上市公司资本成本和投资回报率的测算研究Research on capital cost and return on investment of listed companies.摘 要投资以及融资决策行为在宏观经济、产业结构和企业财务研究中都占有重要的位置，是保证社会经济正常运行，企业实现资本增值价值最大化的有效途径。正确的衡量投资回报水平尤为重要，尽管投资回报率是检验产业结构是否合理、投资方向是否正确、经济转型升级是否有效的试金石，但在竞争激烈的国内外市场经济环境中，资本成本作为企业财务管理的核心概念之一，亦是公司在进行财务决策时需要考虑的重要问题。本文在参照国内外文献的基础上，运用财务管理相关知识和理论，总结概括出了国内外学者关于债务资本成本、权益资本成本和投资回报率的几大测算模型，并通过对我国上市公司资本成本和投资回报率的比较分析，为上市公司的投融资决策提供参考意见，有助于上市公司实现公司价值最大化的财务管理目标，有助于宏观资本市场整理浪费的资源，促进资本市场的资源得到高效利用。关键词：上市公司；资本成本；投资回报率AbstractInvestment and financing decision-making behavior in macro economy, industrial structure and corporate finance research has an important position, is to ensure normal operation of social economy, the enterprise to realize the effective ways to maximize capital appreciation value. Right is particularly important to measure return on investment level, although the return on investment is investment direction is correct, is reasonable, economic transformation and upgrading of industrial structure is the touchstone of effective, but in the fierce competition in the market economy environment at home and abroad, the cost of capital as one of the core concepts of enterprise financial management, also is the company's important problem needs to be addressed when making financial decisions, profoundly affected the enterprise's investment, financing, dividend distribution and other financial decisions.So far, domestic and foreign financial theorists have not agreed on the...
