📐 股权成本计算器Cost of Equity Calculator

使用说明与常见问题How-to & FAQ

「股权成本计算器」是什么？What is the Cost of Equity Calculator tool?

用资本资产定价模型（CAPM：无风险利率 + β × 市场风险溢价）或股利增长模型（下期股利 ÷ 股价 + 增长率）计算股权成本。Calculate the cost of equity with CAPM (risk-free rate + β × market risk premium) or the dividend growth model (next dividend ÷ share price + growth rate).

如何使用「股权成本计算器」？How do I use the Cost of Equity Calculator tool?

在「股权成本计算器」中，填写「模型」、「无风险利率 %（示例值）」、「β 系数」、「市场预期回报率 %（示例值）」、「最近一年每股股利 $」等参数，结果会随输入实时计算并显示在下方。In the Cost of Equity Calculator: Fill in "Model", "Risk-free rate % (example)", "Beta", "Expected market return % (example)", "Last yearly dividend per share $"; results are recalculated instantly as you type.

CAPM 怎么算？How does CAPM work?

股权成本 = 无风险利率 + β × (市场预期回报率 − 无风险利率)。β 衡量股票相对大盘的波动，β = 1 表示与市场同步；β 可以为负（少数与大盘反向变动的资产，如部分黄金类股票），工具接受 −5 到 10。默认的利率和市场回报只是示例，请填当前的国债收益率和你采用的市场回报假设。Cost of equity = risk-free rate + β × (expected market return − risk-free rate). β measures how much the stock moves with the market; β = 1 moves with it. β can be negative (a few assets, such as some gold stocks, move against the market); the tool accepts −5 to 10. The default rates are examples; use the current government bond yield and your own market-return assumption.

股利增长模型适合什么公司？When does the dividend growth model fit?

适合稳定派息、股利增长率大致恒定的公司。它用下期股利 D₁ = 最近股利 × (1 + 增长率)。不分红或增长不稳定的公司更适合用 CAPM。It suits companies that pay steady dividends growing at a roughly constant rate. It uses the next dividend D₁ = last dividend × (1 + growth). For companies that don't pay dividends or grow unevenly, CAPM fits better.

计算结果可以作为最终依据吗？Can I rely on the result?

「股权成本计算器」按标准公式计算，结果仅供参考；实际金额以银行、券商或税务机关的规则和四舍五入方式为准。The Cost of Equity Calculator uses standard formulas and is for estimation only; actual figures depend on your bank, broker or tax authority's rules and rounding.

「股权成本计算器」免费吗？需要注册吗？Is the Cost of Equity Calculator free? Do I need an account?

「股权成本计算器」完全免费，无需注册或安装，打开网页即可使用，手机和电脑都能用；输入的内容只在你的浏览器本地处理。The Cost of Equity Calculator is completely free with no sign-up or install and works on phones and desktops; what you enter is processed only in your browser.