| 基于企业资本增长的基准收益率研究 |
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| 引用本文： | 位志宇,赵学卿.基于企业资本增长的基准收益率研究[J].当代经济管理,2008,30(7). |
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| 作者姓名： | 位志宇 赵学卿 |
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| 作者单位： | 1. 北京市发展与改革委员会,信息中心,北京,100031
2. 中国社会科学院,研究生院,北京,100010 |
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| 摘 要： | 利用递归效用函数,通过理论推导建立了包含有企业风险偏好的基准收益率模型,进而以该模型为基础,通过引入总资产周转率和资产负债比率两个工具变量,建立了测定基准收益率的计量模型.采用WIND数据库中房地产板块中代表性企业的历史数据对模型进行实证研究.
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| 关 键 词： | 企业资本增长 基准收益率 递归效用函数 企业资本 增长 基准收益率 实证研究 Growth Capital Company Based Return Rate Minimum 数据库 历史 代表 地产板块 WIND 计量模型 测定 工具变量 负债比率 |
Research on Minimum Attractive Rate of Return Based on Company Capital Growth |
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| Wei Zhiyu,Zhao Xueqing.Research on Minimum Attractive Rate of Return Based on Company Capital Growth[J].Contemporary Economic Management,2008,30(7). |
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| Authors: | Wei Zhiyu Zhao Xueqing |
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| Institution: | Wei Zhiyu1,Zhao Xueqing2(1.Beijing Municipal Commission Development , Reform Information Center,Beijing 100031,China,2.China Academy of Social Sciences,Beijing 100102,China) |
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| Abstract: | Utilizing the recursive utility function,the paper proposes the Minimum Attractive Rate of Return(MARR) model with firms risk preference by theoretical inducement.And then,total assets turnover and assets-liabilities ratio are introduced as instrument variable based on the model to construct MARR measurement model.Empirical analysis on real estate firms' historical data from WIND is provided. |
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| Keywords: | company capital growth minimum attractive rate of return recursive utility |
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