This paper firstly reviews the theory of cost of capital, and USES CAPM to achieve the result that the cost of capital of real estate industry in China is around 12.44%.

本文首先对资本成本理论进行了综述，并且利用经典资本资产定价模型即CAPM理论对中国房地产行业资本成本进行了计算，得出中国房地产行业的资本成本为12 44%。

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Then the investor uses financial analytics to identify the businesses and management teams that demonstrate an awareness of their cost of capital and have a history of deploying their free cash flow in a shareholder value creating fashion.

FORBES: The P/E Problem