为了保证市盈率的有效性，前期我们都改成本文剔除了ST、市盈率为负、出现

In order to ensure the effectiveness of the price-earnings ratio, we have changed the cost in the early stage to exclude stocks of some listed companies with ST, negative price-earnings ratio, extreme values, and a large number of missing data. Finally, in terms of A shares, according to the Shenwan industry classification, we selected a total of 4947 data points of the monthly price-earnings ratio of 84 listed companies from January 2015 to December 2019 as the research object; for Hong Kong stocks, according to the HKEx classification, we selected A total of 2378 data points of the monthly P / E ratio of 40 listed companies in the same period of time were taken as the research object. In terms of explanatory variables, this paper selects CPI and M2 as macro indicators to measure the overall economic environment. At the level of listed companies, it selects five individual indicators such as stock trading volume, total equity, proportion of outstanding shares, market-to-sales ratio, and market-to-book ratio. That is, we selected the monthly panel data of the above 7 indicators from January 2015 to December 2019, and established an individual fixed effect model.

In order to ensure the effectiveness of the price-earnings ratio, we have changed this article to exclude ST, price-earnings ratio is negative, the emergence of extreme values and a large number of data missing some of the listed companies' stocks. Finally, in terms of A-shares, according to Shenwan industry classification, we selected a total of 4,947 data points for 84 listed companies from January 2015 to December 2019. In terms of explanatory variables, this paper selects CPI and M2 as macro indicators to measure the overall economic environment, and selects 5 individual indicators, such as stock turnover, total share capital, share ratio, market able-to-market ratio and market-to-book ratio, at the listed company level. That is, we selected the above 7 indicators from January 2015 to December 2019 monthly panel data, the establishment of individual fixed effect model.

In order to ensure the effectiveness of P / E ratio, in the early stage, we have changed the cost text to exclude the stocks of some listed companies with ST, negative P / E ratio, extreme value and a large number of missing data. Finally, in terms of A-share, according to Shenwan industry classification, we selected 4947 data points of monthly P / E ratio of 84 listed companies from January 2015 to December 2019 as the research object; in terms of Hong Kong stock, according to the classification of Hong Kong stock exchange, we selected 2378 data points of monthly p / E ratio of 40 listed companies in the same period as the research object. In terms of explanatory variables, this paper selects CPI and M2 as macro indicators to measure the overall economic environment. At the level of listed companies, five individual indicators are selected, including stock volume, total share capital, proportion of circulating shares, market sales rate, and market to net ratio. That is to say, we selected the monthly panel data of the above seven indicators from January 2015 to December 2019 to establish the individual fixed effect model.<br>