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銆€銆€(涓€)璨�(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)涓殑璩囩敘(ch菐n)璨�(f霉)鍌佃〃鑸囧(sh铆)闅涗紒妤�(y猫)鐨勮硣鐢�(ch菐n)璨�(f霉)鍌佃〃涓昏鏈変互涓嬪咕榛�(di菐n)鍗€(q奴)鍒ワ細
銆€?銆佸€构棰戝箷願(ch菙)涓嶅悓锛氳病(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)鏍规摎(j霉)闋�(y霉)娓�(c猫)鏁�(sh霉)鎿�(j霉)绶ㄥ埗锛屽(sh铆)闅涜硣鐢�(ch菐n)璨�(f霉)鍌佃〃浠ュ(sh铆)闅涚櫦(f膩)鐢熸暩(sh霉)鎿�(j霉)绶ㄥ埗銆�
銆€銆€鈶″弽鏄犵殑鏅�(sh铆)榛�(di菐n)涓嶅悓锛氳病(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)涓寜瑷�(j矛)绠楁湡鍏�(n猫i)鍚勫勾骞存湯鏁�(sh霉)鎿�(j霉)绶ㄥ埗锛屽(sh铆)闅涜硣鐢�(ch菐n)璨�(f霉)鍌佃〃鍙嶆槧鐨勬槸姣忓€�(g猫)鏈�(hu矛)瑷�(j矛)鏈熸湯鐨勮病(c谩i)鍕�(w霉)鐙€娉�銆�
銆€銆€鈶㈢鐩笉鐩$浉鍚岋細璨�(c谩i)鍕�(w霉)瑭�(p铆ng)鍍�(ji脿)涓啊(ji菐n)鍖�锛屽(sh铆)闅涜硣鐢�(ch菐n)璨�(f霉)鍌佃〃绉戠洰瑭崇洝銆�
銆€銆€(浜�)?鏍规摎(j霉)浼佹キ(y猫)璩囩敘(ch菐n)璨�(f霉)鍌佃〃瑷�(j矛)绠楃殑鎸囨(bi膩o)
銆€銆€鏍规摎(j霉)浼佹キ(y猫)璩囩敘(ch菐n)璨�(f霉)鍌佃〃鐨勬暩(sh霉)鎿�(j霉)鍙互瑷�(j矛)绠楄硣鐢�(ch菐n)璨�(f霉)鍌电巼銆佹祦鍕�(d貌ng)姣旂巼銆侀€熷嫊(d貌ng)姣旂巼绛夋瘮鐜囨寚妯�(bi膩o)銆�
銆€?銆�?璩囩敘(ch菐n)璨�(f霉)鍌电巼锛氭寚鍚勬湡鏈矤(f霉)鍌�(tl)绺介鍚岃硣鐢�(ch菐n)绺介(ta)鐨勬瘮鐜�銆� 璩囩敘(ch菐n)璨�(f霉)鍌电巼=(璨�(f霉)鍌电附椤�/璩囩敘(ch菐n)绺介)脳100%
銆€銆€鍦嬮殯涓婂叕瑾�(r猫n)杓冨ソ鐨勮硣鐢�(ch菐n)璨�(f霉)鍌电巼鎸囨(bi膩o)鏅�(sh铆)60%銆�
銆€?銆佽椴�?d貌ng)姣旂巼锛氭祦鍕�(d貌ng)璩囩敘(ch菐n)鍚屾祦鍕�(d貌ng)璨�(f霉)鍌电殑姣旂巼銆� 娴佸嫊(d貌ng)姣旂巼=(娴佸嫊(d貌ng)璩囩敘(ch菐n)/娴佸嫊(d貌ng)璨�(f霉)鍌�)脳100%
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銆€銆€娴佸嫊(d貌ng)璨�(f霉)鍌靛寘鎷細鐭湡鍊熸銆佹噳(y墨ng)浠樺赋娆俱€侀爯(y霉)鏀跺赋娆�銆�
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銆€銆€鈶㈤€熷嫊(d貌ng)姣旂巼锛氶€熷嫊(d貌ng)璩囩敘(ch菐n)鍚屾祦鍕�(d貌ng)璨�(f霉)鍌电殑姣旂巼銆� 閫熷嫊(d貌ng)姣旂巼=(閫熷嫊(d貌ng)璩囩敘(ch菐n)/娴佸嫊(d貌ng)璨�(f霉)鍌�)脳100%
銆€銆€閫熷嫊(d貌ng)璩囩敘(ch菐n)=娴佸嫊(d貌ng)璩囩敘(ch菐n)-瀛樿波
銆€銆€閫熷嫊(d貌ng)姣旂巼姣旀祦鍕�(d貌ng)姣旂巼鏇存簴(zh菙n)纰�锛岃┎鎸囨(bi膩o)瓒婇珮锛岃鏄庡劅閭勬祦鍕�(d貌ng)璨�(f霉)鍌电殑鑳藉姏瓒婂挤(qi谩ng)锛屼絾瑭叉寚妯�(bi膩o)閬庨珮锛岃鏄庝紒妤�(y猫)璩囬噾鍒╃敤鐜囦綆銆傚湅闅涗笂鍏獚(r猫n)鐨勬寚妯�(bi膩o)姣旂巼鏄�100%銆�
銆€銆€娉ㄦ剰锛氭祦鍕�(d貌ng)姣旂巼鑸囬€熷嫊(d貌ng)姣旂巼鐨勯棞(gu膩n)绯伙細閫熷嫊(d貌ng)姣旂巼<娴佸嫊(d貌ng)姣旂巼锛屾洿濂藉弽鏄犵煭鏈熷偟鍕�(w霉)鍎熼倓鑳藉姏銆�
銆€銆€绗叓绡€(ji茅)銆佽病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鍒嗘瀽
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銆€銆€浜�銆佽病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鍒嗘瀽鐨勬柟娉�
銆€銆€閫氬父鍥犻亱(y霉n)鐕熸湡鍓嶆湡鐨勯倓鏈粯鎭矤(f霉)鎿�(d膩n)杓冮噸锛屾晠鎳�(y墨ng)鐗瑰垾娉ㄦ剰閬�(y霉n)鐕熸湡鍓嶆湡鐨勮病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鍒嗘瀽銆�
銆€銆€璨�(c谩i)鍕�(w霉)鍙寔绾�(x霉)鎬ф噳(y墨ng)棣栧厛楂旂従(xi脿n)鍦ㄦ湁瓒冲澶х殑缍�(j墨ng)鐕熸椿鍕�(d貌ng)鍑堢従(xi脿n)閲戞祦閲�锛屽叾娆″悇铏曠疮瑷�(j矛)鐩堜綑璩囬噾涓嶆噳(y墨ng)鍑虹従(xi脿n)璨�(f霉)鍊�銆�
銆€銆€闋�(xi脿ng)鐩病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鐨勫叿楂斿垽鏂凤細
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銆€銆€璨�(c谩i)鍕�(w霉)瑷�(j矛)鍔冪従(xi脿n)閲戞祦閲忚〃鏄爡(xi脿ng)鐩病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鐨勫熀閲戝牨(b脿o)琛�銆�
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銆€銆€灏�(du矛)浜庡偟鍕�(w霉)璩囬噾鐨勯爡(xi脿ng)鐩�锛岄倓鎳�(y墨ng)绲�(ji茅)鍚堝€熸鍎熼倓瑕佹眰閫�(j矛n)琛岃病(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鍒嗘瀽銆�
銆€銆€2銆佸皪(du矛)浜庢湁鐕熸キ(y猫)鏀跺叆鐨勯爡(xi脿ng)鐩細璨�(c谩i)鍕�(w霉)鍒嗘瀽鎳�(y墨ng)鏍规摎(j霉)鏀跺叆鎶佃(b菙)鏀嚭鐨勭▼搴�锛屽崁(q奴)鍒ュ皪(du矛)寰�銆�?鏀跺叆瑁�(b菙)鍎熻不(f猫i)鐢ㄧ殑闋嗗簭?y脿n)妞�?)瑁�(b菙)鍎熶汉宸�銆佹潗鏂欑瓑鐢熺敘(ch菐n)缍�(j墨ng)鐕熸€ц不(f猫i)鐢�;2)绻崇磵娴佽綁(zhu菐n)绋�;3)鍎熼倓鍊熸鍒╂伅;4)瑷�(j矛)鎻愭姌鑸�;5)鍎熼倓鍊熸鏈噾銆�
銆€銆€鏈夌嚐妤�(y猫)鏀跺叆鐨勯潪缍�(j墨ng)鐕熸€ч爡(xi脿ng)鐩彲鍒嗙偤涓嬪垪鍏╅锛�
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銆€銆€(2)灏�(du矛)闈竴娈垫檪(sh铆)闁撳収(n猫i)鏀跺叆涓嶈冻浠ヨ(b菙)鍎熷叏閮ㄦ垚鏈不(f猫i)鐢紝浣嗛€氶亷鍦ㄩ亱(y霉n)琛屾湡鍏�(n猫i)閫愭鎻愰珮鍍�(ji脿)鏍�(鏀惰不(f猫i))姘村钩锛屽彲瀵�(sh铆)鐝�(xi脿n)鍏惰ō(sh猫)瀹氳(b菙)鍎熺敓鐢�(ch菐n)缍�(j墨ng)鐕熻€楄不(f猫i)銆佺钩绱嶆祦杞�(zhu菐n)绋呫€佸劅閭勫€熸鍒╂伅銆佽▓(j矛)鎻愭姌鑸婂拰鍎熼倓鍊熸鏈噾鐨勭洰妯�(bi膩o)锛屽苟闋�(y霉)鏈熷湪涓�銆侀暦(zh菐ng)鏈熺敘(ch菐n)鐢熺泩浣欑殑闋�(xi脿ng)鐩�锛屽彲鍙€�(j矛n)琛屽劅鍌佃兘鍔涘垎鏋愬拰璨�(c谩i)鍕�(w霉)鐢熷瓨鑳藉姏鍒嗘瀽銆傜敱浜庨爡(xi脿ng)鐩亱(y霉n)鐕熸湡闇€瑕佹斂搴滃湪涓€瀹氭檪(sh铆)鏈熷収(n猫i)绲︿簣瑁�(b菙)璨�锛屼互缍寔閬�(y霉n)鐕�锛屽洜姝ゆ噳(y墨ng)浼扮畻鍚勫勾鎵€闇€鐨勬斂搴滆(b菙)璨兼暩(sh霉)椤嶏紝骞跺垎鏋愭斂搴滃湪涓€瀹氭檪(sh铆)鏈熷収(n猫i)鍙兘鎻愪緵璨�(c谩i)鏀胯(b菙)璨肩殑鑳藉姏銆�
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銆€銆€ks = rf +尾脳(rm-rf)
銆€銆€寮忎腑锛歬s鈥曗€曟瑠(qu谩n)鐩婅硣閲戞垚鏈�;rf 鈥曗€曞競鍫�(ch菐ng)鐒¢ⅷ(f膿ng)闅�(xi菐n)鎶曡硣鏀剁泭鐜�(涓€鑸噰鐢ㄦ斂搴滅櫦(f膩)琛岀殑鐩告噳(y墨ng)鏈熼檺鐨勫湅鍌靛埄鐜囷紝2004骞村彇2銆�5%);rm 鈥曗€曞競鍫�(ch菐ng)骞冲潎鎶曡硣鏀剁泭鐜�(鍙緷鎿�(j霉)鍦嬪鏈夐棞(gu膩n)璨�(c谩i)鏀垮拰绲�(t菕ng)瑷�(j矛)鏁�(sh霉)鎿�(j霉)娓�(c猫)瀹氾紝2004骞村彇8%);尾鈥曗€曢ⅷ(f膿ng)闅�(xi菐n)绯绘暩(sh霉)銆�
銆€銆€(2)鍔犳瑠(qu谩n)骞冲潎璩囬噾鎴愭湰娉�
銆€銆€wacc=ke脳e/(e+d)+kd脳d/(e+d)
銆€銆€寮忎腑锛歬e鈥曗€曟瑠(qu谩n)鐩婅硣閲戞垚鏈�;kd鈥曗€曞偟鍕�(w霉)璩囬噾鎴愭湰;e鈥曗€曡偂鏉辨瑠(qu谩n)鐩�;d鈥曗€曚紒妤�(y猫)璨�(f霉)鍌�銆�
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銆€銆€(3)鍏稿瀷闋�(xi脿ng)鐩ā鎿硶;
銆€銆€(4)寰风埦鑿茶€佸斧瑾�(di脿o)鏌ユ硶銆�
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銆€銆€(2)涓€鑸儏娉佷笅锛岄爡(xi脿ng)鐩渶浣庡彲鎺ュ彈璨�(c谩i)鍕�(w霉)鏀剁泭鐜囩敱鎶曡硣鑰呰嚜琛屾焙瀹�銆�
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