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

【摘要】：資本成本作為公司進(jìn)行項(xiàng)目投資決策收益率的切割線，直接關(guān)系到項(xiàng)目投資是否進(jìn)行，是項(xiàng)目投資的難點(diǎn)和重點(diǎn)。EH公司投資者在即將進(jìn)行的GMP項(xiàng)目投資決策時(shí)就遇到了如何確定項(xiàng)目資本成本的問(wèn)題。而EH公司現(xiàn)有方法均不能正確估測(cè)資本成本，究其原因是EH公司投資者對(duì)資本成本的概念不清導(dǎo)致的方法誤用。 基于此，本文首先對(duì)GMP項(xiàng)目與其資本成本的影響因素進(jìn)行分析，通過(guò)比較測(cè)算項(xiàng)目資本成本的幾種方法，說(shuō)明應(yīng)用BAPM的合理性，并梳理出應(yīng)用BAPM測(cè)算GMP資本成本的步驟，明確了本文的主線；然后構(gòu)建兩組動(dòng)量組合，分別與可比公司收益率進(jìn)行回歸與擬合度比較，選定一組動(dòng)量組合擬合出的方程的斜率作為可比公司的權(quán)益貝塔；通過(guò)權(quán)益貝塔與經(jīng)營(yíng)貝塔的轉(zhuǎn)換公式，將權(quán)益貝塔卸載財(cái)務(wù)杠桿得到可比公司經(jīng)營(yíng)貝塔，其算術(shù)平均值便是GMP項(xiàng)目的項(xiàng)目貝塔，代入BAPM，可得到GMP項(xiàng)目的資本成本；最后對(duì)計(jì)算結(jié)果進(jìn)行分析，說(shuō)明應(yīng)用BAPM的必要性。 本文得到以下結(jié)論：對(duì)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(guò)程中的非理性行為，導(dǎo)致資本成本計(jì)算不正確，影響項(xiàng)目決策的結(jié)果；因市場(chǎng)并非有效，CAPM不適用于測(cè)算GMP項(xiàng)目的資本成本，應(yīng)該使用BAPM；動(dòng)量組合參數(shù)的選取時(shí)，應(yīng)以擬合度較優(yōu)作為標(biāo)準(zhǔn)；計(jì)算得出GMP項(xiàng)目貝塔值為0.5213，，GMP項(xiàng)目的資本成本為8.08%。本文的研究成果主要為EH公司GMP項(xiàng)目決策提供參考，同時(shí)對(duì)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(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F234.2;F426.72;F406.7

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本文編號(hào)：2106521