资本成本理念在企业财务决策中的应用（Application of capital cost concept in enterprise financial decision making）.doc

资本成本理念在企业财务决策中的应用（Application of capital cost concept in enterprise financial decision making） Application of capital cost concept in enterprise financial decision making The application of capital cost concept in enterprise financial decision making 2008-12-20 15:11:42 Capital cost refers to the cost paid by a company for raising and using capital, that is, the comprehensive cost of capital from creditors and investors, including the cost of capital issuance and the cost of use. The capital cost of issuance refers to all the expenses occurred in the financing process, such as the issuance of stocks, bonds and other payment issuance fees, underwriting fees, printing costs, assets appraisal fees, notary fees, advertising fees, capital use cost refers to the payment process such as the use of capital, interest on bonds, stocks the bank loan interest, dividends, capital cost (issue) is usually a one-time occurrence in financing, as a reduction of the amount of financing to be deducted. Thus, from the point of view of financial management, the cost of capital, that is, the use cost of capital. Due to the cost of debt, interest rates and debt service, our enterprises can feel the existence of debt costs, but can not feel the pressure of equity costs. Public offerings are generally regarded as a form of cheap financing without debt service. At the same time, the cost of capital, especially the application of equity cost estimation model, still has a lot of technical difficulties. For example, the lack of a short-term Treasury market as a risk-free benchmark yields investor diversification and a low degree of portfolio. In recent years, some securities companies to calculate the beta value (i.e. excess returns of individual stocks on the market portfolio rate sensitivity of the excess rate of return), but did not reach a consensus and widely accepted, experience is still very important. Since the importance of capital cost is emphasized in modern company financial manageme