基于PEG比率的权益资本成本测算与应用

Measurement and application of equity capital cost based on PEG ratios

在对现有权益资本成本估算方法进行简要回顾的基础上,给出了基于PEG比率的权益资本成本测算模型的推导过程,并对该模型的特征予以分析,着重强调了该模型的4方面优点,最后探讨了中国应用PEG模型的可行性,指出该测算方法有利于帮助研究者确定不同因素(如,披露质量、交叉上市等)对权益资本成本的影响,具有广阔的应用前景。

Based on a brief review of current measurement methods for equity capital cost, a deduction process of measurement model of equity capital cost was provided based on PEG ratios. An analysis was made of the characteristics of this model, with special emphases on its four advantages. The feasi- bility of PEG Model＇s application in China was then discussed. This measurement method can help re- searchers to determine the effects of uncertain factors （ such as disclosure quality, cross-listing, etc,） on equity capital cost and will be widely applied.