毕业论文：企业权益资本成本探析.doc

本科毕业论文 题目： 企业权益资本成本探析 学 院: 专 业: 学 号: 学生姓名: 指导教师: 日 期:  摘要 权益资本成本是权益资本的必要报酬率，即企业使用它所必须支付的最低报酬它的高低是人们衡量最优资本结构、股票的价值和新股发行的价值、评估会计系统的透明度、公司治理情况、企业经营绩效的重要参考指标，因此，对它的估计有十分重要的意义可是，权益资本成本虽然在资本市场上客观存在，人们却无法观测到，估计带来了一定的困难。金融界的学者们基于股票在资本市场上的风险收益关系提出了资本资产定价模型和套利定价模型。会计界的学者们考虑到了企业未来的经营和利润分配情况，提出了股利折现模型、自由现金流量折现模型、非正常盈余折现模型等估计方法。 我国学者借鉴和修改了国外的模型，估计了我国资本市场的权益资本成本，并考察了其与融资策略、投资回报率、信息披露与透明度等的关系。第绪论介绍的、研究归纳本文研究形成的主要结论及建议 关键词： 权益资本成本； 影响因素； 计量模型； Abstract Cost of equity capital is the required rate of return of equity capital that companies use it to pay the minimum payment. It is the important reference for measurement of the level of optimal capital structure, stock value and the value of new issues, assess the transparency of accounting systems, corporate governance and business performance. Therefore, estimating the Cost of equity capital is very important. However, while the cost of equity capital exists objectively in the capital markets, it was not observed and it brings some difficulties to its measurement. Scholars of financial shares in the capital market proposed capital asset pricing model and arbitrage pricing model based on risk-return relationship. Scholars of the accounting profession, who consider the companys future business and profit distribution, proposed dividend discount model, free cash flow discount model, earnings discount model and other non-normal estimation methods. Chinese Scholars learn from and modify models of abroad. Then they estimated cost of equity capital in Chinese capital market and studied the relationship between the cost of equity capital and the financing strategy, ROI, information disclosure and transparency. However, the estimation results using different models vary widely; This article attempts to compare the advantages and disadvantages of different models so that we hope to provide the basis for the companys financing decisions, investment decisions, working capital management and the assessment of company p