权益资本成本

由美国Stern&stewart公司首倡的EVA应运而生，其优势体现在进行业绩评价时考虑了权益资本成本，主要通过对股东价值的创造的衡量来进行业绩评价。

EVA , which brought forward by Stern & Stewart Co , Its advantages represent on considering the cost of equity capital . EVA measure performance by evaluating the stockholder value created .

不同类型的自愿信息披露对权益资本成本的影响是否存在不同呢？

Does different type of disclosure have different effect on the cost of equity capital ?

国有企业MBO定价中的权益资本成本计算方法问题研究

Methods of calculating the cost of equity in alternative asset pricing for state-owned enterprises

因为EVA完全考虑了企业的权益资本成本，因而更符合现代财务管理目标&股东财富最大化的要求。

As EVA entirely considers capital cost , so can accords with the goal of modern financial management & maximize the wealth of stockholders .

与传统的业绩评价指标相比，EVA充分考虑了商业银行的权益资本成本，而且是经风险调整后的成本。

Compared to the traditional performance evaluations , EVA fully considers the cost of equity capital of commercial banks , which is also the risk-adjusted cost .

在对企业权益资本成本计算的模型选择上，由于信息披露研究理论中信息不对称理论的存在，本文并没有选择常用的资本资产定价模型（CAPM），而是在多方比较后，采用了PEG比率模型。

Due to the existence of " Asymmetric Information Theory " in the research of information disclosure , the thesis chooses the PEG ratio model rather than the commonly used CAPM model , to calculate the enterprises ' cost of equity capital .

EVA考虑权益资本成本，从经济角度定义利润，使经营者和股东利益趋于一致；BSC引入非财务指标，多角度考核企业业绩。

EVA considers the interests of the cost of capital , has the definition of profits from the economic point , makes the operators and the interests of shareholders in line . BSC introduces the non-financial indicators , assesses corporate performance from multi-angle .

再次，将EVA估价模型与现存主要企业价值评估模型的对比分析，得出EVA估价模型考虑权益资本成本，通过会计调整尽量剔除会计失真影响，着眼于企业的长远发展，能够真实地反映企业价值；

Thirdly , contrastively analyzes EVA model and the other evaluation models in the highest flight , elicits it can reflects the true value and real performances of the companies , in view of equity capital , eliminating accountant distortion through accounting adjustment , considering the future of companies .

对F-O模型进行修正时，充分考虑了企业发展的阶段性特点，探讨了企业未来的增长率和权益资本成本率的确定方法；

We consider the development stage of enterprises and explore the methods of determining the growth rate in the future and the rate of equity capital cost .

信息披露质量对权益资本成本的影响

The Effect of Disclosure Quality on the Cost of Equity Capital

信息披露、公司治理与权益资本成本

Information Disclosure , Corporate Governance and the Cost of Capital

上市公司自愿信息披露对权益资本成本的影响研究

Study of the Voluntary Disclosure 's Influence on the Cost of Equity Capital

会计稳健性对权益资本成本的影响研究

The Research on the Influence of Accounting Conservatism to the Cost of Equity Capital

中小投资者法律保护与公司权益资本成本

Investor Protection and Corporation Cost of Equity

短期财务杠杆与权益资本成本和加权平均资本成本显著正相关；

Short time financial leverage has positive correlation with equity cost and weighted average cost of capital ;

在控制公司特征和宏观经济变量的情况下，中小投资者法律保护程度与上市公司的权益资本成本呈显著的负相关关系。

And there is a significant negative correlation between the investor protection and corporate cost of equity .

内部资本市场融资规模与权益资本成本增量和总资本成本增量均负相关。

Internal financing are both negatively correlated with equity capital cost increment and total capital cost increment .

国外大多数研究表明，提高信息披露质量能够降低权益资本成本。

Many western studies found that , improvement of information disclosure quality could reduce cost of capital .

除公司规模与权益资本成本呈负相关之外，其他的控制变量均与权益资本成本呈正相关。

Except firm size , the other control variables and cost of equity capital are positive correlation .

盈余质量、制度环境与权益资本成本&来自中国证券市场的经验证据

Earnings Quality , Institutional Environment , and Cost of Equity : Empirical Evidence from the Chinese Stock Market

公司的权益资本成本是投资者进行投资的必要报酬率，也是管理层进行项目投资时的最低回报率。

Cost of equity capital is the lowest required risk of return of shareholders when investing their funds .

结论显示信息披露水平每降低一分，权益资本成本会提高0.11%。

Conclusions show that cost of equity capital will increase 0.11 % when information disclosure level reduce 1 mark .

而权益资本成本是普通股股东要求的预期报酬率。

And the cost of equity capital is the minimum rate of return the request to common stock shareholders .

实验分析模拟一个资本市场，三个实验局设计包含了对国家层次和公司层次，以研究信息披露水平、信息解读能力因素对权益资本成本的可能关系。

Experimental analysis simulates a capital market . Three experimental designs include the country level and the company level .

但是长期以来，权益资本成本的计算往往被企业所忽视。

However , for a long time , the calculation of cost of equity capital is often overlooked by businesses .

与预期理论分析一致，增加股价中包含公司层面的信息量有利于降低权益资本成本。

Consistent with the excepted theoretical analysis , increasing the stock price informativeness can reduce the cost of equity capital .

本文是国内首次将两者结合起来，研究会计稳健性对权益资本成本的影响，在一定程度上填补了这方面的空白。

The paper combines the two for the first to study how accounting conservatism affect the cost of equity capital .

微观层次上，量化了信息不对称程度对权益资本成本的影响值，结论显示信息披露水平每降低一分，权益资本成本会提高0.11%。

Result shows that the level of information disclosure reduce one mark , equity capital cost will increase 0.11 % .

此文分别从管理层（收购方）和国有资产管理机构（出售方）两个角度出发来阐述权益资本成本计算方法的选择问题。

This thesis presents knowledge of choosing the methods of calculating the cost of equity from two different points of view .

然后把信息披露水平、信息传导机制、信息解读能力作为信息不对称的三个因素，分析对权益资本成本的影响。

Then I regard information disclosure level , information transmission mechanisms , information interpretation ability as three factors of asymmetric information .