我国企业融资成本的估算与控制分析-estimation and control analysis of financing cost of chinese enterprises.docxVIP

摘要摘要资金是企业的血液，资金融通对任何企业的发展来说都至关重要。而不同的融资 方式，其融资成本也不尽相同。融资成本是影响企业融资决策的重要因素。因而，能 否对融资成本进行科学、准确的估算就成为企业制定融资决策的关键。基于这种认识， 本文结合我国企业的具体特点，在现代融资理论的指导下构建了我国企业融资成本的 估算模型，并提出了控制融资成本的相关对策建议。本文在分析研究融资成本的现实意义的基础上，将融资成本分为显性和隐性成本， 区分了资本成本与融资成本、财务危机成本与代理成本，并对现有模型不能在我国企 业适用的原因进行分析。本文秉承现代融资理论的基本思想，在合理性以及可操作性 两个原则的指导下，首先构建出包括股权融资成本、负债融资成本和融资总成本在内 的我国企业融资显性成本的估算模型，并以沪深两市流通市值最大的 25 家上市公司为 样本进行数据检验。然后，本文又在对我国企业财务危机成本和代理成本的根源性进 行深入细致研究的基础上，构建出包括财务危机成本和代理成本在内的我国企业融资 隐性成本估算模型，并进行了检验。最后，在前述检验结果的基础上，本文提出了对 融资成本进行控制的对策建议，以期能与融资成本估算共同发挥作用，帮助企业更好 的制定融资决策。本文的研究立足于我国企业的现实特点，全面分析了融资成本的影响因素，综合 多种因素的影响构建出了适合我国企业的融资成本估算模型，对我国企业融资成本估 算和控制具有一定的现实意义。关键词融资成本财务危机成本股权代理成本AbstractAbstractThe capital is the blood of the enterprises, and financing is essential for the development of all the enterprises. The cost of different ways of financing is not the same. Financing cost is an important factor which can affect corporate financing decision. Thus, the possibility of scientific and accurate estimation of the financing cost is key to the development of the financing decision. Based on the observation, combined with the specific characteristics of Chinese enterprises, this paper build the cost estimation model of corporate finance, and put forward suggestions to control the financing cost, which is under the guidance of modern finance theory .This paper analyzed the practical significance of the study of financing cost，anddivided the financing cost into explicit and implicit cost, cleared the distinction between the cost of capital and financing cost, the cost of financial distress and agency cost, and pointed out the existing models can not play roles in Chinese enterprises .On the basis of this shortcoming, firstly, adhering to the basic idea of modern finance theory and under the guidance of the two principles of rationality and operability, the paper constructed the financing dominant cost estimation model, including the models of equity financing cost estimation, the debt financing cost estimation and the to