Cost of Capital[资本成本]

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什么是资本成本？ 释义

资本成本（ Cost of Capital）就是用一个百分率来表示公司资本预算计划要求的最低回报率。

公司资本一般有以下三个来源：

1. 发行股票（优先股与权益股）。

2. 发行债券（银行贷款）。

3. 原先收益再投资（内部融资）。

资本成本的意义在于，任何一个公司必须确保其投资产生收益，其值至少等价于公司的资本成本。 但更应该大于资本成本。

资本成本的计算。 公式

资本成本是以下三项的加权总和：

1. 债务成本（Cost of Debt）

2. 优先股成本（ Cost of Preferred Stock ）

3. 股本成本（Cost of Equity）

要得到资本成本，必须先计算这三项。

债务成本的计算方法是：利息支出 乘以（1-税率），再除以为偿付余额。 注意分母上必须包含所有的债务交易费用，如债务获取费用、贴水等。

优先股成本的计算方法较为简单，只需用利息支出除以优先股总额。

股本成本的计算公式如下，详细讲解参见Cost of Equity[股本成本]。

在得到以上三个结果之后，进行加权平均计算便可得到资本成本，

具体公式参见下图。

论坛 关于以下内容的论坛讨论：资本成本。您可以在下方提出有关此主题的问题、分享您的经验、报告新的发展或解释一些事情。 开始一个新的论坛主题关于资本成本 在这里分享您的知识（或提出问题）   What are the Effects of Inflation for Companies? What is the impact of increasing inflation on companies? I've already found 4 categories: I. Effect on Liabilities Higher inflation has POSITIVE effects in the liabilities side of the bala... 19   3条评论 Analysis of Capital Investments Should a firm accept the independent projects described below? Why or why not? A) the firm�s cost of capital is 10 % and the estimated internal rate of return of the project is 11 %. B) a ca... 7   1条评论 Cost of retained earnings My question is how to calculate cost of capital in case a company has its funds only through equity shares & its reserves? Then how to calculate cost of retained earnings (reserves). As it is a m... 5   1条评论 Cost of Capital ( Equity Only) We recently were required to calculate a charge in order to determine the economic value added. We used CAPM to calculate the cost of equity. We are a debt free company. Since we are not a listed comp... 4   1条评论 What is the Difference Between Cost of Capital and Weighted Average Cost of Capital? Hello, could you please answer me: What is the difference between the cost of capital and the weighted average cost of capital?... 2   1条评论

专家提示 关于Cost of Capital（英语）的高级见解。在这里，您将找到专家的专业建议。 Cost of Capital Usage Cost of Capital application The cost of capital is applied for Capital Budgeting objectives. Under the Net Present Value method (NPV), the cost of c...

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研究链接 自动跳入有关以下内容的其他有用资源资本成本。 新闻 视频 简报   书比人好 学术的 更多

在实际工作中，经常采用加权平均资本成本（Weighted Average Cost of Capital）的缩写形式： WACC[加权平均资本成本]。

比较： 股本成本（Cost of Equity）  |  WACC[加权平均资本成本]  |  Capital Asset Pricing Model[资本资产计价模型]  |  Internal Rate of Return[内部收益率]

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