是一个稳定不变的数值。 所以长期而言，股票市场价格的增长率就取决于G的增长率。老师您好，这里Requestetime horizon是短期啊……