【作者】 刘宇；

【导师】 张绍文；

【作者基本信息】 北京林业大学 ， 管理科学与工程， 2012， 硕士

【摘要】 林业作为一个发展潜力巨大的产业,在未来能创造的经济价值和社会价值是不言而喻的。近年来,国家出台了很多对林业发展利好的政策,林业受到越来越多的关注。林业行业与其他行业相比有极大的特殊性,林业投资项目周期较长,受自然环境因素影响较大,这就给林业行业基准收益率的测定带来很大的困难。然而,行业基准收益率是项目投资者在该行业进行投资决策时一个重要评价标准,因此,为了全面客观地评价林业项目,确保资金能够顺利流向林业行业,必须建立一套合理的测算林业行业基准收益率的模型。本文正是基于上述原因,从林业行业的特点出发,按照加权平均资金成本法(WACC)结合资本资产定价模型(CAPM)的研究思路,在修正后的加权平均资金成本法(WACC)的基础上,构建了林业行业基准收益率测算模型。该模型将整个研究分为三部分,分别为林业行业资金结构、林业行业权益资本收益率和林业行业债务资本收益率。本文重点对前两部分进行了研究,建立了林业行业资金结构优化模型和林业行业权益资本收益率模型,并通过分析上市公司相关数据计算出了林业行业资本结构优化值以及林业行业权益资本收益率的数值,并在此研究结果的基础上,最终对林业行业基准收益率的数值进行了确定。更多还原

【Abstract】 As an industry of great potential, forestry can create great economic value and social value in the future. In recent years, the government releases some policies, some of which benefit the development of forestry. As a result, forestry receives more and more attention. Compared to other industries, forestry is different, such as, forestry investment projects always have a longer period, forestry investment projects is subjected to some natural environment factors, which cause lots of difficulties to the determination of the forestry benchmark yield. However, the industry benchmark yield is an important evaluation for the project investors to make investment decisions, therefore, in order to evaluate the forestry projects objectively, and to ensure the funds can flow into the forestry smoothly; we need establish a reasonable model to estimate the forestry benchmarks yield.This article is put forward under this reason. The research is based on two models (WACC and CAPM). The article establishes a benchmark yield model of forestry on the basis of the revised WACC. The model could be analyzed from three parts, the capital structure of the forestry, the yield on equity capital of forestry, and the yield on debt capital of forestry. The research focuses on the first two parts, with establishing the capital structure model of forestry and determining the capital structure optimization values and the value of the yield on equity capital of forestry through analyzing the relevant data of listed companies. On the basis of the results, the final value of the benchmark yield of forestry is determined.更多还原