哪位大神可以解释一下asset beta, equity beta？

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关键词：equity Asset equit beta quit equity

Equity beta = how volatile a given stock's price movements tend to be relative to the overall market's movements. Takes into account the company's capital structure (so if a company loads up on debt you will see that it tends to be more volatile than it would otherwise be as it trades in the stock market).

Asset beta = how volatile the underlying business is, irrespective of capital structure. You calculate asset beta by stripping out the capital structure impacts on the equity beta.

asset beta = equity beta / (1+(1-taxrate)*(debt/equity ratio))

An asset beta is important because you can compare companies and not have the comparison be affected by capital structure choices. What is frequently done to figure out a company's discount rate is to take the average asset beta of the company's peers and then re-adjust that asset beta into an equity beta based on what you think the right long-term capital structure is.

Equity beta = how volatile a given stock's price movements tend to be relative to the overall market's movements. Takes into account the company's capital structure (so if a company loads up on debt you will see that it tends to be more volatile than it would otherwise be as it trades in the stock market).

Asset beta = how volatile the underlying business is, irrespective of capital structure. You calculate asset beta by stripping out the capital structure impacts on the equity beta.

asset beta = equity beta / (1+(1-taxrate)*(debt/equity ratio))

An asset beta is important because you can compare companies and not have the comparison be affected by capital structure choices. What is frequently done to figure out a company's discount rate is to take the average asset beta of the company's peers and then re-adjust that asset beta into an equity beta based on what you think the right long-term capital structure is.

edmcheng 发表于 2013-8-6 11:35
Equity beta = how volatile a given stock's price movements tend to be relative to the overall market ...

谢谢大神～！！！！

edmcheng 发表于 2013-8-6 11:35
Equity beta = how volatile a given stock's price movements tend to be relative to the overall market ...

太感谢了 我之前看别人的解释没看懂，到您这懂了