估计贴现率其实是所有基于现金流贴现的定价模型模型的基础，决定了模型结论正确与否的关键参数之一。

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Seems too simple, I think in practice, we use unleveraged beta of comparable companies and added :
leverage impact of the target
country risk premium
small size risk of the company
enterprise specific risk and etc

to get the WACC of the target company, and the WACC should not varied a lot from the IRR using income approach.

hoihoo

good!

what is "small size risk of the company"? That is effectively the same thing as enterprise specific risk, isn't it?

Theorywise they are related to enterprise specific risk, in statitics, these two risks were separated collected and analysised for better application to all kind of enterprise.

u can relate enterprise specific risk to industry risk in greater extend.