• 2022-06-06
    资本成本(cost of capital)
  • 答:资本成本指企业筹集和使用资本而承付的代价。这里的资本是指企业所筹集的长期资本,包括股权资本和长期债权资本。从投资的角度来看,资本成本也是投资者要求的必要报酬和最低报酬。在市场经济条件下,资本是一种特殊的商品,企业通过各种筹资渠道,采用各种筹资方式获得资本往往是有偿的,需要承担一定的成本资本成本从绝对量的构成来看,包括用资费用和筹集费用两部分:①用资费用是指企业在生产经营和对外投资活动中因使用资本而承付的费用:②筹资费用是指企业在筹集资本活动中为获得资本而付出的费用。资本作为企业的一种成本,具有一般商品成本的基本属性,又有不同于一般商品成本的某些属性。在企业的正常生产经营活动中,资本成本是企业的一种耗费,需由企业的收益来补偿,但它是为获得和使用资本而付出的代价,通常不直接表现为生产成本,且在计算中只要求计算预测数和估计数。资本成本是企业筹资管理的一个重要概念,对于企业筹资管理、投资管理,乃至整个财务管理和经营管理都有着重要的作用。其作用有:①资本成本是选择筹资方式,进行资本结构决策和选择追加筹资方案的依据②资本成本是评价投资项目、比较投资方案的依据③资本成本可以作为评价企业整个经营业绩的基准。

    内容

    • 0

      The average of a firm's cost of equity and after tax cost of debt that is weighted based on the firm's capital structure is called the: A: reward to risk ratio B: weighted capital gains rate C: structured cost of capital D: weighted average cost of capital

    • 1

      The value of a firm is maximized when the A: cost of equity is maximized. B: tax rate is zero. C: levered cost of capital is maximized. D: weighted average cost of capital is minimized.

    • 2

      EVA = adjustedafter-tax operating income – (cost of invested capital – a percentage xadjusted average invested capital).

    • 3

      A capital investment’s internal rate of return( ). A: Must exceed the cost of capital in order for the firm to accept the investment. B: C: Statements c and d are correct. D: Changes when the cost of capital changes. E: Is similar to the yield to maturity on a bon F: Is equal to the annual net cash flows divided by one half of the project’s cost when the cash flows are an annuity.

    • 4

      A capital investment’s internal rate of return ( ) A: Changes when the cost of capital changes. B: Must exceed the cost of capital in order for the firm to accept the investment. C: Statements c and d are correct. D: Is similar to the yield to maturity on a bond. E: Is equal to the annual net cash flows divided by one half of the project’s cost when the cash flows are an annuity.