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本文主要对债券资金成本的概念内涵和其计算公式进行了分析,首先不考虑货币时间价值的资金成本计算是不合理的,其次,考虑了时间价值的债券的计算公式也存在很多问题。大致有:第一,负债融资是可以抵减利息税的,不把所得税因素考虑进去会高估了资金成本;其二,负债融资也有不可以抵税的情况,要把不能抵税的利息加以考虑;第三,债券的折价和溢价的费用摊销对所得税税前扣除是有影响的,不同的方式会计算出不同的资金成本;最后,筹资费用可以抵减所得税,不能忽视。对于以上的几点,本文分别提出其修正公式,对于资金成本这一重要的成本,需要准确的计算。
This paper mainly analyzes the connotation of the bond capital cost and its calculation formula. First, it does not make sense to calculate the capital cost without considering the time value of the currency. Second, there are many problems in the formula of the bond considering the time value. Generally speaking: First, debt financing is to offset the interest tax, income tax factors will not be taken into account will overestimate the cost of capital; Second, debt financing also can not be tax deductible, we should not tax credit to be Thirdly, the amortization of bond discount and premium will have an impact on the deduction of income tax before tax. Different methods will calculate different capital costs. Finally, the financing costs can offset the income tax and can not be ignored. For the above points, this paper respectively proposed its correction formula, for the cost of capital, an important cost, you need accurate calculations.