资本成本与EVA估算的经济模型分析.docVIP

资本成本与EVA估算的经济模型分析 //.lcsxjx4/ //.sdxcss/ //.lwwctg/ //.lwjinda/ The cost of capital and EVA estimates of economic model analysis 随着我国资本市场的逐步完善，企业所需资金的供应渠道、筹资方式以及投资机会也日益多元化，企业的许多财务决策活动，如筹资与投资决策、资本结构和资本效率等都离不开资本成本。资本成本不仅是评价各种投资项目是否可行的重要尺度和不可或缺的重要变量，也是影响企业融资总额的一个重要因素，同时还是选择企业资金来源、拟定融资方案的依据；另外，在确定最佳资本结构时，资本成本也是一个必须考虑的因素。本文试图就资本成本在EVA估算财务决策活动中的应用进行探讨。 Along with our country capital market gradually improve, the enterprise capital supply channels, financing way and investment opportunities are increasingly diversified, many enterprise financial decision-making activities, such as financing and investment decisions, capital structure and capital efficiency depends on the cost of capital. The cost of capital is not only the important measure and evaluation of investment project is feasible and indispensable variables, is also an important factor to influence corporate financing amount, at the same time or choose the enterprise capital source, to formulate the basis of financing; In addition, when determining the best capital structure, cost of capital is a factor must be considered. This paper is the cost of capital in financial decision-making activities of EVA estimate application were discussed. 一、文献回顾 A literature review 有关资本成本的研究文献可追溯到1890年，新古典经济学派代表的阿尔弗雷德·马歇尔(Alfred Marshall)在定义经济利润或经济租金概念时指出资本成本是营业利润的扣除项。此后，人们开始对资本成本有了初步的认识。1958年，芝加哥大学的哈瑞·马科威茨(Harry Markwitz)教授对证券投资组合理论进行了创造性发展，并对风险报酬相关问题开展了创新性研究，使人们认识到资本成本是企业选择资金来源和进行财务决策的基本依据[1]。基于证券投资组合理论，威廉F.夏普(Willima F Sharp)与约翰·林特纳(John Lintne)分别在论文中提出了均衡市场状态下风险与报酬关系模型，使资本成本量化成为可能[2]。Jensen指出，在代理理论与融资约束的相关研究中，公司资本成本对企业投资决策起关键约束作用。资本成本是企业投融资决策的联结点，判断企业投资是否符合市场理性，都离不开资本成本标尺的使用[3][4]。资本成本约束是企业的理性要求，对于国有企业改制后的上市公司投融资决策研究具有重要意义。 Research literature about the cost of capital can be traced back to 1890, on behalf of the new classical economics of Alfred Marshall, Alfred Marshall) in defining economic profits or the concept of economic rent is pointed out that the cost of capital is a deduction item of operating