本文選題：BAPM + 醫(yī)藥項目�。� 參考：《華南理工大學》2014年碩士論文

【摘要】：資本成本作為公司進行項目投資決策收益率的切割線，直接關系到項目投資是否進行，是項目投資的難點和重點。EH公司投資者在即將進行的GMP項目投資決策時就遇到了如何確定項目資本成本的問題。而EH公司現(xiàn)有方法均不能正確估測資本成本，究其原因是EH公司投資者對資本成本的概念不清導致的方法誤用。 基于此，本文首先對GMP項目與其資本成本的影響因素進行分析，通過比較測算項目資本成本的幾種方法，說明應用BAPM的合理性，并梳理出應用BAPM測算GMP資本成本的步驟，明確了本文的主線；然后構建兩組動量組合，分別與可比公司收益率進行回歸與擬合度比較，選定一組動量組合擬合出的方程的斜率作為可比公司的權益貝塔；通過權益貝塔與經(jīng)營貝塔的轉換公式，將權益貝塔卸載財務杠桿得到可比公司經(jīng)營貝塔，其算術平均值便是GMP項目的項目貝塔，代入BAPM，可得到GMP項目的資本成本；最后對計算結果進行分析，說明應用BAPM的必要性。 本文得到以下結論：對EH企業(yè)的訪談與分析，了解到EH決策者在日常投資決策中存在資本成本使用過程中的非理性行為，導致資本成本計算不正確，影響項目決策的結果；因市場并非有效，CAPM不適用于測算GMP項目的資本成本，應該使用BAPM；動量組合參數(shù)的選取時，應以擬合度較優(yōu)作為標準；計算得出GMP項目貝塔值為0.5213，，GMP項目的資本成本為8.08%。本文的研究成果主要為EH公司GMP項目決策提供參考，同時對其他公司投資中成藥行業(yè)也有一定借鑒意義。
[Abstract]:As the cutting line of the company's investment decision rate, the cost of capital is directly related to whether the project investment is carried out or not. EH investors have encountered the problem of how to determine the project capital cost in the upcoming GMP project investment decision. However, the existing methods of EH Company can not estimate the cost of capital correctly, which is due to the misapplication of the method caused by the unclear concept of the cost of capital among the investors of EH Company. Based on this, this paper first analyzes the influencing factors of GMP project and its capital cost, and explains the reasonableness of applying BAPM through comparing several methods of calculating project capital cost, and combs out the steps of applying BAPM to measure GMP capital cost. Secondly, two groups of momentum combinations are constructed, which are compared with the comparable company returns, and the slope of the equation fitted by a group of momentum combinations is selected as the equity beta of the comparable company. Through the conversion formula between the equity beta and the management beta, the equity beta offload the financial lever to get the comparable company operating beta. The arithmetic average value is the GMP project beta, and the capital cost of GMP project can be obtained by replacing it with BAPM. Finally, the calculation results are analyzed and the necessity of applying BAPM is explained. The conclusions are as follows: the interview and analysis of EH enterprises show that the irrationality behavior of EH decision makers in the process of using capital cost in their daily investment decision makes the calculation of capital cost incorrect and affects the result of project decision. Because the market is not effective, CAPM is not suitable for calculating the capital cost of GMP project, so BAPM should be used. When choosing the parameter of momentum combination, the fitting degree should be taken as the criterion, and the capital cost of GMP project Beta value is 0.5213g / GMP project is 8.08. The research results of this paper mainly provide reference for GMP project decision of EH company, and also can be used for reference for other companies to invest in Chinese patent medicine industry.
【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F234.2;F426.72;F406.7

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本文編號：2106521