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ACCA FM资本资产定价模型：Business risk and financial risk
文章来源：ACCA全球官网
发布时间：2021-11-11 15:51
阅读：600次
CAPM是一种基于风险评估计算投资所需回报的方法。当投资项目的经营风险与被投资公司的经营风险不同时，投资项目所要求的回报不同于被投资公司现有业务经营所要求的平均回报。前一节我们介绍了资本资产定价模型知识点：Proxy companies and proxy betas，本文我们继续讲解Business risk and financial risk。
Business risk and financial risk
If you were to look at the equity betas of several coal mining companies,however,it is very unlikely that they would all have the same value.The reason for this is that equity betas reflect not only the business risk of a company’s operations,but also the financial risk of a company.The systematic risk represented by equity betas,therefore,includes both business risk and financial risk.
In the first article in this series,we introduced the idea of the asset beta,which is linked to the equity beta by the asset beta formula.This formula is included in the formulae sheet and is as follows:
To proceed with calculating a project-specific discount rate,we need to remove the effect of the financial risk or gearing from each of the proxy equity betas in order to find their asset betas,which are betas that reflect business risk alone.If a company has no gearing,and hence no financial risk,its equity beta and its asset beta have the same value.
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