文档介绍：本科毕业论文
题目:
企业权益资本成本探析上次发的文档里有封面的格式,怎么还会出错
(题目居中,用一号楷体字,其中的西文及阿拉伯数字用Times New Roman字体)
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摘要
权益资本成本是权益资本的必要报酬率,即企业使用它所必须支付的最低报酬。它的高低是人们衡量最优资本结构、股票的价值和新股发行的价值、评估会计系统的透明度、公司治理情况、企业经营绩效的重要参考指标,因此,对它的估计有十分重要的意义。可是,权益资本成本虽然在资本市场上客观存在,人们却无法观测到,从而给其估计带来了一定的困难。金融界的学者们基于股票在资本市场上的风险收益关系提出了资本资产定价模型和套利定价模型。会计界的学者们考虑到了企业未来的经营和利润分配情况,提出了股利折现模型、自由现金流量折现模型、非正常盈余折现模型等估计方法。我国学者借鉴和修改了国外的模型,估计了我国资本市场的权益资本成本,并考察了其与融资策略、投资回报率、信息披露与透明度等的关系。本文试图通过比较不同模型的优缺点,希望为公司的筹资决策、投资决策、营运资本管理和公司业绩的评估提供依据并探索适合我国的计量模型。
本文从以下五个方面对权益资本成本的理论进行探讨:第一章是绪论,介绍权益资本成本的研究背景、研究目的和意义、国内外文献综述;第二章阐述权益资本成本的概念、内涵及理论依据;第三章讲述权益资本成本的影响因素;第四章先分析权益资本成本的计量模型及优缺点,然后探讨适合我国企业的权益资本成本计量模型;第五章归纳本文研究形成的主要结论及建议。
关键词: 权益资本成本; 影响因素; 计量模型;最后一个不用分号
Abstract
Cost of equity capital is the required rate of return of equity capital panies use it to pay the minimum payment. It is the important reference for measurement of the level of optimal capital structure, stock value and the value of new issues, assess the transparency of accounting systems, corporate governance and business performance. Therefore, estimating the Cost of equity capital is very important. However, while the cost of equity capital exists objectively in the capital markets, it was not observed and it brings some difficulties to its measurement. Scholars of financial shares in the capital market proposed capital asset pricing model and arbitrage pricing model based on risk-return relationship. Scholars of the accounting profession, who consider pany's future business and profit distribution, proposed dividend discount model, free cash flow discount model, earnings discount model and other non-normal estimation methods. Chinese Scholars learn from and modify models of abroad. Then they estimated cost of equity capital in Chinese capital market and studied the relationship between the cost of equity capital and the financing strategy, ROI, information disclosure and transparency. However, the estimation results using different models vary