资本成本

对资本成本存在着广泛的误解。

The cost of capital is widely misunderstood .

信息披露、IPO折价与资本成本

Disclosure , IPO Underpricing and the Cost of Capital

创值，又被人们称为经济增加值（EVA），等于税后净营业利润与全部资本成本之间的差额。

EVA ( Economic Value Added ) is the difference between after-tax profits and the capital costs .

第二，TR公司资本成本和资本结构不合理；

Secondly , TR capital cost and structure are unreasonable .

EVA倡导企业重视资本成本，认为企业只有创造了超过全部资本成本的收益时，才真正增加了股东的财富，为股东创造了价值。

Only when the enterprise creates more gains than the cost of capital , shareholders ' wealth will increase .

EVA的简单定义是调整后的税后净营业利润减去全部资本成本后的利润余额。

The simple definition of EVA is profits which is net after-tax adjusted operating profit minus the total capital cost .

计算EVA，需要估算权益的成本，并由此计算出加权平均资本成本，最终确定资本投入的成本。

Firstly it need to estimate the cost of equity and gets the WACC and the cost of the capital invested .

利用CAPM计算中国房地产行业资本成本

Using CAPM to Calculate the Cost of Capital of China 's Real Estate Industry

模型引入静止无功补偿器（SVC）的资本成本，以丰富模型涵盖的经济信息。

To enrich its economic information , the Static Var Compensator ( SVC ) is added to .

因为EVA完全考虑了企业的权益资本成本，因而更符合现代财务管理目标&股东财富最大化的要求。

As EVA entirely considers capital cost , so can accords with the goal of modern financial management & maximize the wealth of stockholders .

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 .

与传统的业绩评价指标相比，EVA充分考虑了商业银行的权益资本成本，而且是经风险调整后的成本。

Compared to the traditional performance evaluations , EVA fully considers the cost of equity capital of commercial banks , which is also the risk-adjusted cost .

如果我们在计算的过程中考虑资本成本的因素，用经济增加值（EconomicValueAdded，简称EVA）指标来考察，结果更加令人震惊：农业上市公司的EVA值一直为负数。

If we take capital cost in consideration and analyze with economic value added ( EVA , for short ), the result will be more surprising : the EVA of agricultural listed companies has been a negative number .

以EVA为基础的业绩评价体系和有效的激励机制将资本成本理论引入传统业绩计量中，通过会计调整修正了会计净利润潜在的偏差和扭曲，正确地反映企业价值创造过程。

According to EVA theory , capital cost is introduced into the traditional performance evaluation . The accounting rules ' potential deviation and distortion has been revised by accounting adjustments .

由美国Stern&stewart公司首倡的EVA应运而生，其优势体现在进行业绩评价时考虑了权益资本成本，主要通过对股东价值的创造的衡量来进行业绩评价。

EVA , which brought forward by Stern & Stewart Co , Its advantages represent on considering the cost of equity capital . EVA measure performance by evaluating the stockholder value created .

作业成本计算（ABC）提供相对准确的产品经营成本信息，经济增加值（EVA）强调计量资本成本的重要性。

Activity-Based Costing ( ABC ) can provide relatively accurate operating cost data , while Economic Value-added ( EVA ) has been used as a performance measure to emphasize on capital cost .

投资研究集团伯恩斯坦研究公司（BernsteinResearch）的尼尔贝弗里奇（NeilBeveridge）表示：在我看来，只要政府控制着燃油价格，投资回报率就仍将保持在仅略高于资本成本的水平。

Neil Beveridge of Bernstein Research , an investment research group , said : As long as the government controls fuel prices , returns in my view will remain only slightly above the cost of capital .

本文将主要从以下几点来展开论述：一是资本成本对EVA管理体系的重要作用，指出如今应用中存在的问题，并在此基础上提出了相应的完善改进措施。

This article will mainly discuss the following points to start : First , the cost of capital on the important role of EVA management system that is now applied problems , and puts forward the corresponding sound improvement .

一个简单的例子揭示了现有的加权平均资本成本（WACC）计算公式违背了价值的可加性原理。

A simple example reveals that the existing weighted average cost of capital ( WACC ) formula for valuation conflicts with the principle of value additivity .

EVA最为简单的定义是公司净经营利润扣除债务和股权资本成本的利润余额，相对传统的会计利润，EVA最大的优点在于其考虑了所有生产要素的成本。

The simplest definition of EVA is the surplus profit after deducting the cost of the liabilities and the shareholders ' equity from net operating profits . The most prominent advantage of EVA lies in that it takes the cost of all production elements into consideration .

EVA考虑权益资本成本，从经济角度定义利润，使经营者和股东利益趋于一致；BSC引入非财务指标，多角度考核企业业绩。

EVA considers the interests of the cost of capital , has the definition of profits from the economic point , makes the operators and the interests of shareholders in line . BSC introduces the non-financial indicators , assesses corporate performance from multi-angle .

欧洲央行（ECB）上月的一份报告指出，2007年之前，欧元区似乎一直沿着金融一体化程度步步深化的道路前进。金融一体化降低了资本成本，带来了巨大的经济利益。

As a report from the European Central Bank last month notes , until 2007 the eurozone seemed to be on a glide path towards steadily rising levels of financial integration , which was delivering big economic benefits , by cutting the cost of capital .

联博的BradHintz说，目前许多交易业务放在以后，将无法跑赢其资本成本，但其中仍有部分交易会持续发生，变成赔本生意。

In future , numerous trading businesses will no longer be able to beat their cost of capital , says Brad Hintz of Alliance Bernstein , though some of these may still be run as loss-leaders .

本文首先对资本成本理论进行了综述，并且利用经典资本资产定价模型即CAPM理论对中国房地产行业资本成本进行了计算，得出中国房地产行业的资本成本为1244%。

This paper firstly reviews the theory of cost of capital , and uses CAPM to achieve the result that the cost of capital of real estate industry in China is around 12.44 % . The theory of cost is going further because of strategic cost driver .

企业股权资本成本的计量与核算探析

Measuring and Accounting of the Cost of Equity Capital in Enterprises

债券资本成本计算方法的改进

An Improvement of the Method to Caculate the Bond Capital Cost

中国公司交叉上市的资本成本效应研究

Research on the Cost of Capital Effect of Chinese Cross-Listed Corporations

资本成本是金融学理论的核心。

The cost of capital is the core of financial theory .

资本成本是财务决策的重要指标。

Capital cost is a importance index of finance decision-making .

资本成本与资本结构的线性规划模型分析

Analyses on the Models of Capital Cost and Capital Structure