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在资产评估实务中,通过历史收益预测未来的收益率存在困难,特别是非市场风险溢价部分,估算方法多种多样,并没有一个统一的标准或者准确的模型可供使用,评估师们往往依靠经验和主观判断得出的非市场风险溢价。本文在三因子模型基础上对资本资产定价模型进行改进,把普通股的账面价值市值比(简称BE/ME)引入新的模型中,采用科学的模型和计量方法衡量非市场风险溢价水平,使结果更加科学可靠。
In the practice of asset valuation, it is difficult to predict the future rate of return through historical returns. Especially in the non-market risk premium part, there are many estimation methods and there is no uniform standard or accurate model available. Appraisers often rely on experience And subjective judgments derived from non-market risk premium. Based on the three-factor model, this paper improves the capital asset pricing model by introducing the book value-to-capital ratio (BE / ME) of common stock into a new model and using scientific models and measurement methods to measure the non-market risk premium The result is more scientific and reliable.