是筹资成本还是资金机会成本

Cost of Raising Money or Opportunity Cost?

该文是与本刊１９９９年第１期《筹资成本＝资金成本≠资金机会成本？》一文的商榷。作者认为资金成本是采用重置成本的一个组成部分，评估时，不应以资产来源情况为计价依据，均应以公开市场条件下的情况来考虑。该文认为，在计算资金成本时，不应考虑机会成本。

This article is concerned with Cost of Raising Money = Capital Cost Capital Opportunity Cost (February, 1999 China Assets Appraisal ). The author believes that capital cost is one part composing the replacement cost. In appraisal, capital cost should be grounded on the open market rather the sources of obtaining capital. Therefore, opportunity cost should be out of consideration in valuing capital cost.