然后对股权资本成本的影响要素从宏观和微观两个方向做出了分析和判断。
Finally the macro and micro factors affecting the cost of equity capital are listed. Chapter IV is WACC and its application.
我国国有上市公司，由于股权结构上的特殊性，其资本成本和股利政策上更具特殊性。
Due to the special in equity structure, Chinese state-owned listed companies have theirs own particularity in cost of capital and dividend policy.
但由于债务本身亦存在代理成本，因此，企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。
For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision.
传统的财务指标没有考虑股权资本的使用成本，不能反映房地产企业是否真正创造了价值。
But the traditional financial indicators do not consider the use of the cost of equity capital, they can not truly reflect the real estate business really create value or not.
全球信贷危机增加了资本成本的私人股权交易在发达市场，并有助于恢复国际资金的兴趣中。
The global credit crisis has increased the cost of capital for private equity deals in developed markets and helped renew international funds' interest in China.
认股权证作为一种长期资金的筹资方式，其资本成本必须予以考虑。但是使用传统资本成本计算方法不能反映其真实成本。
As away of financing the long-term capital, the capital cost of the warrants should be thought over, But the traditional calculation methods can, t reflect it, true cost.
给定一个较高的电动大客车的资本成本，股权支付的现金将是一个传统汽车高。
Given a higher capital cost for electric buses, the cash grant payable would be higher for a conventional vehicle.
本文认为，这与我国上市公司管理人普遍缺乏资本成本，特别是股权成本的概念有关。
The problem results from the fact that the supervisors of the listed companies in China generally lack capital cost, especially lack the concept of stock right cost.
经济增加值EVA指企业税后净经营收益扣除包括股权和债务的加权资本成本后的经济利润。
Economic Value Added (EVA) is economic profit that is Net Operating profit After Tax deducted Weighted Average capital cost (include equity and debt capital cost).
西方财务理论认为，由于风险和税收的原因，债权资本成本远远低于股权资本。
According to the western financial theories, the cost of debt capital is lower by far than that of equity capital because of risk and tax.
借助于CAPM对系统性风险的处理，给出了CAPM关于资本成本的新的表达式，得到了股权资本β系数与无负债企业股权资本β系数之间的关系式；
With CAPM disposal about systematic risk, this paper presents new expression of cost of capital and gives relationship of levered equity Bata and all-equity Bata;
借助于CAPM对系统性风险的处理，给出了CAPM关于资本成本的新的表达式，得到了股权资本β系数与无负债企业股权资本β系数之间的关系式；
With CAPM disposal about systematic risk, this paper presents new expression of cost of capital and gives relationship of levered equity Bata and all-equity Bata;
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