资本预算折现率研究

On Discounting Rate in Capital Budgeting

净现值法是资本预算中最为重要的一种方法,它需要的一个重要输入变量是项目的必要收益率。本文关注的是如何估计出项目的必要收益率。CAPM是估计必要收益率的最常用模型,为了应用该模型,我们需要了解无风险利率、市场风险溢价和项目贝塔的取值。本文详细论述了从已知信息中估计这些变量的方法。

NPV is the most important method in capital budgeting, and an important input variable it needs is the hurdle rate of a project. The main aim of this essay is about how to actually get the hurdle rate. CAPM is the most frequently used model to estimate hurdle rates. In order to apply this model, we need to know the value of riskless rate, market risk premium and project beta. In this essay, we discuss in detail about methods to estimate these variables from existing information.