Based on the actual situation of China's Shanghai and Shenzhen A-share market, the situation of China's stock market price earnings ratio, and combined with the various relevant data during 2014-2016, A shares of the Chinese market listing Corporation earnings ratio analysis of a cited the fluctuation of the overall situation, industry and the overall price earnings ratio were observed, and on the review of the related literature at home and abroad on the basis, the fluctuation analysis, may affect the price earnings ratio factor to carry on the summary. At the same time, China's price earnings ratio and the other major stock markets of the world for comparative analysis.