Abstract: The present invention relates to a method of transmitting and receiving a signal in a wireless communication system. In particular, in a time division multi-cell cooperative communication system, a base station may receive a reference signal, estimate a channel of each user terminal based on the reference signal, and determine a transmission and reception filter based on estimated channel information. The base station and a cooperative base station that cooperates with the base station may mutually exchange the reference signal and average signal power information on a terminal and determine the transmission and reception filter based on exchanged information.