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从传统意义上讲,资本成本及其估算只是公司财务领域的一项基础性工作,甚至只是资本预算技术体系中的一部分。这种认识显然低估了资本成本及其估算值的重大应用价值。现实中,人们对于实物资产成本比如存货成本、固定资产成本以及人力成本等都较为关注,并通过成本管理等系统予以科学合理的管控,这为企业的盈利奠定了基础。较低的实物资产成本与人力成本造就了中国改革开放以来数十年的辉煌。随着经济的不断发展,尤其是随着经济运行质量的不断提高,资本成本理念必将进入人们的视野,引起人们的重视。
Traditionally, the cost of capital and its estimates are but one of the foundations of corporate finance, and are even part of the capital budgeting technology system. This understanding apparently underestimates the significant value of capital costs and their estimates. In reality, people pay more attention to the cost of physical assets such as inventory cost, fixed asset cost and labor cost, and they are managed by the system of cost management scientifically and rationally, which lays the foundation for the profit of the enterprise. The lower cost of physical assets and labor costs have created decades of brilliant China’s reform and opening up. With the continuous development of economy, especially with the continuous improvement of the quality of economic operation, the concept of cost of capital is bound to enter people’s perspective and arouse people’s attention.