The Study Of Determining The Discount Rate Based On Model DCAPM

Along with our country market economy further to the prosperity anddevelopment, capital market further active and perfect, the role of Enterprise valuevaluation is more and more outstanding in economic activities, widely used inenterprise merger and assets reorganization, etc.In all kinds of enterprise value valuation technology method, income method usefuture earnings to estimate enterprise value, is considered the most accord with theconcept of enterprise value valuation, and after "the enterprise value valuationinstruction opinion (try out)", income method and various methods have formed apattern, that income method and asset base method are equally important, and Marketmethod have certain application, in practice also determined the important role of theincome method. Parameters in Income method have a huge impact to the results of thevaluation. As the most important parameters, the influence of discount rate isParamount. At present the theory and practice have a certain result in research theparameters in the computational process of discount rate, The calculation principle formajor general parameters basic reach an agreement, the results between the evaluationinstitutions also have a trend of convergence, but there are still individual parameter isdetermined not form a system, lack the data to support and have a higher subjectivity.In this paper, the research target is to calculate the discount rate. First, start fromenterprise value valuation theory, analyze the evaluation objects and value types andmethods and earnings caliber. Second, the discount rates are introduced, consider thediscount rate of different determined from earnings caliber and the type of enterpriseand investment caliber, and analyzes the present situation of determining the discountrate. Again, this paper, from the practice of valuation, based on model DCAPM, tostudy each parameter in the model, focus on the market risk premium and individualrisk adjustment, in this paper, we research the five representative market index forgoodness-of-fit, get the CSI300index that has the highest stability, we recommendedthe index returns as the overall market yield, in this paper we use the factor analysismethod to research individual risk, reach a conclusion that four types of risk factorsthat contribute to the enterprise individual risk, this is the first quantitative analysis ofthe company’s individual risk adjustment. Finally, this paper, by using a privatecompany case illustrates how to determine the discount rate in enterprise valuevaluation.