资本成本理念在企业财务决策中的应用（In the application of the concept of cost of capital in enterprise financial decision）.docVIP

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

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资本成本理念在企业财务决策中的应用（In the application of the concept of cost of capital in enterprise financial decision）

资本成本理念在企业财务决策中的应用（In the application of the concept of cost of capital in enterprise financial decision） In the application of the concept of cost of capital in enterprise financial decision The concept of cost of capital used in the enterprise financial decision in 2008-12-20 15:11:42 The cost of capital refers to the collection and use of capital and the cost, which is to obtain a comprehensive cost of various types of capital from creditors and investors, including the issuance of capital cost and use cost. 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. So from the financial management sense usually said the cost of capital or capital cost. Due to the cost of debt and debt interest rate level clear, Chinese enterprises can feel the cost of debt, but do not feel the pressure on the cost of equity. The general public offering as a debt service without cheap financing. At the same time, the cost of capital, especially the application of model to estimate the cost of equity of technical difficulties exist. For example, the lack of short-term bond market as the benchmark risk-free rate of return, investment scattered, low degree of combination. 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 the cost of capital that financial management of modern companies, but it is