當財務領域之資本資產評價理論（CAPM)未能解釋股票之報酬，套利評 價理論（APT )及 Fama & French (1993)之三因子模式（Three-factor Model) 實證應用上仍存在問題時，運用會計基礎評價模式估計權益資金成本，毋寧是 一種出路。本研究延續此會計基礎推算隱含權益資金成本之脈絡，應用Ohlson (2005)之會計基礎評價模式，並援弓[Dechow & Dichev (2002)對會計應計項 目估計錯誤之衡量，用以推算及替代會計保守處理之衡量，進一步探討在考慮 會計保守性及盈餘成長情形下，隱含權益資金成本之估計。

Combining the models of Ohlson (2005) and Dechow & Dichev (2002), this study estimates the implied cost of equity capital by simultaneously controlling the measures of accounting conservatism and earnings growth. When the Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory (APT), and Fama & French (1993) Three-factor Model got problems in estimating the cost of equity capital, the method based on accounting valuation models may play an important role in this field. The findings show that the model controlling for accounting conservatism and earnings growth exhibits greater explanatory power to the variation of stock prices than the one without controlling. Furthermore, when comparing the relative explanatory power to the future stock returns, there exists no evidence that the accounting-based estimation of the cost of equity capital is superior to that estimated by the CAPM. However, the negative relation between the cost of equity capital estimated by the CAPM and future stock returns is inconsistent with the CAPM9 s prediction. Further tests of the incremental magnitude between the coefficients of the accounting-based estimation of the cost of equity capital and those estimated by the CAPM, in explaining the variation of future stock returns, show that the former dominates the latter, largely because of the negatively significant coefficients of the cost of equity capital estimated by the CAPM.