While expectations of faster earnings growth may well be contributing to elevated P/E levels, the current situation is complicated, to say the least. What is certain is that expectations of high earnings growth would have a more durable positive effect on P/E levels than the suppression of the equity risk premium.
尽管盈利增长加速可能大幅刺激了市盈率水平，但目前的情况很复杂。可以确定的是，高盈利增长预期比抑制股票风险溢价对市盈率水平所造成了更持久的正效应。