基于PEG比率的权益资本成本测算与应用.pdfVIP

第 14 卷第 1期 辽宁工程技术大学学报 (社会科学版) Vol.14,No.1 2012 年 1 月 Journal of Liaoning Technical University(Social Science Edition) Jan. 2012 基于 PEG 比率的权益资本成本测算与应用 1,2 1,2 1,2 施继坤 ，张广宝 ，马立敏 （1.东北财经大学 会计学院，辽宁 大连 116025；2.东北石油大学 石油经济与管理研究所，黑龙江 大庆 16 18） 摘 要：在对现有权益资本成本估算方法进行简要回顾的基础上，给出了基于 PEG 比率的权益资本成本测算模型的推导过 程，并对该模型的特征予以分析，着重强调了该模型的四方面优点，最后探讨了我国应用 PEG 模型的可行性，指出该测算 方法有利于帮助研究者确定不同因素 （如，披露质量、交叉上市等）对权益资本成本的影响，具有广阔的应用前景。 关键词：PEG 比率；盈余;盈余预测；资本成本;权益资本成本 中图分类号：F 275.1 文献标识码：A /kcms/detail/21.1412.C0907.002.html 网络出版地址 ： Measurement and application of equity capital cost based on PEG ratios 1,2 1,2 1 SHI Jikun ，ZHANG Guangbao ，MA Limin （1. School of Accounting, Dongbei University of Finance and Economics, Dalian 116025, China; 2. Research Institute of Petroleum Economics and Management, Northeast Petroleum University, Daqing 16 18，China ） Abstract : Based on a brief review of current measurement methods for equity capital cost, a deduction process of measurement model of equity capital cost was provided based on PEG ratios. An analysis was made of the characteristics of this model, with special emphases on its four advantages. The feasibility of PEG Models application in China was then discussed. This measurement method can help researchers to determine the effects of uncertain factors ( such as disclosure quality, cross-listing, etc,) on equity capital cost and will be widely applied. Key words : PEG ratios; earnings; earnings forecast; capital cost; equity capital cost 0 引 言 用。在财务经济学理论和