所得税影响下的债务资本成本率分析

Analysis of the cost rate of debt capital under the influence of income tax

针对债务资本成本率的计算问题,采用归纳分析的方法,以公司有所得税情况下的MM资本结构理论为出发点,从两个方面论证了可以用税前债务资本成本率计算加权平均资本成本,说明了所得税影响下的加权平均资本成本率之间的关系。研究结果为加权资本成本测算提供参考。

In view of the computing problem of cost rate of debt capital, based on the theory of MM capital structure of the company income tax, adopting the method of inductive analysis, it is demonstrated that the calculation of weighted average cost rate of capital can be conducted by using the cost rate of pre-tax debt capital in two aspects and illustrates the relation between cost rate of debt capital and weighted average cost rate of capital under the influence of income tax. This research result is to provide references of calculation of weighted cost rate of capital.