现代公司财务理论至今尚未形成统一的理论结构,很多问题的辨析研究彼此隔离,支离破碎。一个没有统一理论结构的学科将很难发挥解释现实、预测未来的功能。作为一个基本的财务学概念,资本成本有机地勾连了股东利益与财务决策之间的关系,其丰富的内涵和强大的解释力在财务理论结构的建设中发挥着基础性的作用,是公司财务理论中承前启后的一个核心概念。完整的以股东财富为核心、以资本成本为基本概念的财务理论结构由如下相互联系的、有机的三个部分组成:(1)股东利益保护与股东财富最大化理论;(2)资本成本理论;(3)财务决策(政策)理论。%As a core concept in finance theory,cost of capital organically connects the relationship between sharehold-er interest and financial decision,the connotation and explanatory of which plays a fundamental role in the construction of financial theory structure.A complete finance theory structure should include three interrelated and organic components:shareholder protection and shareholder wealth maximization theory,cost of capital theory and financial decision (policy) theory.
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