企业价值评估中折现率的确定方法

The Confirming Methods of Cash-Conversion-Rate in Enterprise Value Appraisal

从资产评估理论和实践出发,总结并分析确定折现率的三种方法:风险累加法、β系数法和加权平均成本法,可以看出,风险累加法和加权平均成本法主观性较强,而β系数法使用尚未成熟。因此,在实际评估中应综合使用各种方法,以谨慎确定折现率。

Three methods of confirming cash-conversion-rate are concluded and analyzed from the angles of theories and practice of property appraisal. They are risk-addition method, β parameter law, and weighting average cost method. Among them risk-addition method and weighting average cost method are of strong subjectivity, but β parameter law has not been used widely and completely. Therefore, during the course of practical property appraisal we should confirm cash-conversion-rate in a careful and comprehensive way.