"利用有风险报酬率和无风险最低报酬率函数关系计算肯定当量系数"质疑

本文论证了注册会计师全国统一考试指定辅导教材《财务与成本管理》中利用有风险报酬率和无风险最低报酬率之间的函数关系确定肯定当量系数，进而用肯定当量法进行投资项目风险分析的方法在理论上是完全错误的，通过公式推导得出这种方法其实就是风险调整贴现率法。指出利用这种方法进行投资项目风险分析可能会使投资者错失投资良机，建议把这部分内容从注册会计师全国统一考试指定辅导教材《财务成本管理》中删除。

Problems in Computing Certainty Equivalent Coefficient by Risk Rate Returns and Minimum Rate of None-risk Returns

Computing the certainty equivalent coefficient by risk rate returns and minimum rate of none-risk returns is, in fact, the method to calculate risk-adjusted discount rate. It is a theoretical mistake to analyze the investment risk this way. Therefore, it may bring loss of opportunity to the investors. As a result, it should be cancelled from the book, Administration of Financial Cost, the reference for the examination of CPA in China.