The Research On Composite Cost Of Capital Amount Listed Companies Of Central Enterprises

In 2010,SASAC put forward EVA as one of the main indicators to replace the return on net assets as one of the main indicators for the performance evaluation of the heads of state-owned enterprises,which is undoubtedly a tremendous progress.However,the problem of 5.5% capital cost rate stipulated in the calculation of EVA has been questioned by both theoretical and practical sessions.The accurate determination of capital cost of state-owned enterprises has become the leading industry of state-owned enterprises.Key issues in performance appraisal.On the basis of reviewing the related literatures such as cost measurement of equity capital and target capital structure,this paper mainly studies the measurement of cost of equity capital and target capital structure of listed state-owned enterprises according to the relevant theory of capital cost and the characteristics of state-owned enterprises.After comparing and analyzing the cost measurement models of equity capital,we choose CAPM model to measure the cost of equity capital of listed central enterprises.Using the method of internal rate of return,the risk-free interest rate is 4.4% by calculating the maturity rate of five-year treasury bonds in 2017;the market rate of return in 2017 is determined by using the method of index rate of return;the key parameters of CAPM model such as beta coefficient of listed central enterprises are determined by using the historical data of capital market and regression analysis method,and the cost of equity capital of listed central enterprises is measured concretely.Based on the dynamic trade-off theory,a regression model of target capital structure is constructed to measure the target capital structure of listed central enterprises.Combined with the debt capital cost ratio of listed state-owned enterprises,the comprehensive capital cost of listed state-owned enterprises in 2017 is calculated based on the comprehensive capital cost calculation model.It is found that the maximum and minimum cost of comprehensive capital is 19.77%(600583)and 1.1%(000617)in the data sample,and the proportion of the cost of comprehensive capital of listed state-owned enterprises exceeding the prescribed value is more than 72%.Finally,according to the relevant research conclusions,the paper puts forward some suggestions,such as establishing a dynamic adjustment mechanism for the comprehensive capital cost of central enterprises,adjusting the capital structure,reducing the comprehensive capital cost and establishing the capital cost consciousness of the head of central enterprises.This paper has made some breakthroughs in the determination of CAPM model parameters and the construction of target capital structure measurement model.It can provide reference for other related research,and also provide theoretical guidance for listed state-owned enterprises to reduce capital costs and enhance EVA.At the same time,it can also provide reference for other state-owned enterprises to measure capital costs.