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“资本是不能无偿使用的,使用资本要负担成本”。这句话,产生于商品经济条件下,资本所有权和使用权分离的历史阶段。在西方,企业的资金来源有两个渠道,一是债务资本(向债权人借入资金),二是产权资本(股东提供的自有资金)。在我国传统会计只确定使用债务资本的代价,而不考虑使用自有资本的代价,这就给人们造成一种错觉,好象使用自有资本不需花费代价。事实上,西方运用自有资本的代价往往比运用债务资本的代价更高。例如在损益表内,利息费用(债务资本成本)是属于正常税收的扣减项目,而股息(自有资本成本)则不能扣减。也正是如此,西方会计学界提出了“资本成本会计”(Accounting for the cost of capital)的概念
“Capital cannot be used free of charge, and capital is used to bear the cost.” This sentence arises from the historical stage of separation of capital ownership and use rights under the conditions of commodity economy. In the West, there are two sources of funds for companies: debt capital (borrowing funds to creditors) and property capital (owners’ own funds). Traditional accounting in our country only determines the cost of using debt capital, without considering the cost of using its own capital. This creates an illusion that it does not cost to use its own capital. In fact, the cost of using the capital of the West is often higher than the cost of using debt capital. For example, in the income statement, the interest expense (debt capital cost) is a deduction item that is a normal tax, and the dividend (own capital cost) cannot be deducted. It is also true that Western accounting circles have proposed the concept of “Accounting for the cost of capital”.