摘要
站在投资者的角度,在分析介绍基准折现率的概念、构成、影响因素、选取原则等问题的基础上,提出了国内外普遍采用的4种基准折现率的确定方法,即要素累加法、净资产收益率法、CAPM法和WACC法。通过A公司的实证演算,对各种方法下的折现率测算过程做了较为详细的阐述,并简单概括了几种方法的适用条件。
Standing on the point of investors, this paper introduces the concept, composition, influencing factor, selection principles and other issues of the benchmark discounting rate. Four kinds of methods to determine the benchmark discount rate which are widely used in China and abroad are proposed, which are elements accumulate, ROE, CAPM and WACC. The detailed process of the four methods by calculating of Company A is shown in the paper and then the application conditions are summarized.
出处
《公路》
北大核心
2014年第8期32-38,共7页
Highway
关键词
折现率
经营性公路
资本资产定价模型
加权平均资金成本
discount rate
operating highway
the capital asset pricing model
weighted average costof capital
