股权资本成本是投资者投资企业股权时所要求的收益率。估计股权资本成本的方法很多，国际上最常用的有红利增长模型、资本资产定价模型和套利定价模型等。是根据金融学理论计算出来的要求投资回报率。
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.
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