我国企业资本成本估算及其估算值的合理界域:2000-2009  

Research on the Cost of Capital Estimation in Chinese Listed Firms and the Reasonable Boundaries of Cost of Capital:2000-2009

作　　者：汪平[1] 袁光华[1] 李阳阳[1] 

机构地区：[1]首都经济贸易大学

出　　处：《投资研究》2012年第11期101-114,共14页Review of Investment Studies

基　　金：2010年度教育部人文社科规划基金资助项目‘资本成本;价值创造与我国国企EVA考核研究’(项目批准号10YJA630146)的阶段性成果

摘　　要：资本成本估算是现代财务理论中的一大难题,虽经数十年的发展演变,但至今仍没有达成广泛的共识。在资本成本估算技术没有取得重大进展之前,尤其是资本成本概念还没有引起人们的高度关注之前,公司理财行为以及相应的宏观管制比如我国国有企业的利润分红比例的确定、经济附加值(EVA)考核中折现率的确定、管理层基于价值创造绩效考核中资本成本的确定等,均会由于资本成本合理估算值的阙如而缺乏一个重要基准的支持。没有资本成本基准约束的公司理财行为以及宏观管制措施必将是非理性的、低效的。本文将对股权资本成本估算的主要技术和模型进行分析,并对各种估算技术的估算结果的合理界域问题进行初步的论证。Estimating cost of capital is a major difficult problem in the modern financial theory.After decades of evolution,it has not yet been reached a consensus.Before significant progress in estimating cost of capital has achieved,many corporate finance behaviors and the corresponding macro-control behaviors related to reasonable estimation of cost of capital,such as to determine the proportion of profit-sharing in State-owned enterprise in China,to determine the discount rate in economic value added（EVA） evaluation,to determine the cost of capital in performance evaluation based on value creation etc,lack basic support because of unreasonable estimation of cost of capital.Respective corporate finance behaviors and the macro-control measures are inadequate and inefficient.In this paper,we analyze major cost of capital calculating techniques and models,and make a preliminary proof on the reasonable boundaries of cost of capital.

关 键 词：资本成本 估算技术 合理界域 

分 类 号：F275.3[经济管理—企业管理] F224[经济管理—国民经济]