浅论收益法中折现率的确定

How to Determine the Rate of Discount in Income Approach

在收益法评估的过程中，资产折现率的确定会对评估结果产生较大影响。在国外普遍地采用资本资产定价摸型。在我国，因为各种原因，目前应用ＤＡＰＭ模型的条件尚未成熟。笔者以为可采用加权平均资金成本或风险利率分析法，并在考虑资金利润率的基础上加以确定。

The rate of discount plays an important role in income approach. Capital Assets Pricing Model is often used in foreign countries, but conditions of using CAPM are deficient at present. Against such background, the author suggested the approaches of weighted average cost of capital and risk-adjusted interest rate. Together with capital profit rate, these two approaches can be used to determine the rate of discount.