Risk adjusted discount rate（風險調(diào)整的折現(xiàn)率）是什么_2021年ACCA考試FM知識點

來源：東奧會計在線責編：楊柳2021-01-20 13:48:50

一日之計在于晨，ACCA備考時間已經(jīng)不多，要想順利通過考試，就必須了解各科目考試重點，為此，東奧小編為大家準備了ACCA考試相關知識點，趕快來看一下吧。

風險調(diào)整的折現(xiàn)率_2021年ACCA考試FM知識點

【內(nèi)容導航】

Risk adjusted discount rate 風險調(diào)整的折現(xiàn)率

【知識點】

Risk adjusted discount rate 風險調(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考試相關知識點了，希望大家能夠認真學習，踏實備考，爭取順利通過ACCA考試。

注：以上內(nèi)容來自Echo老師基礎班第19講

(本文為東奧會計在線原創(chuàng)文章，僅供考生學習使用，禁止任何形式的轉載)

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