基于WACC结合CAPM模型的水煤浆行业基准收益率研究-技术经济及管理专业论文.docxVIP

基于 WACC 结合 CAPM 模型的水煤浆行业基准收益率研究 专 业：技术经济及管理 硕 士 生：王少剑 指导老师：王建斌 高级工程师 摘要 能源战略安全和环境保护是我国亟需解决的两大问题，水煤浆是一种新型低 污染代油煤基流体燃料，可以有效地缓解我国“富煤、少油、贫气”的能源结构 和日益凸现的环境问题。但是目前，水煤浆行业的市场化程度并不高，基准收益 率作为行业重要的经济评价参数是影响水煤浆项目投资建设的重要因素之一，该 数据的缺失使得水煤浆项目的盈利能力、偿债能力和抗风险能力等不能准确和客 观的评价，在一定程度上将会阻碍水煤浆行业的市场化进程。 本文探析了国内外基准收益率的研究理论及模型，对主流研究方法的优缺点 进行了归纳总结，旨在对水煤浆行业的基准收益率客观、准确的测定提供思路。 水煤浆行业基准收益率的测定主要难点在于权益资本收益率，本文选用资本资产 定价理论为研究方法对其进行了测定，并考虑了股票市场中的非同步交易及非系 统风险的影响因素。行业基准收益率应考虑权益资本收益率和债务资本成本率， 文章运用 WACC 结合 CAPM 对水煤浆行业基准收益率进行了确定，并选取了典型项 目进行模拟实测，进一步对研究结果和此方法的可行性进行了验证。 关 键 词：水煤浆；基准收益率；CAPM；WACC 论文类型：应用基础研究 西安建筑科技大学硕士学位论文 西安建筑科技大学硕士学位论文 The study of benchmark yield in coal water slurry industry based on combining WACC and CAPM Major: Technology Economy and Management Name: Wang Shaojian Instructor: Wang Jianbin Abstract At present, the Strategy of energy security and environment protection are two issues which need to be solved urgently. Coal water slurry is a new type substitution of oil and coal based fluid fuel with low pollution, which can relieve the ‘rich coal，little gas, and meager oil’ energy structure and emerging environmental problems. However, the coal water slurry industry does not have high degree of marketization. As a key economic evaluation parameter, benchmark yield is one of the most significant factors in investing and constructing the coal water slurry projects. The lack of benchmark yield data leads to the inaccurate and non-objective assessment of profitability, debt-paying ability and risk resistance capacity in coal water slurry industry, which will impede its marketization. This thesis studies theories and models of benchmark yield in both domestic and overseas, and summarizes merits and defects of mainstream methodologies. It aims at providing the objective and accurate assessment of coal water slurry industry. The difficulty inevaluating benchmark yield in coal water slurry industry is the rate of return on common stockholders’ equity which will be assessed by theory of assets pricin