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題名 公用事業合理報酬率推估方法之研究—以大台北瓦斯公司為例
作者 李大中
貢獻者 曾巨威
李大中
日期 1989
上傳時間 4-May-2016 14:25:05 (UTC+8)
參考文獻 參考文獻\r\n中文部份\r\n1. 李安多，資金成本與資本結構之研究，交大管科所碩士論文，民國七十一年六月。\r\n2. 吳森田，「水價之研究」，油印本，民國七十七年十一月。\r\n3. 沙燕昌，公用事業費率與資本形成，台北，聯經出版公司，民國七十六年六月，初版。\r\n4. 邱垂炎，資金成本與資本結構關係之研究，交大管科所碩士論文，民國七十五年六月。\r\n5. 林國雄，台北市民生用品消費計價公式之研究——公用事業計價公式及程序，台北市政府研究發展考核委員會，民國七十七年六月。\r\n6. 林煜宗，現代投資學——制度、理論與實證，台北，三民書局，民國七十二年。\r\n7. 國立政治大學企業管理研究所，台北市公車營運及財務評析，民國七十二年十二月。\r\n8. 陳定國、黃柱權與楊萬發，「合理水價之制度」，台北市自來水費率合理調整方案報告，民國六十六年八月。\r\n9. 黃寶成，公用事業費率之研究，政大會研所碩士論文，民國六十六年六月。\r\n10. 楊重華，證券上市公司資金成本之研究，政大企研所碩士論文，民國六十三年六月。\r\n11. 台北市政府，台北市公車票價及服務指標專案研究小組會議記錄，民國七十四年五月。\r\n12._____________，台北市煤氣事業天然瓦斯正式售價核算小組會議記錄，民國七十五年九月。\r\n13._____________，台北市政府審該大台北區瓦斯公司天然瓦斯正式售價意見，民國七十六年一月，油印本。\r\n14. 鄭素霞，台灣鐵路費率訂定問題之研究，東吳會研所碩士論文，民國七十一年九月。\r\n15. 劉維琪，資訊不對稱情況下公用事業訂價模式，台北，華泰圖書公司，民國七十五年三月，初版。\r\n英文部分\r\n1. Averch, H.A.and Johnson, L. \"Behavior of the Firm under Regulatory Constraint\" American Economic Review, Vol. 52, 1962, pp. 1053-1069.\r\n2. Banz. R.W., \"The Relationship Between Return and Market Value of Common Stocks,\" Journal of Financial Economics, March 1981, pp.3-18.\r\n3. Basu,S, \"Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Markets Hypothesis, \" Journal of Finance, June 1977, pp. 663-682.\r\n4. Beaver, W.H., Kettler, P. and Scholes, M. \"The Association Between Market Determined and Accounting Determined Risk Measure,\" Accounting Review, Vol. 45, October, 1970,\r\npp. 654-682.\r\n5. Blume, M .,\"On the Assessment of Risk,\" Journal of Finance, March 1971, pp. 1-10.\r\n6. Copeland, Thomas E., and J. Fred Weston, Financial Theory and Corporate Policy,台北：雙葉一版,1984.\r\n7. Elroy Dimson, \"Risk Measurement When Shares Are Subject Subject to Infrequent Trading,\" Journal of Financial Economics, Vol. 7, 1979, pp. 197-226.\r\n8. Farris, Martin T., and Roy J. Sampsan, Public Utilities, Boston : Houghton Mifflin Company, 1973.\r\n9. Garfileld, Paul J., and Wallace F. Lovejoy, Public Utility Economics, Englewood Cliffs, N.J.:Prentice-Hall, 1964.\r\n10. Ibbotson, R.G. and Sinquefield, R.A. Stocks, Bonds, Bills and Inflation:The Past and the Future, Charlottesville, Va.:Financial Analysts Research Foundation, 1982, edition, Monograph #15.\r\n11. Joskow, Paul L. \"The Determination of the Allowed Rate of Return in a Formal Regulation Hearing\", The Bell Journal of Economics and Management Science, Vol. 3, 1972, pp. 632-644 .\r\n12. Kolbe, A. Lawrence, James A. Read, Jr. and George R. Hall, The Cost of Capital, Estimating the Rate of Return for Public Utilities, Boston: Charles River Associates, 1985.\r\n13. Litzenberger, R., and K. Ramaswamy, \"The Effect of Personal Taxes and Dividends and Capital Asset Prices: Theory and Empirical Evidence,\" Journal of Financial Economics, June 1979, pp. 163-196.\r\n14. Litzenberger, R., and K. Ramaswamy, and Sosin, H.\"On the CAPM Approach to the Estimation of a Public Utility`s Cost of Equity Capital, \"Journal of Finance, Vol. 35.1980, pp. 369 - 383.\r\n15. Markowitz, H.M. \"Portfolio Selection,\" Jourual of Finance, March 1952, pp. 77-91.\r\n16. Merton, Robert C. \"On Estimating the Expected Return on the Market: An Exploratory Investigation.\" Jourual of Financial Economics, vol. 8, 1980, PP. 323-361.\r\n17. Morin, R.A., Utilities` Cost of Capital, Artington: Public Utilities Reports, Inc., 1984.\r\n18. Myers, Stewart C., \"The Application of Finance Theory to Public Utility Rate Cases\", Bell Journal of Economics and Management Science, vol. 3, 1972b, PP. 58-97.\r\n19. Myers, Stewart C., \"The Relation Between Real and Financial Measures of Risk and Return\", in Risk and Return on Finance, vol. 1, ed. I. Friend and Bicksler, J. L., Cambridge, Mass: Ballinger, 1977.\r\n20. Petersen, H. Craig, Business and Government, New York: Ha & Row, 1981.\r\n21. Pogue, Gerald A. Verified Statement of Gerald A. Pogue before the U.S Federal Regulatory Commission. Williams Pipeline Company, Docket no, OR 79-1 et al, Filed July.\r\n22. Reinganum, M.R., \"Misspecification of Capital Asset Pricing: Empirical Anomlies Based on Earnings Yield and Market Values\", Journal of Financial Economics, March 1981a, PP. 19-46.\r\n23. Robichek, Alexander A. \"Regulation and Modern Finance Theory \", Journal of Finance, Vol. 33, 1978, PP. 693-705.\r\n24. Roll. R. \"A Critigue of the Asset Pricing Theory`s Tests\", Journal of Financial Economics, March 1977, PP. 129-176.\r\n25. Roll, R. and Ross, S. \"Regulation, the Capital Asset Pricing Model, and the Arbitrage Pricing Theory\" Public Utilities Fortnightly, May 26, 1983, PP. 22-28.\r\n26. Ross, S., \"The Arbitrage Theory of Capital Asset Pricing \", Journal of Economic Theory, Vol.13. 1976, PP. 341-360.\r\n27. Ross, S., \"The Current Status of the Capital Asset Pricing Model (CAPM)\", Journal of Finance, Vol. 33, 1978, PP. 885-901.\r\n28. Sharp, William F. \"Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk\", Journal of Finance, vol. 19, 1964, PP. 425-442.\r\n29. Vander Weide, J.H. General Telephone Company of Illinois, Prepared Testimony, ICC Docket #82-0458, 1983.\r\n30.Vasicek, Oldrich A. \"A Note on Using Cross-Sectional Information in Bayesian Estimation of Security Betas.\" Journal of Finance, vol. 28, PP. 1233-1239.
描述 碩士
國立政治大學
財政學系
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002005670
資料類型 thesis
dc.contributor.advisor 曾巨威zh_TW
dc.contributor.author (Authors) 李大中zh_TW
dc.creator (作者) 李大中zh_TW
dc.date (日期) 1989en_US
dc.date.accessioned 4-May-2016 14:25:05 (UTC+8)-
dc.date.available 4-May-2016 14:25:05 (UTC+8)-
dc.date.issued (上傳時間) 4-May-2016 14:25:05 (UTC+8)-
dc.identifier (Other Identifiers) B2002005670en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=102435-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description.tableofcontents 目錄\r\n頁次\r\n第一章 緒論……1\r\n第一節 研究動機與目的……1\r\n第二節 研究範圍、方法與限制……2\r\n第三節 本文架構……4\r\n第二章 公用事業的定義、特性與合理報酬率的意義……7\r\n第一節 公用事業的定義與特性……7\r\n第二節 公用事業合理報酬率之意義……12\r\n第三節 我國公用事業合理報酬率之決定……15\r\n第三章 公用事業合理報酬率推估方法介紹與比較……20\r\n第一節 推估方法之介紹……20\r\n第二節 推估方法的比較與評估……44\r\n第三節 我國實證文獻回顧……55\r\n第四章 推估模型的建立與結果分析……62\r\n第一節 推估模型的設立……62\r\n第二節 樣本選取與資料來源……69\r\n第三節 結果分析……70\r\n第五章 結論……89\r\n參考文獻……91\r\n附錄一、資料處理結果—以士電為例……97\r\n\r\n圖表目次\r\n頁次\r\n圖3-1 風險-報酬綫……26\r\n圖3-2 現金流量折現法、風險溢價法及資本資產訂價法三者關係……37\r\n圖4-1 推估模式基本架構……62\r\n圖4-2 以比較盈餘法計算各相當風險廠商權益報酬率結果圖……74\r\n圖4-3 以現金流量折現法計算相當風險廠商資本成本結果圖……77\r\n圖4-4 以資本資產訂價法計算相當風險廠商資本成本之結果圖……80\r\n圖4-5 β係數值各年變化情形……82\r\n圖4-6 股利成長率各年變化情形……83\r\n圖4-7 推估合理報酬率方法與利率水準比較圖……84\r\n表3-1 廠商財務報表與權益報酬率……22\r\n表3-2 以不同期間計算風險溢價……34\r\n表3-3 以期望報酬觀念計算風險貼水……36\r\n表3-4 對五種推估方法的評分……54\r\n表4-1 相當風險廠商……72\r\n表4-2 以比較盈餘法計算各相當風險廠商權益報酬率之結果……73\r\n表4-3 以現金流量折現法計算相當風險廠商資本成本之結果……76\r\n表4-4 市場報酬率與無風驗報酬率各年數值表……78\r\n表4-5 以資本資產訂價法計算相當風險廠商資本成本之結果……79\r\n表4-6 三種推估結果與利率間之相關係數表……85zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002005670en_US
dc.title (題名) 公用事業合理報酬率推估方法之研究—以大台北瓦斯公司為例zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 參考文獻\r\n中文部份\r\n1. 李安多，資金成本與資本結構之研究，交大管科所碩士論文，民國七十一年六月。\r\n2. 吳森田，「水價之研究」，油印本，民國七十七年十一月。\r\n3. 沙燕昌，公用事業費率與資本形成，台北，聯經出版公司，民國七十六年六月，初版。\r\n4. 邱垂炎，資金成本與資本結構關係之研究，交大管科所碩士論文，民國七十五年六月。\r\n5. 林國雄，台北市民生用品消費計價公式之研究——公用事業計價公式及程序，台北市政府研究發展考核委員會，民國七十七年六月。\r\n6. 林煜宗，現代投資學——制度、理論與實證，台北，三民書局，民國七十二年。\r\n7. 國立政治大學企業管理研究所，台北市公車營運及財務評析，民國七十二年十二月。\r\n8. 陳定國、黃柱權與楊萬發，「合理水價之制度」，台北市自來水費率合理調整方案報告，民國六十六年八月。\r\n9. 黃寶成，公用事業費率之研究，政大會研所碩士論文，民國六十六年六月。\r\n10. 楊重華，證券上市公司資金成本之研究，政大企研所碩士論文，民國六十三年六月。\r\n11. 台北市政府，台北市公車票價及服務指標專案研究小組會議記錄，民國七十四年五月。\r\n12._____________，台北市煤氣事業天然瓦斯正式售價核算小組會議記錄，民國七十五年九月。\r\n13._____________，台北市政府審該大台北區瓦斯公司天然瓦斯正式售價意見，民國七十六年一月，油印本。\r\n14. 鄭素霞，台灣鐵路費率訂定問題之研究，東吳會研所碩士論文，民國七十一年九月。\r\n15. 劉維琪，資訊不對稱情況下公用事業訂價模式，台北，華泰圖書公司，民國七十五年三月，初版。\r\n英文部分\r\n1. Averch, H.A.and Johnson, L. \"Behavior of the Firm under Regulatory Constraint\" American Economic Review, Vol. 52, 1962, pp. 1053-1069.\r\n2. Banz. R.W., \"The Relationship Between Return and Market Value of Common Stocks,\" Journal of Financial Economics, March 1981, pp.3-18.\r\n3. Basu,S, \"Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Markets Hypothesis, \" Journal of Finance, June 1977, pp. 663-682.\r\n4. Beaver, W.H., Kettler, P. and Scholes, M. \"The Association Between Market Determined and Accounting Determined Risk Measure,\" Accounting Review, Vol. 45, October, 1970,\r\npp. 654-682.\r\n5. Blume, M .,\"On the Assessment of Risk,\" Journal of Finance, March 1971, pp. 1-10.\r\n6. Copeland, Thomas E., and J. Fred Weston, Financial Theory and Corporate Policy,台北：雙葉一版,1984.\r\n7. Elroy Dimson, \"Risk Measurement When Shares Are Subject Subject to Infrequent Trading,\" Journal of Financial Economics, Vol. 7, 1979, pp. 197-226.\r\n8. Farris, Martin T., and Roy J. Sampsan, Public Utilities, Boston : Houghton Mifflin Company, 1973.\r\n9. Garfileld, Paul J., and Wallace F. Lovejoy, Public Utility Economics, Englewood Cliffs, N.J.:Prentice-Hall, 1964.\r\n10. Ibbotson, R.G. and Sinquefield, R.A. Stocks, Bonds, Bills and Inflation:The Past and the Future, Charlottesville, Va.:Financial Analysts Research Foundation, 1982, edition, Monograph #15.\r\n11. Joskow, Paul L. \"The Determination of the Allowed Rate of Return in a Formal Regulation Hearing\", The Bell Journal of Economics and Management Science, Vol. 3, 1972, pp. 632-644 .\r\n12. Kolbe, A. Lawrence, James A. Read, Jr. and George R. Hall, The Cost of Capital, Estimating the Rate of Return for Public Utilities, Boston: Charles River Associates, 1985.\r\n13. Litzenberger, R., and K. Ramaswamy, \"The Effect of Personal Taxes and Dividends and Capital Asset Prices: Theory and Empirical Evidence,\" Journal of Financial Economics, June 1979, pp. 163-196.\r\n14. Litzenberger, R., and K. Ramaswamy, and Sosin, H.\"On the CAPM Approach to the Estimation of a Public Utility`s Cost of Equity Capital, \"Journal of Finance, Vol. 35.1980, pp. 369 - 383.\r\n15. Markowitz, H.M. \"Portfolio Selection,\" Jourual of Finance, March 1952, pp. 77-91.\r\n16. Merton, Robert C. \"On Estimating the Expected Return on the Market: An Exploratory Investigation.\" Jourual of Financial Economics, vol. 8, 1980, PP. 323-361.\r\n17. Morin, R.A., Utilities` Cost of Capital, Artington: Public Utilities Reports, Inc., 1984.\r\n18. Myers, Stewart C., \"The Application of Finance Theory to Public Utility Rate Cases\", Bell Journal of Economics and Management Science, vol. 3, 1972b, PP. 58-97.\r\n19. Myers, Stewart C., \"The Relation Between Real and Financial Measures of Risk and Return\", in Risk and Return on Finance, vol. 1, ed. I. Friend and Bicksler, J. L., Cambridge, Mass: Ballinger, 1977.\r\n20. Petersen, H. Craig, Business and Government, New York: Ha & Row, 1981.\r\n21. Pogue, Gerald A. Verified Statement of Gerald A. Pogue before the U.S Federal Regulatory Commission. Williams Pipeline Company, Docket no, OR 79-1 et al, Filed July.\r\n22. Reinganum, M.R., \"Misspecification of Capital Asset Pricing: Empirical Anomlies Based on Earnings Yield and Market Values\", Journal of Financial Economics, March 1981a, PP. 19-46.\r\n23. Robichek, Alexander A. \"Regulation and Modern Finance Theory \", Journal of Finance, Vol. 33, 1978, PP. 693-705.\r\n24. Roll. R. \"A Critigue of the Asset Pricing Theory`s Tests\", Journal of Financial Economics, March 1977, PP. 129-176.\r\n25. Roll, R. and Ross, S. \"Regulation, the Capital Asset Pricing Model, and the Arbitrage Pricing Theory\" Public Utilities Fortnightly, May 26, 1983, PP. 22-28.\r\n26. Ross, S., \"The Arbitrage Theory of Capital Asset Pricing \", Journal of Economic Theory, Vol.13. 1976, PP. 341-360.\r\n27. Ross, S., \"The Current Status of the Capital Asset Pricing Model (CAPM)\", Journal of Finance, Vol. 33, 1978, PP. 885-901.\r\n28. Sharp, William F. \"Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk\", Journal of Finance, vol. 19, 1964, PP. 425-442.\r\n29. Vander Weide, J.H. General Telephone Company of Illinois, Prepared Testimony, ICC Docket #82-0458, 1983.\r\n30.Vasicek, Oldrich A. \"A Note on Using Cross-Sectional Information in Bayesian Estimation of Security Betas.\" Journal of Finance, vol. 28, PP. 1233-1239.zh_TW