政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/59238

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/59238

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/59238

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/59238

Title:	權益資金成本之估計-橫斷面資料的應用 The estimation of cost of equity capital: Cross-sectional data application
Authors:	陳玉慧 Chen, Yu Huei
Contributors:	郭炳伸林信助陳玉慧 Chen, Yu Huei
Keywords:	權益資金成本分析師盈餘預測橫斷面剩餘所得模型隱含資本成本 Cost of Equity Capital Analysts` Earnings Forecast Cross-sectional Residual Income Valuation Implied Cost of Capital
Date:	2012
Issue Date:	2013-09-02 15:18:33 (UTC+8)
Abstract:	本文分別將橫斷面(Cross-sectional)資料求得的ROE與分析師盈餘預測資料，代入剩餘所得模型(Residual Income Valuation, RIV)中求出隱含資本成本(Implied Cost of Capital, ICC)，並分別據以估計權益資金成本，檢視何者估計的較好。我們發現以橫斷面資料求算的盈餘與實際盈餘較為接近且小幅低估；分析師的盈餘預測資料與實際的盈餘差距較大且大幅高估。透過零成本投資組合的模擬，發現橫斷面資料估計的權益資金成本報酬較高。因此橫斷面資料估計的權益資金成本作為公司管理者與投資者在決策時的參考依據應較可信賴。 Based on Residual Income Valuation (RIV), in this paper, we employ two different kinds of data, ROE generated by cross-sectional data and analysts’ earnings forecasts data, to calculate the Implied Cost of Capital (ICC), which is used for estimating the cost of equity capital. Earnings generated by cross-sectional data are smaller and closer to actual earnings; however, analysts’ earnings forecasts data are much higher than actual earnings. In addition, zero-cost testing portfolios formed by ICC estimated by cross-sectional data produce better profits, and hence should be a more reliable reference of cost of equity capital for both managers and investors while making decisions.
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Description:	碩士國立政治大學國際經營與貿易研究所 99351034 101
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0993510341
Data Type:	thesis
Appears in Collections:	[Department of International Business] Theses

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