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(一) 资金的有限性和不可或缺性使其在商品经济活动中的作用极其显要。资金在不同经济主体之间转移会影响转移双方的利益,资金在不同项目上使用又会产生不同的经济效益。资金转移和使用会带来收益,同时又必然地发生资金成本。不考虑资金成本就很难作好筹措资金和使用资金的工作,会计核算也将不会是完善的,会计预测和分析也将失去必要的基础。然而,目前一些教科书和刊物上关于资金成本概念的解释却相互矛盾,使人难以理解。我有以下质疑: 其一,“如果资金是借来的,资金成本就是借款的利率;如果资金是自有的,资金成本就是投资者的预期报酬率。”对这一较为普遍解释的质疑是,如果以借入资金的资金成本为基准来理解,
(1) The limited and indispensable nature of funds makes its role in commodity economic activities extremely important. The transfer of funds between different economic entities will affect the transfer of the interests of both parties, and the use of funds in different projects will have different economic benefits. The transfer and use of funds will bring benefits, but at the same time capital costs will inevitably occur. Without considering the cost of capital, it will be difficult to make efforts to raise funds and use funds. Accounting will also not be perfect, and accounting forecasts and analysis will also lose the necessary foundation. However, the current interpretation of the concept of cost of capital in some textbooks and publications is contradictory and difficult to understand. I have the following questions: First, “If the funds are borrowed, the cost of capital is the interest rate for borrowing; if the funds are self-owned, the cost of capital is the investor’s expected rate of return.” This is more commonly explained The question is, if we understand the basis of the cost of capital for borrowing money,