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与风险调整折现率法不同,主观确定当量法无法得到一个投资项目的客观估值结果.即使给定决策主体,主观确定当量本身也难以同时满足可加性和可乘性,因而不能保证投资项目评估结果的逻辑一致性.对二叉树模型的无套利分析揭示了确定当量法、风险调整折现率法和风险中性概率法这三种估值方法之间的联系,并发现确定当量这一概念本质上应当是风险中性期望.在资本资产定价模型成立的条件下,给出了客观确定当量的计算公式.
Unlike the risk-adjusted discount rate method, subjectively determined equivalence method can not obtain an objective valuation result of an investment project.Even if the subject of decision-making, subjectively determined equivalence itself is difficult to satisfy both additive and multiplicative, it can not guarantee investment Logical Consistency of Project Evaluation Results The no-arbitrage analysis of the binary tree model reveals the link between the three valuation methods of determining the equivalence method, the risk-adjusted discount rate method and the risk-neutral probability method and finds that the equivalent The concept, in essence, should be a risk-neutral expectation.With the capital asset pricing model established, the formula for objectively determining the equivalence is given.