债务成本

EVA通过引入资本成本率，不仅体现了债务成本，还有反映了股东投入的机会成本，从而综合评价了资本的使用效率。

EVA reflects the cost of debt , and reflects the opportunity cost of investment of shareholders , so it comprehensives assessment of capital efficiency .

因此，稳健的报告可以减少债权人的风险，从而降低债务成本（Ahmed，Billings，Morton，andStanford-Harris，2002）。

Therefore , conservative report can reduce the risk of creditors , thus reduce the cost of debt ( Ahmed , Billings , Morton , and Stanford-Harris , 2002 ) .

而当GDP增速减缓时，地方政府的干预削弱了公司利益侵占水平对债务成本的敏感度。

When GDP growth slows down , intervention of local government reduces the sensitivity of debt cost to the expropriation .

在此基础上，选用Cscore作为稳健性的替代变量，建立相应模型，实证检验稳健性对企业债务成本和投资效率的作用是否受到产品市场竞争的影响。

It researches the influences of product market competition on conservatism . On this basis , using C_score as alternative variable of conservatism , we test whether competition affect the role of conservatism in debt cost and the efficiency of investment in a company .

会计稳健性与我国上市公司债务成本

Accounting Conservatism and Chinese Listed Companies ' Cost of Debt

但这种做法也有不好的一面，因为期限更长的债务成本也会更高。

But it is also bad in that longer-dated debt costs more .

首先，目前的债务成本很便宜&便宜得有些离谱。

First , debt is cheap & very cheap .

从构成上看，债务成本包括筹资费用和用资费用。

Constitute a point of view , the cost of debt financing costs and charges .

升高的债务成本迫使许多贷款期限过长者放弃履约，借贷者从而收回这些房屋。

Rising debt costs could force many overstretched homeowners to default and their lenders to foreclose .

政府应预期到债务成本上升，并立即采取行动，以改善其公共财政状况。

Governments should anticipate higher costs of debt , and act now to improve their public finances .

从本质上看，债务成本是债权人要求的投资报酬率。

In essence , the cost of debt is the return on investment required by the creditor .

到了某一时间点，必须大幅降低债务成本的现值。

At some point , the present value of the cost of debt must be drastically lowered .

频繁再融资所蕴含的风险，只有当债务成本持续下滑时才值得承受。

Frequent refinancing represents a risk which only makes sense if the cost of debt is persistently falling .

本文研究的就是会计稳健性与我国上市公司债务成本的关系。

This research is to study the relationship between Accounting Conservatism and cost of debt in Chinese listed companies .

其次，本文采用（利息支出+资本化利息）/年初年末平均总负债的值来度量债务成本。

Secondly , this thesis uses interest expense plus capitalized interest divide average debt to measure the debt cost .

其次，就债权人承担破产成本而言，增加股本意味着降低债务成本。

Second , to the extent that creditors bear the costs of failure , more equity means cheaper debt .

债务成本作为财务学的基本概念，一般有债务成本的绝对定义和相对定义。

As a basis concept of finance , cost of debt generally has both absolute definition and relative definition .

有些企业说服贷款人减少债务成本或将债权转为股权，但也只能眼睁睁地看着自己的财务状况不断恶化。

Even those that convince lenders to swap debt either for cheaper debt or for equity have seen their health worsen .

本文就将研究在我国上市公司中会计稳健性对债务成本的影响。

The effects that accounting conservatism brings to cost of debt in Chinese listed companies are the main topic of this paper .

随着期限的延长和债务成本的上升，投资者可能会开始要求更高的收益，以补偿额外的风险。

As maturities lengthen and debt costs rise , investors might start to demand higher yields to compensate for the extra risk .

总之，这些企业前景的两个关键要素是利润和债务成本。

All that said , the two essential components in the outlook for those companies are profits and the cost of debt .

企业的债务成本是指企业筹集和使用债务资本所付出的代价，是企业综合资本成本的一部分。

The cost of debt refers to enterprises raise and use pay debt capital , is part of the cost of capital .

我国目前正满足这一要求，因而通过期限管理降低债务成本是完全可能的。

As this situation in our country meets the demand , it is possible to reduce interest cost by debt term management .

虽然股权更多意味着银行更安全并能降低债务成本，但是这依然会趋向于造成更高的资本总体成本。

Although more equity implies a safer bank and can lower debt costs , it still tends to mean a higher overall cost of capital .

金融革命带来的便宜债务成本如此低，当初根本就不应该提供这种贷款。

The cheap debt made available by the finance revolution was so cheap , in fact , that the loans should never have been made .

由于我国地方政府的行政力量在经济运行中起着重要作用，使得我国债务成本形成机制具有了不同于成熟市场经济条件下的特征。

Because executive power of local government plays an import role in economy , determination of debt cost is partly different from mature market conditions .

尽管2009和2010年的举债水平更高，但由于在当前动荡而不可预测的市场中债务成本不断上升，现在的风险更高。

While borrowing was higher in 2009 and 2010 , the risks are greater than ever because of rising borrowing costs in turbulent , unpredictable markets .

当时由于利率较低，债务成本低廉，而股票投资者也渴望从高增长的亚洲国家获取较高的投资回报。

With interest rates low , debt capital was cheap and equity investors were desperate for the higher returns available in the faster growth countries of Asia .

利用描述性统计分析、相关系数分析以及回归分析等方法检验稳健性原则下的会计处理是否能降低企业的股权成本和债务成本。

By using descriptive statistical analysis , correlation analysis and regression analysis methods test the safe accounting policy can reduce the stock cost and the cost of debt .

但研究并未能证明在投资机会上升时，会计稳健性对投资效率的影响；第二，会计稳健程度与企业债务成本负相关，即稳健会计政策的选择可以使企业降低债务成本。

However , we can not conclude the influence on efficiency of investment when investment opportunity is ameliorating . Secondly , conservatism helps decrease debt cost in a firm .