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在利用收益法进行企业价值评估时,合适的资本成本对评估结论有重要影响。在计算资本成本时,需要确定资本结构的价值基础,一般认为以市场价值作为权重计算的资本成本是比较符合企业价值的内在含义的。但由于市场价值即为需要评估的价值,因此会陷入因果循环。本文利用经典的财务管理理论,推导出利用市场价值权重计算的资本结构评估企业价值的计算公式,并利用一个典型案例分析采用市场价值权重与账面价值权重所得评估结论的差异,从而得出研究结论。
When using the income approach to assess the value of an enterprise, the appropriate cost of capital has a significant impact on the assessment conclusion. When calculating the cost of capital, it is necessary to determine the value of the capital structure. It is generally considered that the cost of capital, which is weighted by the market value, is more in line with the intrinsic meaning of the value of the enterprise. However, since market value is the value to be assessed, it will fall into a causal loop. In this paper, the classic financial management theory is used to deduce the formula to evaluate the value of the firm by using the capital structure calculated by the market value weight. A typical case analysis is used to evaluate the difference between the market value weight and the book value weight. .