权益资本成本估计方法的可靠性检验研究——基于中国资本市场数据的经验证据

Research on the Reliability of Cost of Equity Estimating Methods——Empirical Evidence from China's Capital Market

近年来,权益资本成本的相关研究成为会计领域乃至经济金融领域的热点。然而,关于上市公司权益资本成本的科学估计问题却一直是相关实证研究的难题。在此背景下,论文对权益资本成本的概念及其估计方法的发展过程进行了系统梳理,并在此基础上对目前学者们最为认可和广泛应用的三种内涵权益资本成本估计模型进行了具体介绍,最后基于中国资本市场2007-2008年上市公司数据,利用两种通用的检验方法对估计得到的权益资本成本变量进行了可靠性检验。结果表明,基于Easton(2004)的以内涵报酬率作为权益资本成本代理变量的估计方法具有最好的可靠性。

In recent years, the cost of equity has become a hot topic within accounting and finance realm. But the estimation of cost of equity is a big problem in related research. Under this background, the paper summarizes the evolution d concepts and estimating methods related to cost of equity systematically and further introduces three widely used models stemming from implied cost of equity. Using the financial date of Chinese listed companies over period 2007-2008, this paper ts Trom-the above-models, implied cost of equity developed by Easton （2004）resuhs in equity. applies two approaches to The-regults gtTggest that the the most reliable cost of equity.