摘 要
资本成本估算作为企业投资决策中的关键环节，直接影响着资源配置效率与企业价值创造。本文基于现代金融理论框架，系统探讨了资本成本估算方法在企业投资决策中的应用，旨在为企业提供科学合理的决策依据。通过对国内外相关文献的梳理，发现现有研究多集中于理论模型构建，而对实际应用效果缺乏深入分析。为此，本文选取2015 - 2020年间沪深两市A股上市公司为样本，运用加权平均资本成本（WACC）模型、资本资产定价模型（CAPM）等主流方法进行实证研究。研究结果表明，不同行业间资本成本存在显著差异，传统制造业资本成本相对较低，而高新技术产业则表现出较高的资本成本特征。同时，企业规模、财务杠杆等因素对资本成本有着重要影响。
关键词：资本成本估算 企业投资决策 加权平均资本成本
Abstract
As the key link in enterprise investment decision-making, capital cost estimation directly affects the efficiency of resource allocation and enterprise value creation. Based on the fr amework of modern financial theory, this paper systematically discusses the application of capital cost estimation method in enterprise investment decision-making, aiming to provide scientific and reasonable decision-making basis for enterprises. Through the combing of relevant documents at home and abroad, it is found that most of the existing studies focus on the construction of theoretical models, but lack of in-depth analysis of the practical application effect. To this end, this paper selects the a-share listed companies in Shanghai and Shenzhen from 2015 to 2020 as samples, and uses mainstream methods such as weighted average cost of capital (WACC) model and capital asset pricing model (CAPM) for empirical research. The results show that there are significant differences in the capital cost among different industries, and the capital cost of the traditional manufacturing industry is relatively low, while the high-tech industry shows the characteristics of high capital cost. At the same time, enterprise scale, financial leverage and other factors have an important influence on the cost of capital.
Keyword:Capital Cost Estimation Corporate Investment Decisions Weighted Average Cost Of Capital
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与思路 2
2资本成本估算的基本理论 2
2.1资本成本的概念与构成 2
2.2常用资本成本估算模型 3
2.3影响资本成本的因素分析 3
3资本成本在投资决策中的应用 4
3.1投资项目评价指标体系 4
3.2净现值法的应用与局限 5
3.3内部收益率法的实践应用 5
4案例分析与实证研究 6
4.1案例企业概况介绍 6
4.2资本成本估算过程 7
4.3投资决策效果评估 7
结论 8
参考文献 9
致谢 10
资本成本估算作为企业投资决策中的关键环节，直接影响着资源配置效率与企业价值创造。本文基于现代金融理论框架，系统探讨了资本成本估算方法在企业投资决策中的应用，旨在为企业提供科学合理的决策依据。通过对国内外相关文献的梳理，发现现有研究多集中于理论模型构建，而对实际应用效果缺乏深入分析。为此，本文选取2015 - 2020年间沪深两市A股上市公司为样本，运用加权平均资本成本（WACC）模型、资本资产定价模型（CAPM）等主流方法进行实证研究。研究结果表明，不同行业间资本成本存在显著差异，传统制造业资本成本相对较低，而高新技术产业则表现出较高的资本成本特征。同时，企业规模、财务杠杆等因素对资本成本有着重要影响。
关键词：资本成本估算 企业投资决策 加权平均资本成本
Abstract
As the key link in enterprise investment decision-making, capital cost estimation directly affects the efficiency of resource allocation and enterprise value creation. Based on the fr amework of modern financial theory, this paper systematically discusses the application of capital cost estimation method in enterprise investment decision-making, aiming to provide scientific and reasonable decision-making basis for enterprises. Through the combing of relevant documents at home and abroad, it is found that most of the existing studies focus on the construction of theoretical models, but lack of in-depth analysis of the practical application effect. To this end, this paper selects the a-share listed companies in Shanghai and Shenzhen from 2015 to 2020 as samples, and uses mainstream methods such as weighted average cost of capital (WACC) model and capital asset pricing model (CAPM) for empirical research. The results show that there are significant differences in the capital cost among different industries, and the capital cost of the traditional manufacturing industry is relatively low, while the high-tech industry shows the characteristics of high capital cost. At the same time, enterprise scale, financial leverage and other factors have an important influence on the cost of capital.
Keyword:Capital Cost Estimation Corporate Investment Decisions Weighted Average Cost Of Capital
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与思路 2
2资本成本估算的基本理论 2
2.1资本成本的概念与构成 2
2.2常用资本成本估算模型 3
2.3影响资本成本的因素分析 3
3资本成本在投资决策中的应用 4
3.1投资项目评价指标体系 4
3.2净现值法的应用与局限 5
3.3内部收益率法的实践应用 5
4案例分析与实证研究 6
4.1案例企业概况介绍 6
4.2资本成本估算过程 7
4.3投资决策效果评估 7
结论 8
参考文献 9
致谢 10
