Higher inflation will require investors to demand lower earnings multiples .

通胀上升将促使投资者要求市盈率下降。

Part of the attraction for issuers is the high price / earnings multiples that chinext stocks fetch .

吸引发行者的原因之一是创业板股票的高市盈率。

With investors looking at growth as the basis of valuations , multiples now are probably as good as they will ever be .

由于投资者关注的是增长并将其作为估值基础，所以增长的倍数现在很可能永远都是利好因素。

In all bar one , multiples had fallen by more than half by the time the cycle came to an end .

除一个周期以外，几乎在所有周期中，市盈率在该轮周期结束前都下滑逾一半。

Current multiples are not , therefore , as cheap as they appear .

因此，目前的市盈率并不像表面看起来的那样便宜。