浅论建设项目基准收益率的确定——CAPM的角度

Discussion about Project Construction reference yield——from the view of CAPM

财务基准收益率是建设项目财务评价指标计算中的重要判据参数。对于该参数的确定目前流行使用资本资产定价模型法(CAPM)。本文从资本资产定价模型法入手分析,介绍的相关概念和计算方法。并从理论和实证支持两个方面给与说明,指出该方法在目前市场中不具备使用的条件。

Discount rate is one of the most important parameters in construction project financial assessment; meanwhile CAPM, as one of discount rate calculation method, is now used more and more previous in practical work. This article will discuss the using conditions in China of CAPM from both practice and theory aspects. Furthermore the conclusion is given by the author that CAPM can not be used for calculating discount rate.