求投资项目贴现率的类比法

The Analogy Method in Valuing the Discount Rate

投资项目评价过程中最难确定的参数之一就是贴现率。计算项目加权平均资本成本(WACC)的关键是权益资本成本。上市公司的权益资本成本可以应用CAPM模型进行估计,非上市企业权益资本成本的估计就要困难得多。本文提出的用类比法求投资项目贴现率,给出了估计非上市公司权益资本成本的新思路。本文选取了6家上市公司和1家非上市公司,结合企业实际数据依据所给出的计算过程,实际计算了非上市企业的资本成本。

The discount rate is hard to be fixed, and it is the most important factor in the evaluation of enterprise project investment. The CAPM model provides a reference on the measurement about equity capital cost of listed companies, while the estimation of unlisted companies about equity capital cost is much more difficult. The analogy method proposed in this passage, puts forward a new thought in estimating. This paper also founds out actual data of 6 listed companies and 1 unlisted company to finish the calculation following the thought, and present the answer.