我国资本成本理论研究的现状及其未来展望

Present Situation and Outlook of the Theoretical Research of Capital Cost in China

资本成本是公司财务管理的核心概念之一。与国外发达的资本市场相比我国的资本市场发展时间短,对资本成本理论研究尚处于探索之中。在借鉴国外资本成本理论研究成果的基础上,结合我国资本市场发展过程中上市公司的融资特点,国内学者对资本成本理论研究的内容主要集中在公司融资偏好和影响资本成本的因素两方面;在研究方法上主要以借鉴国外已有的模型和方法,采用描述性统计和多元线性回归的方法进行研究。鉴于国内资本成本理论研究的现状,我们对未来我国在该领域的研究提出了几点展望。

Capital cost is one of the core concepts in company＇ s financial management. Compared with the advanced capital markets abroad, China＇s capital market has a shorter history, and the theoretical research on capital cost is still under exploration. On the basis of learning from the research results of the capital cost theories abroad and taking into consideration the financing characteristics of the listed companies during the course of capital cost development in China, Chinese researchers at home concentrate their attention on two aspects： the preference of the company financing and factors affecting capital cost. As for research methods, they also make use of the existing foreign models and methods, mainly adopting such approaches as descriptive statistics and multiple linear regression method in their work. In view of the status quo of the research work on capital cost theory at home, this paper brings forward several points of outlook on the future research work in this field in China.