公司资本成本估算与贴现率选择的理论分析

The Theoretical Analysis to the Calculation of Corporate Capital Cost and the Options for Discount Rate

本文综合运用ＭＭ资本结构理论和ＣＡＰＭ模型分别讨论了在无风险负债和风险负债两种条件下公司资本成本的估算问题，针对投资项目风险和公司风险异同两种情况，分别提出了在投资评估中相应的贴现率选择方法。

This study discusses the calculation of corporate capital cost under the conditions of no-risk and risk debts respectively by introducing the MM theory of capital of capital structure and CAPM model.The selective approaches matching corresponding discount rate have respectively been offered conceding two situations of difference and consensus betweent the levels of project risk and corporate risk.