Risk adjusted discount rate（風(fēng)險(xiǎn)調(diào)整的折現(xiàn)率）是什么_2021年ACCA考試FM知識(shí)點(diǎn)

來(lái)源：東奧會(huì)計(jì)在線(xiàn)責(zé)編：楊柳2021-01-20 13:48:50

一日之計(jì)在于晨，ACCA備考時(shí)間已經(jīng)不多，要想順利通過(guò)考試，就必須了解各科目考試重點(diǎn)，為此，東奧小編為大家準(zhǔn)備了ACCA考試相關(guān)知識(shí)點(diǎn)，趕快來(lái)看一下吧。

風(fēng)險(xiǎn)調(diào)整的折現(xiàn)率_2021年ACCA考試FM知識(shí)點(diǎn)

【內(nèi)容導(dǎo)航】

Risk adjusted discount rate 風(fēng)險(xiǎn)調(diào)整的折現(xiàn)率

【知識(shí)點(diǎn)】

Risk adjusted discount rate 風(fēng)險(xiǎn)調(diào)整的折現(xiàn)率

In investment appraisal, a risk-adjusted discount rate can be used for particular types or risk classes of investment projects to reflect their relative risks.

Different projects have different risks, so the discount rate(required rate of return) should be risk-related. It is often said that ‘the higher the risk, the higher the return’. Investment projects with higher risk should therefore be discounted with a higher discount rate than lower risk investment projects.

Theoretically, the capital asset pricing model (CAPM) can be used to determine a project-specific discount rate which reflects an investment project’s systematic risk. This means selecting a proxy company with similar business activities to a proposed investment project, ungearing the proxy company equity beta to give an asset beta which does not reflect the proxy company financial risk, regearing the asset beta to give an equity beta which reflects the financial risk of the investing company, and using the CAPM to calculate a project-specific cost of equity for the investment project.

以上就是東奧小編為大家整理的ACCA考試相關(guān)知識(shí)點(diǎn)了，希望大家能夠認(rèn)真學(xué)習(xí)，踏實(shí)備考，爭(zhēng)取順利通過(guò)ACCA考試。

注：以上內(nèi)容來(lái)自Echo老師基礎(chǔ)班第19講

(本文為東奧會(huì)計(jì)在線(xiàn)原創(chuàng)文章，僅供考生學(xué)習(xí)使用，禁止任何形式的轉(zhuǎn)載)

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