摘要资本成本（Cost of Capital)作为财务管理的核心理念之一，通过对资本成本的合理准确的估算，能够为企业的投资决策提供有力依据。是以，如何在实际工作中更好地进行成本估算，如何使其更好地应用于资本成本,就成为公司经营者最重要的工作之一。因此，本文深刻关注了如何估算企业的资本成本，并且进一步探讨了公司资本成本在决策过程中的重要性，再运用估算出来的结果指导该公司的投资决策。87049

第一步，解释阐述了三种资本成本在指导公司资本成本决策过程中的运用，分别是债券、股权和加权平均资本成本，深刻地分析了这三种方法在实际进行估算应用时需要注意的方面以及方法的适用性。本文也对企业在估算资本成本中存在的各项风险进行介绍，对这些危险进行评估，以及正确应对风险的办法。第二步，描述了目前公司资本成估算所存在的问题以及对这些问题的解决途径进行了初步探讨。第三步，通过案例估算A公司的资本成本，分析该公司的项目资本成本，了解该公司管理存在的问题和解决问题的方法。最后，本文得出了一些结论，并且利用该结论进行管理公司的工作。

毕业论文关键词:资本成本；估算；公司价值

Research on capital cost estimation of a listing Corporation

Abstract Company capital cost of capital is one of the core concepts of financial management, to accurately estimate the company provide the basis for decision making。 Therefore, how to carry out the estimation and how to make it better in the practical work application of capital cost, has become one of the operators is the most important work of course, they become one of areas of financial and accounting circles are most concerned about。 Therefore, this paper focuses on the estimation of the cost of capital, in-depth discussion of the importance of capital costs in the company's decision-making, and in order to guide the company's investment decisions。

This paper traces summarizes the capital cost of the evolution process from theory to practice。 First, it has a detailed description of the creditor's rights, the cost of capital, cost of equity capital, the weighted average cost of capital estimate method and the importance of the cost of capital。 Also, this paper has in-depth analysis of the points of each estimation method and applicability。 And, the risks of capital cost and the ways to deal with the risks are analyzed。Second, it presents various estimation methods in practical application encountered difficulties, and the solutions are discussed。 Third, through the case the capital cost of Baitai, nalyze the company's project capital cost, understand the company's management problems and solve the problem。 Last, come to the conclusion that the use of capital cost estimates for the management of the company。

Key words: capital cost; estimate; company value

目  录

1绪论 1

1。1研究背景和研究意义 1

1。2国内外文献综述 1

1。3研究方法及内容 2

1。4创新点和技术路线 2

2资本成本的内涵及相关理论 3

2。1资本成本的重要性及其作用 3

2。2债权资本成本 4

2。2。1债权资本成本的估算方法及其要点问题 4

2。2。2债权资本成本的应用 5

2。3股权资本成本