经营性公路价值评估中基准折现率测定方法研究  

Method for Determination of the Benchmark Discount Rate in the Evaluation of Operating Highway

作　　者：李佳 卫红蕊[2] 

机构地区：[1]华杰工程咨询有限公司,北京市100029 [2]中交第二公路工程局有限公司,西安市710065

出　　处：《公路》2014年第8期32-38,共7页Highway

摘　　要：站在投资者的角度,在分析介绍基准折现率的概念、构成、影响因素、选取原则等问题的基础上,提出了国内外普遍采用的4种基准折现率的确定方法,即要素累加法、净资产收益率法、CAPM法和WACC法。通过A公司的实证演算,对各种方法下的折现率测算过程做了较为详细的阐述,并简单概括了几种方法的适用条件。Standing on the point of investors, this paper introduces the concept, composition, influencing factor, selection principles and other issues of the benchmark discounting rate. Four kinds of methods to determine the benchmark discount rate which are widely used in China and abroad are proposed, which are elements accumulate, ROE, CAPM and WACC. The detailed process of the four methods by calculating of Company A is shown in the paper and then the application conditions are summarized.

关 键 词：折现率 经营性公路 资本资产定价模型 加权平均资金成本 

分 类 号：F224.5[经济管理—国民经济]