财务管理 第五章

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1、YibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktrafficalsoisYibinCityCityintegratedtracktrafficsystemintheofpart,foraccurategraspcitytracktrafficresearchofobject3.资本成本的计算1.资本成本（1）指公司为筹措和使用资本而付出的代价—筹措费用包括：发行

2、股票和债券的印刷费、手续费、宣传费、律师费、资信评估费、公证费和担保费等—使用费包括：向股东支付的利息、向债权人支付的利息等（2）资本成本的种类—长期负债—优先股—普通股第五章资本成本及现金流分析1.资本成本2.项目投资现金流分析YibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktrafficalsoisYibinCityCityintegratedtracktr

3、afficsystemintheofpart,foraccurategraspcitytracktrafficresearchofobjectYibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktrafficalsoisYibinCityCityintegratedtracktrafficsystemintheofpart,foraccurategraspcitytr

4、acktrafficresearchofobjectHuangLingLingTel:13124719379E-mail:hLL122199@sina.com北方工业大学经济管理学院HuangLingLingTel:13124719379E-mail:hLL122199@sina.com北方工业大学经济管理学院YibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytrack

5、trafficalsoisYibinCityCityintegratedtracktrafficsystemintheofpart,foraccurategraspcitytracktrafficresearchofobject17YibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktrafficalsoisYibinCityCityintegratedtracktr

6、afficsystemintheofpart,foraccurategraspcitytracktrafficresearchofobjectYibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktrafficalsoisYibinCityCityintegratedtracktrafficsystemintheofpart,foraccurategraspcitytr

7、acktrafficresearchofobject1.资本成本的计算1.债务资本成本（1）银行借款债务资本成本为贷款的实际年利率（2）企业发行债券—税前发行成本（不计发行成本）其中，B0为发行时的价格Kb为债务的税前资本成本1.资本成本的计算—税前发行成本（计发行成本）其中，f为发行成本—税后发行成本YibinCityCitytracktrafficplanningisYibincityregionalrangewithintracktrafficsystemofonceintegration,andcitytracktraffi

8、calsoisYibinCityCityintegratedtracktrafficsystemintheofpart,foraccurategraspcitytracktrafficresearchofobjectYi