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| 基于融资考虑对股权回报率确定方法的选择 | |
| 引用本文： | 黄胤强. 基于融资考虑对股权回报率确定方法的选择[J]. 价值工程, 2008, 27(3): 139-142 |
| 作者姓名： | 黄胤强 |
| 作者单位： | 广西财经学院会计系,南宁,530003 |
| 基金项目： | 广西教育厅立项项目 , 华南理工大学校科研和校改项目 |
| 摘 要： | 上市公司在股票市场上融资时面临两类融资考虑问题:其一是资本结构的"溢出效应",它提高了股权回报率;其二是市场投资者的认知偏差,它可能提高或者降低要求的股权回报率。FAR与NEER是确定股权回报率的两类截然不同的方法:FAR有利于实现公司价值最大化目标,而NEER能够促使短期股价最大化。在通过比较这两类方法的异同后指出,在不同的融资考虑组合下,公司应根据自身情况选择适合的方法确定项目投资要求的股权回报率。 |
| 关 键 词： | 融资考虑 股权回报率 上市公司 项目投资 |
| 文章编号： | 1006-4311（2008）03-0139-03 |
Choice Between Methods for Setting Rate on Equity Based on Financing Considerations |
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| Huang Yinqiang. Choice Between Methods for Setting Rate on Equity Based on Financing Considerations[J]. Value Engineering, 2008, 27(3): 139-142 | |
| Authors: | Huang Yinqiang |
| Abstract: | When financing in stock market listed companies face with two kinds of financing considerations:one is the "spill-over effect" of capital structure,which enhances rate on equity;the other is market investors’ cognitive deviations,which could either increase or reduce rate on equity.FAR and NEER are two different types of methods for setting rate on equity:FAR is advantageous to realize the goal of maximization of corporate value,while NEER aims at the maximization of short-term stock price.By comparing FAR and NEER this paper indicates that,under different financing considerations,listed companies should choose suitable method for setting rate on equity due to their own situations. |
| Keywords: | financing consideration rate on equity listed company project investment |
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