基于CAPM结合OJ模型的风电行业基准收益率研究

Study on Benchmark Yield in Wind Power Industry Based on the CAPM and OJ Model

风电在我国具有很大的发展潜力,然而进行风电投资时基准收益率的确定是摆在投资者面前的一大难题。基准收益率是项目财务内部收益率指标的基准和判据,也是企业判断项目是否可行的重要依据,采用加权平均资金成本法(WACC)和资本资产定价模型(CAPM)相结合的方法来确定投资项目基准收益率是目前最普遍的方法。本文拟采用CAPM和OJ模型来测算风电投资项目的股权资本成本,再用加权平均资金成本测算其基准收益率,为以后进行风电投资提供有力的投资决策依据。

Wind power is of great potential in China;however, determining the benchmark yield of wind power investment is a major problem placed in front of investors. The benchmark yield is the benchmarks and indicators of the project’s financial internal return rate and can also judge the feasibility of the project. It is common to use the method combining the Weighted Average Cost of Capital method (WACC) and Capital Asset Pricing Model (CAPM) to calculate the benchmark yield of investment project. This paper attempts to combine CAPM with OJ models to measure the cost of equity capital in wind power investment, and then estimates its benchmark yield through weighted average cost of capital, providing basis for investment decision in wind power investment.