资本成本是用来评价资本预算和投资决策的、与项目风险相适应的必要报酬率,是投资者愿意为投资项目提供资金所期望获得的最低报酬率,而非企业资本实际的历史成本。当经营者按股东利益采取行动时,它就反映为投资者在可比资本市场上进行同等风险项目的投资可能获得的报酬率。资本成本是公司估价、筹资决策和投资决策的重要基础和依据,应用十分广泛。但现有的股权资本成本计算方法存在重 The cost of capital, which is used to evaluate capital budgeting and investment decisions, is the minimum rate of return that investors are willing to fund for investment projects, rather than the actual historical cost of the corporate capital. When an operator takes action in the interest of shareholders, it is reflected in the rate of return that an investor may receive from investing in a comparable risk item in a comparable capital market. The cost of capital is an important basis and basis for the company’s valuation, financing decision-making and investment decision-making, and is widely used. However, existing methods for calculating the cost of equity capital are heavy