长期债券资本成本计算方法应充分体现科学性——关于改进现行长期债券资本成本计算方法的思考

The Long-term Bonds Capital Cost Calculation Methods Should Embody Scientific——Reflections on Improving the Current Calculation Methods of the Long-term Bonds Capital Cost

摘要: 资本成本是财务决策的重要指标。长期债券资本成本计算的关键是确立税前资本成本。本文在评价现有计算方法的基础上，提出了长期债券资本成本计算的新方法：年均筹资与用资费用之和，除以筹资现值总额。这一方法规避了现有计算方法的缺陷与不足，具有科学性、完整性、动态性、实用性特征。在实际运用中还要根据债券发行方式、偿还本息方式不同而灵活运用。

Abstract: The capital cost is a crucial index for making financial decisions. Fixing the pre-tax capital cost is key for cost calculation of the long-term bonds capital. On the basis of evaluating the existing calculation method, a new cost calculation method of the long-term bonds capital is presented in this paper. With scientificity, integrity, dynamic and practicality, this new method avoids the weak points of the existing one. In addition, the new method will be applied flexibly according to different ways of issuing bonds and repaying the principal with interest.