The answer depends on two key variables: the discount rate and future earnings growth. A lower discount rate and/or a higher rate of expected earnings growth would justify higher equity valuations.
问题在于，相对于未来盈利潜力，股票估值是否过高。答案取决于两大关键变量：贴现率和未来盈利增长。较低贴现率和/或较高预期盈利增长意味着股票估值也可以更高。