股权资本成本

企业股权资本成本的计量与核算探析

Measuring and Accounting of the Cost of Equity Capital in Enterprises

股权资本成本估算是现代财务理论发展中的重点难点问题。

The cost of equity capital estimation is the key and difficult problem in the development of modern financial theory .

这样使公司的管理层以EVA值的最大化为目标，考虑公司股权资本成本，进而能够有效地使用资本，为股东创造价值。

Managers aim to maximizing the value of the company , taking account to the equity capital effectively to create the value for shareholders .

行业间公司绩效EPA（单位资产实现EVA）与股权资本成本率以及地区间EPA特异性显著；

The difference of the cost ratio of industry equity capital and performance ( EPA ) in industry & region is very remarkable ;

城市房地产开发可持续发展理论与评价本文在西方估价模型的基础上，通过在我国市场中的实证研究，初步建立了股权资本成本估算模型和IPO定价模型。

STUDY ON THEORY AND VALUATION METHOD OF URBAN REAL ESTATE SUSTAINABLE DEVELOPMENT The new valuation method on capital cost and the multivariant P / E-risk adjustment method for IPO are innovation of this thesis .

EVA最为简单的定义是公司净经营利润扣除债务和股权资本成本的利润余额，相对传统的会计利润，EVA最大的优点在于其考虑了所有生产要素的成本。

The simplest definition of EVA is the surplus profit after deducting the cost of the liabilities and the shareholders ' equity from net operating profits . The most prominent advantage of EVA lies in that it takes the cost of all production elements into consideration .

股权资本成本合理界域是股权资本成本估算研究发展的最新内容之一。

The reasonable boundaries of cost of equity capital are one of the newest developments of estimating the cost of equity capital .

合理界域所确定的股权资本成本合理范围，是证券市场重要的基础数据。

The reasonable range of the cost of equity capital determined by reasonable boundaries is the important basic data of the securities market .

第四个层次为实证检验部分，运用实证研究的方法分别检验各因素对股权资本成本的影响。

The fourth level is the empirical testing . The empirical evidence of the influencing factors of the cost of equity capital is provided .

会计信息披露质量与股权资本成本之间的关系及作用机理一直是财务和会计领域理论和实务界研究的热点问题。

The relationship between quality of informative disclosure and cost of equity has long been a heated discussion in the field of finance and accounting .

通过多元回归分析，我们发现在深市中小板，信息披露质量的提高并没有降低股权资本成本。

Through multiple regression analysis , we found that in the Shenzhen SME board , improving the disclosure quality does not reduce the cost of equity capital .

传统会计只确认债务资本成本，不确认股权资本成本，这种成本是不完善的，未能体现公司作为会计主体的理念。

Debt capital cost is merely identified rather than capital cost of stock right in the traditional accounting . This kind of " cost " is not perfect .

这样容易造成对股权资本成本影响因素理解的片面性，没有一个直观而且总括的概念，即究竟有哪些因素影响股权资本成本，它们的影响程度如何？因此，不利于管理者的投融资决策。

So it will easily lead people to have one-sided understanding of the influencing factors of the cost of equity capital , not have comprehensive and intensive concepts .

高质量的会计信息是确保资本市场有效运行的重要基石，而其对股权资本成本影响的理论与实践，也是企业在经营和发展过程中十分关注的关键问题。

High quality information is key to both effective running of capital market and influencing theoretical and practical field , and even determining the operation and development of enterprises .

股权资本成本是资本成本的重要构成内容，它的大小直接影响着资本成本，因此股权资本成本的影响因素是资本成本研究的一个重点问题。

The cost of equity capital is an important content of the cost of capital , it is a key problem to research the influencing factors of the cost of equity capital .

信息披露经济后果的实证研究也逐渐成为现代财务会计理论的重要领域，其中信息披露与股权资本成本的关系成为了近年来学者们研究的热点。

Empirical research of disclosure has increasingly become the focus of the modern corporate finance research , the relationship between disclosure and the cost of equity capital has become hot research in recent years .

由于缺乏企业股权资本成本信息，传统的并购绩效衡量指标无法准确地反映企业并购效果。

Because lacking the business enterprise ownership of a share capital cost information , traditional buy the results to measure the index sign and can 't reflect the business enterprise and buy the result accurately also .

本文案例中使用的是竞争均衡假设，该假设是在恒定增长率假设的基础上，再假定连续价值期间新增投资的收益率等于股权资本成本得来的。

It is the competition equilibrium supposition that is used in the case analysis of this dissertation . It supposes that the ratio of increase is invariance and the return ratio is equal to the capital cost .

第三个层次为理论分析部分，在前人研究的基础上，构建了基于公司特征、行业因素和制度因素的股权资本成本解释框架，分析各影响因素对股权资本成本的作用机理。

The third level is the theoretical analysis . On the basis of previous studies , the mechanism of influence is analyzed , and the framework is constructed based on characteristics of company , industry and institutional factors .

发达的金融市场、公司组织形式和公司会计主体观念要求计算资本成本（包括负债资本成本和股权资本成本），从而产生了股权资本成本的构想。

The developed financial market , corporate organization and accountant-centred corporate conception require that corporate calculate capital cost , including cost of capital in debt and cost of stock capital , hence the construction of stock capital cost .

营业净利理论假设：当企业负债比例增加时，负债带来的税盾效应刚好被负债增加所引起的股权资本成本的上升所抵消，公司总价值不变。

Operating profit theoretical assumed that when enterprise debt ratio increases , the debt tax shield benefits brought about by increased liabilities of just being caused by the cost of equity capital , offset by an increase , the total value of the company remain unchanged .

文章从计量企业股权资本成本的理论依据入手，介绍了企业股权资本成本的核算模式，阐明了在现行财务会计实务中确认和计量股权资本成本的必要性和可行性。

This thesis , based on the theories concerning the cost of equity capital in accounting businesses , introduces the modes of accounting the equity capital cost and formulates the necessity and feasibility of confirming and measuring the cost of equity capital in the present practice of financial accounting .

发达国家股权资本的成本最大，债券资本次之，内部资本成本最小（5）传媒是赛事市场的第一大客户。

The equity capital in developed countries cost most , the largest debt capital take the second place ; the internal capital cost , minimum . ( 5 ) The media is " first big customers " in professional sports market .

传统的财务指标没有考虑股权资本的使用成本，不能反映房地产企业是否真正创造了价值。

But the traditional financial indicators do not consider the use of the cost of equity capital , they can not truly reflect the real estate business really create value or not .

此外，房地产的投资成本很高，资金来源中自有资金的比例有不断上升的趋势，因此，房地产企业必须关注股权资本的使用成本。

In addition , the investment cost of real estate is high , the proportion of own funds rise continually , so the real estate business must focus on the use of the cost of equity capital .

但基础理论告诉我们，增加股权资本的行动能降低风险，因此如果银行增加股权资本，股权成本便会随之下降。

But as basic theory tells us , the cost of equity falls as banks raise more of it , because the act of raising equity cuts risk .