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涉外资产评估业务中市场风险溢价(ERP)和贝塔(β)系数取值的案例研究

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在资产评估实务中,市场风险溢价(ERP)和贝塔(β)系数的取值至关重要.目前,国内资产评估准则及相关指引已经对国内企业市场风险溢价的估算方法进行了规范,但对于涉外资产评估业务中市场风险溢价的取值方法还未作明确规定.本文通过案例研究,深入分析涉外资产评估业务时不同市场风险溢价取值方法的适用条件,分析不同情境下如何进行选择,同时延伸考虑贝塔系数的取值问题,重点关注市场风险溢价与贝塔系数的匹配性,明确参数测算时标的指数的一致性.
Case Study of Equity Risk Premium(ERP)and Beta(β)Values in Foreign-related Asset Valuation Business
In the practice of asset valuation,the value of Equity Risk Premium(ERP)and beta(β)is very important.At present,domestic asset evaluation standards and relevant guidelines have standardized the estimation method of Equity Risk Premium for domestic enterprises,but the value method of Equity Risk Premium in foreign-related asset evaluation business has not been clearly stipulated.Through case studies,this paper deeply analyzes the applicable conditions of different Equity Risk Premium valuation methods in foreign-related assets valuation business,and analyzes how to make choices in different situations.At the same time,extend the consideration of the value of beta coefficient,focus on the matching of Equity Risk Premium and beta coefficient,and clarify the consistency of the benchmark index of parameter measurement.

Foreign-related assets appraisal businessEquity Risk PremiumBeta

张琦、刘伟、谭万腾、陈雨豪

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上海美评资产评估有限公司,上海 200070

上海财经大学,上海 200433

涉外资产评估 市场风险溢价 贝塔系数

2024

中国资产评估
中国资产评估协会

中国资产评估

CSTPCDCHSSCD
影响因子:0.164
ISSN:1007-0265
年,卷(期):2024.(4)
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