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الرئيسية > قياس معدل العائد المطلوب على ا...>الوصف

قياس معدل العائد المطلوب على الاستثمار باستخدام نموذج معدل لتسعير الأصول الرأسمالية خلال الفترة 2015-2017

المصدر: المجلة العلمية للاقتصاد والتجارة
الناشر: جامعة عين شمس - كلية التجارة
المؤلف الرئيسي: عبد ربه، محمد فوزى عبده (مؤلف)
مؤلفين آخرين: محمد، عادل مبروك (مشرف)
المجلد/العدد: ع2
محكمة: نعم
الدولة: مصر
التاريخ الميلادي: 2019
الشهر: يوليو
الصفحات: 77 - 100
ISSN: 2636-2562
رقم MD: 1066649
نوع المحتوى: بحوث ومقالات
اللغة: العربية
قواعد المعلومات: EcoLink
مواضيع:
المشاريع الاستثمارية | الإدارة المالية | الأصول الرأسمالية | الاقتصاد الإسلامي
كلمات المؤلف المفتاحية:
CAPM | ZGCAPM | Asset Pricing | Investment Valuation | Required Rate of Return | RRR | Sharia-Compliant | Islamic Finance | Risk-Free Rate | GDP | Inflation Rate | Zakat
رابط المحتوى:
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عدد مرات التحميل

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المستخلص: Asset pricing and valuation of investment opportunities are central to the theory of finance. The right investment decision in investment projects depends on two important elements: return and risk, which is the capital asset pricing model (CAPM). Although this theory is one of the most important and useful theories and is very reliable in estimating the required rate of return on asset, this theory is controversial in terms of the validity of its use since the beginning of the sixties. In this sense, this research aims at shedding light on this theory, and will review some of the studies that have applied this theory in practice and the criticism directed at it. Research will also be presented using an analytical approach that seeks to propose a Sharia-compliant capital asset pricing model to calculate the required rate of return on investment in light of the analysis of some pricing models submitted by some researchers and propose some amendments. The researcher was able to propose a model for the pricing of capital assets (ZGCAPM) based on the rate of growth in GDP at constant prices (growth rate of GDP at current prices – inflation rate) and work to combine the rate of Zakat and growth rate (ZGDP) to replace the Risk-free rate. The study found that the expected risk premium decreases when calculating the required rate of return on equity investment using the proposed ZGCAPM model compared to those risks when using the capital asset pricing model (CAPM). The advantage of the proposed ZGCAPM model is also shown on the CAPM model when predicting the average actual quarterlyearnings per share EPS. The proposed model can be applied in the evaluation of projects, especially by Islamic banks, Islamic insurance companies, Expert houses, financial consultancies or some government authorities responsible for reviewing and evaluating investments (such as the Ministry of Planning, Monitoring and Administrative Reform in Egypt) based on the ZGCAPM model when evaluating investment projects.
ISSN: 2636-2562

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