企业资本成本对筹资决策的影响分析论文.doc

摘 要 随着我国资本市场的发展，投融资渠道的增多，市场竞争的激烈，资本成本在企业决策中的地位也越来越重要。企业要生存发展，要开拓海外市场就必须需要筹集大量的资金，这就必然对资本市场提出更高的要求。当企业的资金需要量大于企业的资金拥有量时，为课证企业生产经营活动的正常进行，就需要筹集资金;在金融资金市场日益开放的今天:企业可从多种渠道、采用多种方式来筹集资金，但不同的资金，具有不同的资本成本。企业进行筹资时总希望能实现企业价值最大化的同时尽可能减少付出成本，因此，研究和分析资本市场和企业筹资对有效实施财务管理有着十分重要的意义。本文拟对资本成本对筹资决策的做简单分析。 【关键词】：资本成本，边际成本，筹资决策，改进措施 Abstract Abstract with the development of Chinese capital market, investment and financing channel increases, the fiece market competition, the cost of cospital in the enterprise decision-making in the increasingly important position. To the survival and development of enterprises, to open up overseas markets must need to raise large amounts of funds, it is inevitable to caoital market and put forward higher requirements. When the capital of the enterprise need is greater than the volume of the capital of the enterprise ownership; for the class to normal production and operation activities carried out, will need to raise money; in the finanical market has become increasingly open today, enterprises from a varity channels, using avariety of ways to raise funds, but different funds, have different capital cost .Enterprise financing always hope to maximize the value of enterprises at the same time as much as possible to reduce costs, therefore, research and analysis of capital market and financing for the effective implementation of financial management has very important significance. This paper on the cost of capital and financing decision of a simple analysis. 【Key words】:Capital cost, marginal cost, financing, decision, improvement measures 企业资本成本对筹资决策的影响分析 1 概 述 1.1 概念简述 资本成本是指企业取得和使用资本时所付出的代价。取得资本所付出的代价，主要指发行债券、股票的费用，向非银行金融机构借款的手续费用等；使用资本所付出的代价，主要由货币时间价值构成，如股利、利息等。资本成本是指企业为筹集和使用资金而付出的代价，广义讲，企业筹集和使用任何资金，不论短期的还是长期的，都要付出代价。筹资决策是指企业对各种筹资方式的资金代价进行比较分析，使企业资金达到最优结构的过程。其核心是在多渠道、多种筹资方式条件下，力求筹集到最经济、资金成本最低的资金来源。⑴给投资银行或承销人的报酬；⑵发行股票所应负担的法律费、印刷费；⑶发行中的其它必须支出。固定的股利，一般按票面价值的一定百分比率来计算，而且是税后支付。故优先股成本的计算公式为： 式中：— 优先股成本；— 优先股每年的股利；— 发行优先股总额；—