谈加权平均资本成本法在个别项目评估中的应用

Of WACC in Assessing Individual Project

现实当中,由于企业暂时无需纳税,资本结构当中债务融资比例不固定,个别项目与企业整体资产风险差异较大等因素的存在,使得直接运用加权平均资本成本(WACC)对个别项目进行价值评估和资本预算分析容易产生较大的偏差甚至可能导致错误的决策,因此,对具体项目的风险系数进行调整以正确使用WACC方法进行项目价值评估,从而使得出的结论更为可靠有效,有助于企业更好地进行项目筹资和投资决策。

Since many companies are temporarily non-taxpaying currently;debt capacity is not a constant proportion in the project's present value and there are some big differences between the risks of individual project and the whole assets,Eerrors may be caused by the direct application of the WACC in value assessment and capital budget of individual project.The paper expatiates on how to adjust the beta coefficient with the WACC correctly in assessing the project value.It draws a feasible conclusion that may help companies make proper decisions in project finance and investment decision.