论文部分内容阅读
折现率中的股权风险溢价一般采用资本资产定价模型来确定,但由于资本资产定价模型建立在投资者理性、股票市场有效等前提基础之上,而中国股票市场的有效性比较欠缺,在评估实践中运用资本定价模型确定股权风险溢价存在较多的问题。本文从实体经济领域着手,通过投入产出分析、经营杠杆及财务杠杆分析,计算出行业相对于整体经济的风险系数、目标企业相对于行业的风险系数,进而得到行业股权风险溢价和目标企业的股权风险溢价。
The equity risk premium in the discount rate is generally determined by the capital asset pricing model. However, since the capital asset pricing model is based on the premise of investor rationality and effective stock market, while the effectiveness of China’s stock market is relatively scarce, There are many problems in using the capital pricing model to determine the equity risk premium in practice. This article starts from the field of real economy, through the analysis of input-output, operating leverage and financial leverage, calculates the risk coefficient of the industry relative to the overall economy, the risk coefficient of the target enterprise relative to the industry, and then obtains the industry equity risk premium and the target firm’s Equity risk premium.