资本成本率

虽然国资委开始只给企业设定了一个较低的资本成本率（5.5%），但有半数企业的eva是负值。

Although SASAC has started the companies with a low capital cost ( 5.5 % ) , half produce negative EVA .

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 .

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 .

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 ;

资本成本率计算方法解析

An analysis of the calculating methods for the rate of capital cost

因此正确计算企业资本成本率意义重大。

So it is significant for an enterprise to calculate the cost ratio of capital .

根据综合资本成本率，对企业优化资本结构进行了分析。

According to the comprehensive capital-cost rate , the author analyzes how to optimize business capital structure .

常用的资本成本率计算公式既有其合理性，又存在一些缺陷。

The formulae in common use for the calculation of capital cost rate are logical but defective .

为什么国资委不更进一步，给企业设定一个更精确、更高的资本成本率？

Why does SASAC not go further and demand that the companies beat a more accurate and higher cost of capital ?

定向增发的发行方式和过程相对简单，资本成本率较低，对于公众的未来行动而言此举又可以带来潜在的公司价值的增长。

Approach and a process directed by a relatively simple issue , lower cost of capital , and in terms of future action for the public can potentially bring the enterprise value growth .

将来国资委可能会提高资本成本率，并期望企业作更多调整，以反映他们的发展战略，推动业务发展，促进价值导向的长效决策机制。

In future , SASAC will likely raise the capital cost and expect companies to make more adjustments that reflect their strategy , support their operations , and advance value-oriented and longer-term decision-making .

本文通过对常用资本成本率计算方法以及几种具有代表性的新观点的分析，探讨了资本成本率计算方法中的一些问题，并利用折现模型，提出资本成本率计算方法的改进思路。

By analyzing the commonly used methods and some representative new viewpoints , the authors discuss some problems in capital cost calculation and , using the discounting model , bring forward an improved method for capital cost calculation .

第二章详解介绍现金流折现模型，对估值方法进行了详细阐述，并对资本成本和增长率等参数的确定做了进一步分析。

Chapter II elaborates the Cash Flows Discount module , the evaluation methods , and emphasizes the analysis of the parameters like the capital cost and the increment rate .

公司资本成本估算与贴现率选择的理论分析

The Theoretical Analysis to the Calculation of Corporate Capital Cost and the Options for Discount Rate

所以企业投融资决策仅仅是资本成本、投资收益率的确定和比较。

So the decision of investment and finance is just the compare of capital cost to the yield .

其次，通过对股票定价理论模型的分析，指出资本成本即风险折现率是股票定价和效率市场假说的基础，进而是资本市场发挥资源配置功能的必要条件。

Second , by analyzing the model of stock pricing in theory , we point out that cost of capital i.e. the discount rate of risk is the basis of stock pricing and efficient market , also is the necessary condition of collocating function of the capital market .

第二，销售收入最大化并不能保证股东财富最大化，如果资本回报率小于资本成本率，就会造成股东价值的毁损。

Second , maximization of sales not necessarily leads to that of shareholders ' fortune .

EVA取决于税后净经营利润、资本总额、加权平均资本成本率三个因素。

EVA depends on the after-tax net operating profits , capitalization , weighted average cost of capital rate of three factors .

该模型包含了：资本流量、现金流量、资本成本、销售增长率。

The model includes : capital flow , cash flow , capital cost and sales growth rate .

高新技术企业的人力资本融资成本包括招聘成本、固定薪酬成本和激励成本三部分，以固定薪酬成本和激励成本为主，用人力资本融资成本率进行计量。

The costs of human capital financing in high-tech enterprise include recruiting cost , fixed salary cost and inspiring cost . It can measured by financing cost rate and evaluated by four index .