论文材料 经济企业（Material economy enterprise）.docVIP

论文材料 经济企业（Material economy enterprise） Capital cost, financial risk, capital structure, comprehensive fund cost I. Introduction Enterprise financing refers to the financial activities of an enterprise according to its production, management and foreign investment activities, and through various financing channels, appropriate financing methods are adopted to obtain the required funds. Financing mainly consists of two major categories: debt financing and equity financing. Generally speaking, the cost of debt financing is lower, but the financial risk is higher, the financial risk of equity financing is lower, and the cost is higher. Therefore, the proportion structure of the enterprise debt plays a decisive role in the capital cost and financial risk of the enterprise. Two, capital cost and capital structure analysis The cost of capital refers to the costs paid by enterprises to raise and use funds. There are many ways to obtain funds for enterprises, and the cost of funds for different financing methods is different. 1. individual capital costs. (1) cost of debt capital. The main way of corporate debt financing is bank loans and the issuance of corporate bonds, bank loans and the issuance of bonds (if only discuss issued in denominations of B), debt interest rate is I, the financing rate is f, the corporate income tax rate is T, the cost of capital:. (2) cost of equity capital. The cost of equity capital is much higher than the cost of debt, this is because the risk of equity investment is significantly higher than the debt investment, investors expected return rate is higher; due to the companys dividend is assigned by the profit tax, does not have the effect of tax reduction. The capital cost of the stock can be analyzed by the stock valuation model. The general model of Stock Valuation:, where Dj is the first j years of the dividend, K as the investor required rate of return, when the real value of V as the representative of the current stock price P0 net (1-f),