资本和资本成本.doc

资本和资本成本
国际商业管理杂志 2009.10

资本是商品经济的必然产物，是社会再生产活动的必要条件，它始终寓于再生产运动过程中，并不断实现增值。通俗的讲，资本是企业设立、经营和发展所需要的本钱;也就是说，资本是一个企业生产与发展过程中所筹集的资金。一般认为资本的来源主要有两种渠道:权益资本和负债。负债又可以分为短期负债(一年以内偿还)和长期负债(一年以后偿还)两种。根据使用期限划分，资本包括长期融通资本(权益加长期负债)和短期融通资本，其中后者重在强调资金的流动性，在会计处理上较频繁，但这儿我们主要研究财务管理意义上的狭义的资本，即长期融通资本，它也是企业资本结构所要考虑的主要对象。
资本成本是指企业为筹集和使用资金而付出的代价，这一“代价”有以下部分组成:一是使用资金所支付的费用，即资本占用费用;二是融资过程中的资金与人力耗费，即融资费用;三是特定条件下的机会成本。资本占用费用产生于资金所有权与资金使用权的分离。在市场经济条件下，资金也是一种商品，这种商品的买卖实质是转让其使用权，企业为了获得资金商品的使用权就必须支付费用。融资:过程中的融资费用产生于融资中介机构的劳动消耗需要补偿。这种耗费包括金融机构代理发行证券支付的注册费和代办费，向银行借款的手续费等。特定条件下的机会成本是指公司从内部筹集资金所形成的机会成本。资本的占用费用与融资额、融资期限有直接关系，因此，它属于融资成本中的变动费用;资本的筹集费用一般与融资额、融资期限无直接关系，因此，它是融资成本中的固定费用。为分析计算的方便，对于较小的固定费用可以忽略不计，对于较大的固定费用，可以将其以固定的费用率即固定费用占筹集到的资本总额的比例来计算(但这并不是说固定费用与筹集到的资本额相关)。融资成本主要是以讨论变动费用即资本占用费用为主。
个别资本成本
融资成本既可以使用绝对数表示，也可以使用相对数表示。由于融资方式的不同，往往造成同一融资额所付出的融资成本有很大不同，为了便于比较，融资成本更多是使用相对数，即资本成本率，它表明每筹集100元将要付出的代价。
资本成本率
对融资本的计算，关键是如何计算不同融资方式条件下的资金成本率。
(1)银行贷款的融资成本
银行贷款的利息与债券的利息一样，数额较固定而且可以在公司所得税前列支，所以，长期银行贷款的利息支出抵消因利息支出而减轻公司所得税后的净额才是因贷款而增加的费用支出。
当然，超过正常需要的银行存款同样可以得到一定的利息收入，这一利息收入也要增加公司的所得税.超过正常需要的银行存款虽然不能参与公司的正常生产经营活动，但在银行贷款到期时都可以作为还贷的储备，所以企业在第N期还贷款时，实际影响公司正常经营活动的现金流出额应该与借入贷款时的现金流入额相等。
(2)债券的融资成本
发行债券像发行股票一样需发生一些筹资费用，如债券的印刷和推销费用等。
(3)融资租赁的融资成本
融资租赁的融资成本表现为定期支付的租金。
(4)留存收益成本
留存收益是企业缴纳所得税后形成的，其所有权属于股东。股东将这一部分未分派的税后利润留存于企业，实质上是对企业追加投资，如果企业将留存收益用于再投资所获得收益率低于股东自己进行另一项风险相似的投资的收益率，企业就不应该保留留存收益而应将其分派给股东。留存收益成本的估算难于债务成本，这是因为很难对诸如企业未来发展前景及股东对未来风险所要求的风险溢价做出准确的测定。计算留存收益成本的方法很多，主要由以下两种:
1.股利增长模型法
股利增长模型法依照股票投资的收益率不断提高的思路计算留存收益成本，一般假定收益以固定的年增长率递增.
2.风险溢价法
根据某项投资“风险越大，要求的报酬率越高”的原理，普通股股东对企业的投资风险大于债券投资者，因而会在债券投资者要求的收益率上再要求一定的风险溢价.风险溢价可以凭借经验估计。一般认为，某企业普通股风险溢价对其自己发行的债券来讲，大约在3%一5%之间，通常情况下，常常采用4%的平均风险溢价。
(5)普通股的融资成本
以发行普通股筹集资本的资本占用费用是指根据公司的盈利情况(或每次)发给普通股股东的股息和红利。当然，因为普通股没有届满期，普通股股票的实际存在期是无法确定的，另外在未来年普通股的每股收益也是无法确定的，所以要精确计算普通股的融资成本是不可能的。只能从理论上粗略计算。在实际应用中，通常将发行普通股的融资费用以减少普通股筹集的资本额来处理，并且以假定可预知股息的年份的股息率和可预知股息的最后一年普通股的预期市场价格为基础来计算普通股融资成本。
优先股的融资成本
对于融资公司来说，优先股的融资成本大致与普通股的融资成本相同，即主要表现为发行优先股融资所产生的融资费用、每年支付给优先股股东的股息，以及公司破产时可能支付给优先股股东的清算收益。与普通股资本成本计算不同的是，优先股股东的股息一般在发行优先股时就固定了。在计算中我们可等同于负债付息处理，但是股息在税后支付，故不考虑企业所得税影响。
加权平均资本成本由于受多种因素的制约，企业不可能只使用某一种单一的筹资方式，往往需要通过多种方式筹集所需资金。为进行筹资决策，就要计算确定企业全部长期资金的总成本-—加权平均资本成本。加权平均资本成本一般是以各种资本占全部资本的比重为权数，对个别资本成本进行加权平均确定的。
英文原文： Capital and capital costs
International Journal of Business and Management
October, 2009

Capital is an inevitable product of the commodity economy, the activities of social reproduction is a necessary condition, it always resides in the process of reproduction of movement, and continue to achieve value-added. Popular speaking, capital is a business establishment, operation and development of the capital required; In other words, the capital of an enterprise production and development of the funds raised. Is generally believed that the source of capital, there are two main sources: equity capital and liabilities. Liabilities can be divided into short-term liabilities (repaid within a year) and long-term liabilities (repaid after one year) in two. Divided in accordance with the use of the period, capital financing, including long-term capital (plus the rights and interests of long-term liabilities) and short-term financing of capital, of which the latter emphasizes the mobility of capital in the accounting treatment of the less frequent, but here we study the financial management of the narrow sense capital, that is, long-term capital financing, it is their capital structure to be considered the main target.
The cost of capital refers to the collection and use of corporate funds for the cost, the "price" has the following components: First, the use of funds to pay the cost, that is occupied by the cost of capital; second is in the process of capital financing and human resources cost , that is, financing costs; Third, under certain conditions the opportunity cost. Occupation of the cost of capital resulting from the use of funds of funds and the right to ownership separation. In a market economy, capital is a commodity, the sale of such goods is essentially to transfer its right to use corporate funds in order to obtain the right to use goods must pay for them. Financing: the process of financing costs arising from financing intermediary consumption needs of the labor compensation. This cost includes the financial institutions issuing securities agent registration fees and paid to the fees and other bank borrowings. Under certain conditions is the opportunity cost of raising funds from within the company formed by the opportunity cost. Occupier of the cost of capital and financing, financing is directly related to the period, therefore, it belongs to the changes in the cost of financing costs; to raise the cost of capital and financing in general, not directly related to the financing period, therefore, it is the financing cost of the fixed costs . For the convenience of calculation, for small fixed costs can be negligible for the larger fixed costs, can the cost of a fixed rate that is fixed costs represent the total capital raised to calculate the ratio of (This is not to say fixed costs and capital raising-related). The cost of financing the cost of major changes based on discussions that occupied the capital cost.
Individual cost of capital
Financing costs can be expressed using the absolute and relative number that can be used. Due to the different modes of financing are often caused by the same amount of the financing to pay the financing costs are very different, in order to facilitate comparison, the cost of financing is the use of a relatively few more, that is, the cost of capital rate, it shows that each 100 will raise the price to be paid..
The cost of capital rate
The calculation of the financing, the key is how to calculate the different means of financing the cost of capital under the conditions of the rate.
(1) financing the cost of bank loans
Interest on bank loans and bond interest, the amount than can be fixed and supported in the forefront of corporate income tax, so the interest payments on long-term bank loans offset by interest payments and reduce the company's net income after the loan is due to the increase in costs .
Of course, more than normal need for bank deposits can also be a certain degree of interest income, interest income should also increase the company's income tax. Needs more than the normal bank deposits are not involved in the company's normal production and operation activities, but in bank loans Maturity can be used as repayment of the reserves, so N in the first period of the loan, the actual impact on normal business activities of cash outflows should be with the borrowed loan amount equal to the cash inflow.
(2) bond financing costs
Such as the issuance of bonds to be issued shares of financing the cost of some, such as bonds, such as printing and marketing costs.
(3) financing the cost of finance leases
Finance lease for the financing costs of the performance of the regular payment of rent.
(4) the cost of retained earnings
Retained earnings after corporate income tax form, and its ownership belongs to shareholders. Not distributed to shareholders as part of the after-tax profits retained in the business, in essence, additional investment of enterprises, if the retained earnings of enterprises will be obtained for re-investment rate of return lower than the shareholders themselves to yet another risk is similar to the rate of return of investment enterprises should not be retained and the retained earnings should be distributed to shareholders. Retained earnings difficult to estimate the cost of debt costs, it is because of the difficulty of the prospects for the future development of such enterprises and risk of future shareholders of the risk premium required to make an accurate determination. The cost of retained earnings calculated in many ways, mainly by the following two:
1. Dividend growth model
Dividend growth model equity investments in accordance with the yield rising cost of retained earnings calculated idea, the general assumption that a fixed annual growth rate of earnings increase.
2. The risk premium method
According to an investment in "the greater the risk, the higher the required rate of return" principle, common stock shareholders of the investment risks of the enterprise is greater than the bond investors, which will be in the bond rate of return investors demand requires further risk premium . the risk premium can be estimated by virtue of experience. Is generally believed that an enterprise common stock risk premium of bonds denominated in its own terms, about 3 percent in a 5% under normal circumstances, often the use of 4% of the average risk premium.
(5) ordinary shares of the financing costs
Through the issuance of common stock to raise capital the cost of capital is the occupation of the profitability of the company (or each) ordinary shares issued to shareholders in dividends and dividend. Of course, because there is no expiry date ordinary shares and ordinary shares of the actual existence of a view can not be identified, while in the next year earnings per share of common stock can not be identified, so an accurate calculation of common stock to the financing costs is impossible. Only a rough estimate from the theory. In practice, usually common stock will be issued in order to reduce the financing costs of common stock to raise capital to deal with, and predictable dividends to the assumption that the year of the dividend yield and predictable dividend ordinary shares in the last year of the expected market price for basis for the calculation of common stock financing costs.