This paper presents a model of the capacitance and electrical properties of semiconductor lasers biased with modulated voltage. The model is based on the finite-element method (FEM), which is widely used in computer modelling and is a natural generalisation of a wellknown constant-voltage FEM electrical model. In principle, the model can be applied to any kind of device where inductance can be neglected. Here, it is applied to simulate the complex impedance and other high-frequency electrical properties of a vertical-cavity surface-emitting laser. These properties are very important for the application of such lasers in optical data transfer systems. The results show that both the diameter of the top mesa and the surface area of the top electrical contact have a strong impact on the performance of the laser. This impact is analysed as a function of the modulation frequency.