中国电信行业资本成本研究

The cost of capital plays a key role in measuring the risk and market value of a company. A precise estimation will help the management to make proper decisions in financing and investment, especially for those Chinese telecom companies who are active in both capital and product markets recently. At first we estimate the average cost of capital with the traditional method, CAPM, and get some unsatisfactory results, which deviate from the proposition that equity cost is higher than debt cost for stockholders undertake more risk. Then we draw a conclusion that CAPM fails to explain the earning rate in Chinese stock market through a series of empirical studies. Now we establish a new model based on the performance measure, EVA, to estimate the average cost of capital, and succeed in obtaining the cost of capital with smaller standard error and avoiding to using the market data we can not trust in

中国电信行业投融资数量巨大，由于缺乏适当的模型和方法估算资本成本，可能导致错误的.投融资决策。为此，本项目将从中国以及其它国家和地区的资本市场收集有关数据，进行统.计分析和比较分析，提出可行的估算中国电信行业资本成本的模型和方法，并用收集的数据.估计模型参数，初步建立中国电信行业资本成本的数据库，改善电信行业投融资决策质量。..