公司现金流与资本成本研究

On Corporate,Cash Flow and Capital Cost

公司投资而形成的资本经过一段时间会给公司带来一个持续的现金流,将该现金流用一个与公司总风险相适应的折现率折现而求得的价值即是公司的市场价值。同时,公司资产产生的现金流基本上可以分解为支付利息、税收和股东所得,三者分别按不同的折现率进行折现后所得的现价值之和也表示公司的市场价值。这表明公司的市场价值与利息、税收、股东所得在公司总现金流中的比例无关,而公司的加权资本成本与利息、税收、股东所得三者现价值比例也没有关系。因此,可以认为,资本结构同资本成本与公司价值无关。

The investment formed capital over a period of time gives the company a sustainable cash flow, and cash flow to a discount rate that is used to meet the total risk of the company is the market value of the company. Meanwhile, the cash flow generated by the company＇s assets can basically be divided into pay interest, taxes and shareholders income, and the three are discounted by different discount rate and the total value may also mean the company＇ s market value. This indicates that the company＇ s market value has nothing to do with the proportion of the interest, taxes and the shareholders＇ income in the company＇ s total cash flow, and the company＇ s weighted cost of capital has nothing to do with the interest, taxes, and shareholders＇ income value ratio. Therefore, it is believed that there are no connections between corporate value, capital cost and capital structure.