债务报酬率和债股比计算方法对所有者权益价值的影响研究  

The Effect on Equity Value of Calculating Capital Structure and Interest Rate Method

作　　者：王逸玮 王璐 韩煜 Wang Yiwei;Wang Lu;Han Yu(Chain Appraisal Associates,Beijing,100044)

机构地区：[1]北京中天华资产评估有限责任公司,北京100044

出　　处：《中国资产评估》2022年第11期34-38,共5页Appraisal Journal of China

摘　　要：本文通过具体案例的测算,从当前实务领域常用方法入手,分析了在收益法折现率WACC的测算过程中,采用不同方法确定债股比及债务报酬率对所有者权益价值的影响。在此基础上,提出应当同时采用企业自身债股比及债务报酬率的方法,并指出需进一步探讨和研究的问题,如:债务价值重估理论与实际情况是否有差异、资本结构影响beta值的现实情况、偿还债务及利率变化对债务及股权价值的影响,以及beta值是否适用于企业经营波动率的计算等。Taking into consideration of frequently-used methods on capital structure and interest rate when calculating WACC,this report analyzes the effect of those methods on equity value by giving certain examples.On the base of those analysis,the method of using the target company’s own capital structure and interest rate should be the most proper mode is concluded.At the same time,the report lists certain topics which needs more researches and would be further studied.For example,the difference between re-value debit theory and reality of debit value;the difference between the theory of MM and reality of real capital return;the effect on debit value and capital value of repaying debts and changing interest rate;and the applicability of beta in the risks of business.

关 键 词：加权平均资本成本 债股比 债务报酬率 

分 类 号：F275[经济管理—企业管理]