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论文编号：	14595
作者编号：	2320213536
上传时间：	2024/6/3 14:52:54
中文题目：	Z资产评估公司估值实践中计量企业加权平均资本成本的方法改进研究
英文题目：	Research on the Improvement of the Method for Measuring the Weighted Average Cost of Capital for Enterprises in Z Asset Evaluation Company''s Valuation Practice
指导老师：	齐岳
中文关键字：	资本成本；无风险收益率；相关系数；资本结构
英文关键字：	Capital cost； Risk-free rate of return； Correlation coefficient； Capital structure
中文摘要：	在资产评估工作中，企业加权平均资本成本是估价师经常要用到的参数，准确计算被评估企业的加权平均资本成本是准确评估企业价值的关键。现实中，影响企业加权平均资本成本的因素多样且影响效力复杂，相关理论研究存在诸多分歧，实践操作也面临诸多限制，如何准确计量企业的加权平均资本成本一直是理论研究的热点。合理计量企业加权平均资本成本，不仅是准确评估企业价值的必然要求，同时也是确定企业最佳资本结构、实现企业价值最大化的必然要求。 本文以Z公司在估值实践中对企业加权平均资本成本的计量方法为研究对象，综合运用文献阅读法、概念分析法、定性分析法、定量分析法等，对Z公司在估值实践中计量被评估企业加权平均资本成本的方法进行研究。首先，从加权平均资本成本模型的定义和推导过程入手，整理现有理论，查找相关理论间的冲突和互补。以加权平均资本成本模型的理论基础和假设条件为出发点，比较其与市场实际情况之间的差异，并分析差异产生的原因及影响程度。其次，介绍Z公司在估值实践中计量被评估企业加权平均资本成本时所采用的具体方法，包括对资本结构、市场平均收益率、无风险收益率、β系数、债券资本成本等具体参数的计量方法，结合已有理论分析其参数计量过程中存在的问题。再次，根据发现的Z公司在计量企业加权平均资本成本时存在的问题，对影响加权平均资本成本计量的政策、市场、行业以及企业自身等影响因素进行分析，提出方法改进的建议。最后，对改进企业加权平均资本成本计量方法的实施保障进行了说明。 Z公司作为资产评估业内知名机构，在加权平均资本成本研究方面一直走在行业前列，其存在的问题具有一定的代表性。本文以点带面，从完善权益资本成本的估算、完善债权资本成本的估算以及完善资本结构的估算三个方面完善加权平均资本成本的计量，以期为以后的研究提供一个新的思路。
英文摘要：	In asset valuation work, the weighted average cost of capital of enterprises is a parameter often used by appraisers, and accurately calculating this cost is the key to accurately evaluating the value of enterprises. In reality, there are many factors that affect the weighted average cost of capital for enterprises, and the effects of these factors are complex. There are many disagreements in theory and practical applications face many limitations. How to accurately calculate the weighted average cost of capital for enterprises has always been a hot topic in theoretical research. Reasonably measuring the weighted average cost of capital for enterprises is not only a necessary requirement for accurately evaluating the value of enterprises, but also for determining the optimal capital structure and achieving maximum enterprise value. This article takes the measurement method of weighted average cost of capital for enterprises in Z Company's valuation practices as the research object, using a combination of literature review, concept analysis, qualitative, and quantitative methods to study the methods of measuring the weighted average cost of capital for the evaluated enterprise in Z Company's valuation practices. Firstly, starting from the definition and derivation process of the weighted average cost of capital model, it sorts out existing theories, identifies conflicts and complementarities among related theories. Taking the theoretical basis and assumptions of the weighted average cost of capital model as the starting point, it compares the differences with actual market conditions, and analyzes the causes and impact of these differences. Secondly, it introduces the specific methods used by Z Company in the valuation practice to measure the weighted average cost of capital for the evaluated enterprise, including measurement methods for specific parameters such as capital structure, market average yield, risk-free yield, β coefficient, and bond capital cost. It analyzes the issues in the parameter measurement process in light of existing theories. Thirdly, based on the problems found in the measurement of weighted average cost of capital for enterprises by Z Company, it analyzes the influencing factors such as policies, markets, industries, and enterprises themselves that affect the measurement of weighted average cost of capital, and offers suggestions for method improvement. Finally, it explains the implementation measures for improving the measurement method of weighted average cost of capital for enterprises. As a renowned institution in the asset evaluation industry, Z Company has been at the forefront of research on the weighted average cost of capital, and its issues are somewhat representative. This article focuses on enhancing the measurement of the weighted average cost of capital from three aspects: improving the estimation of equity capital costs, improving the estimation of debt capital costs, and improving the estimation of capital structure, aiming to offer a new approach for future research.
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