股权风险溢价(ERP)测算研究  

A Study on the Estimation of Equity Risk Premium

作　　者：张懿 赵林 刘剑桥 Zhang Yi;Zhao Lin;Liu Jianqiao(China Alliance Appraisal Co.,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》2022年第6期11-16,共6页Appraisal Journal of China

摘　　要：资产评估行业内对股权风险溢价(ERP)的测算思路、方式并不统一,不同测算方式的结果也存在一定差异,造成这种情况的主要原因是对ERP的本质含义认知不一致。本文基于ERP的定义和测算原理,从测算ERP的初衷出发,分析ERP测算所应该遵循的原则和测算中关键参数的选取标准及方式,并以指数成份股测算法为示例,对ERP进行测算,并从市场划分的角度提出了进一步细化不同市场ERP测算的主张。At present,the estimating strategy,as well as tactics,of Equity Risk Premium(ERP)in the asset appraisal industry are not in consistency,and the results of different estimations are also different from each other to some extent.The main reason for this circumstance is the inconsistency in understanding of the essential nature of ERP.Based on the definition and estimation principles of ERP,this paper starts from the original intention of ERP and analyzes the principles that should be followed in ERP estimation,as well as the selection criteria and method of the key parameters in ERP estimation.Furthermore,we take a properly-believed method called the Stock Index Constituent Method as an indicating example to estimate the ERP.Finally,from the perspective of market division,the proposition of further refinement of ERP estimation in different markets is put forward.

关 键 词：折现率 股权风险溢价 

分 类 号：F275.3[经济管理—企业管理]