WACC中的资本结构D/E、债权投资回报率Rd估算研究  

Capital Structure D/E and Debt Investment Return R;in WACC

作　　者：张懿 赵强 赵林 刘剑桥 Zhang Yi;Zhao Qiang;Zhao Lin;Liu Jianqiao(China Alliance Appraisal Co.,Ltd.,Beijing 100073)

机构地区：[1]北京中同华资产评估有限公司,北京100073

出　　处：《中国资产评估》2021年第11期67-72,80,共7页Appraisal Journal of China

摘　　要：本文从WACC的定义出发,推导出WACC与企业投资总额(D+E)相关,与资本结构(D/E)无关的重要性质,得出可以采用行业最优/目标资本结构和与之匹配的债权投资回报率(Rd)测算标的公司WACC的结论。文章进一步给出了行业最优/目标资本结构的估算方式和债权投资回报率的两种确定方式,并提出债权价值重估的概念及必要性,为评估人员合理运用全投资自由现金流模型估算企业价值提供理论参考和实践指引。Sourcing from the definition of WACC,this article demonstrates the Proposition that WACC is only related to the total investment of enterprises(D+E)and has no relations with capital structure(D/E).It is concluded that the industrial optimal/target capital structure and its matching debt investment rate of return(Rd)can be used to measure the WACC of the subject company.The article also gives a technical way to determine the industrial optimal/target capital structure and two acceptable methods to estimate the debt investment rate of return,in further,the article puts forward the concept and necessity of Debt Revaluation.It is expected that this article can provide theoretical reference and practical guideline for appraisers to reasonably apply the Free Cash Flow on Total Investment Model to appraise the enterprise value.

关 键 词：WACC 资本结构 债权投资回报率 

分 类 号：F123.7[经济管理—世界经济]