本文分別將橫斷面(Cross-sectional)資料求得的ROE與分析師盈餘預測資料，代入剩餘所得模型(Residual Income Valuation, RIV)中求出隱含資本成本(Implied Cost of Capital, ICC)，並分別據以估計權益資金成本，檢視何者估計的較好。我們發現以橫斷面資料求算的盈餘與實際盈餘較為接近且小幅低估；分析師的盈餘預測資料與實際的盈餘差距較大且大幅高估。透過零成本投資組合的模擬，發現橫斷面資料估計的權益資金成本報酬較高。因此橫斷面資料估計的權益資金成本作為公司管理者與投資者在決策時的參考依據應較可信賴。

Based on Residual Income Valuation (RIV), in this paper, we employ two different kinds of data, ROE generated by cross-sectional data and analysts’ earnings forecasts data, to calculate the Implied Cost of Capital (ICC), which is used for estimating the cost of equity capital. Earnings generated by cross-sectional data are smaller and closer to actual earnings; however, analysts’ earnings forecasts data are much higher than actual earnings. In addition, zero-cost testing portfolios formed by ICC estimated by cross-sectional data produce better profits, and hence should be a more reliable reference of cost of equity capital for both managers and investors while making decisions.

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