摘要
以河南省9家上市公司的具体情况为例,在MM模型与资本资产定价模型的基础上,对影响股权资本成本的各种因素进行理论研究;并通过建立回归模型,进行单因素与多因素分析,研究哪些因素对股权资本成本的影响较为稳定与深远。具体来说,主要包括三个方面的内容:一是分析研究河南省上市公司资本成本的现状;二是对各影响因素归类,并进行理论与实证分析;三是在研究结论的基础上,从降低企业股权资本成本的角度出发,提出如下相应对策:扩大公司规模、降低企业风险、提高股票流动性与经营能力等,以降低股票资本成本。
Paper use the theory of financial management, Cost accounting and accounting basis,combining with the specific circumstances listed companies in Henan Province, on the basis of MM model and capital asset pricing model, basing on the various factors affecting the cost of equity capital in theory. Through the regression model, we conduct univariate and multivariate analysis, basing on a correlation completed test, and decide which factors influence the cost of equity capital is more stable and farther. Specifically, The thesis mainly includes four aspects of content: first, to clarify the concept and the nature of the cost of capital; the second is to analyze the current situation of the capital cost of Listed Companies; Third, to classify various factors, theoretical and empirical analysis; the four is reducing the cost of equity capital from the point of view put forward countermeasures, which on the basis of the study’s conclusions, such as the expansion of company size, reducing business risk,improving stock liquidity and management capacity, so as to reduce the cost of equity capital.
出处
《金融理论与实践》
北大核心
2016年第8期42-48,共7页
Financial Theory and Practice
关键词
风险溢价
必要报酬率
股本资本成本
risk premium
required rate of return
equity capital cost
