| 1. | The results show that the financial leverage as the independent variable is significantly positively correlated with wacc in tele communication and computer line , i . e . , it is significantly negatively correlated with market value of the firms
第五章主要阐述了根据研究发现所得出的基本结论和相关结论。研究发现，目前我国电信与计算机行业上市公司的财务杠杆与加权资本成本显著正相关。 |
| 2. | Allowing for the effects of the adjustment of tax factor , the change of the capital structure , the liquidity risk and the dynamic variation of fund , the discount rate is calculated on the basis of the wacc model and is finally fixed
受短期债务长期化、流动负债成本显现化趋势影响，在计算折现率时以wacc模型为基础，考虑税收因素调整、资本结构变化、流动性风险和资金动态变化带来的影响，进行量化后确定整体折现率。 |
| 3. | This is the main part of the thesis , the optimizing process of capital structure is classifies into three steps : the financing scheme is feasible or not ; effect of financial lever profit and financial risk ; the realization of the greatest value of enterprise and lowest wacc , which provide an effective analytical instrument for studying our country ' s enterprise capital structure
这部分是本文的重点所在，通常，企业融资结构的优化分三个步骤，即融资方案是否有利、财务杠杆利益和财务风险的影响、实现企业价值最大化和wacc最低。这个优化分析的通用方法为研究我国企业融资结构问题提供了一个有效的实证分析工具。第四部分：企业融资结构的决定因素及股利政策对企业价值的影响。 |
| 4. | At the same time , we noticed that the iax was lower than the loan interest , and the wacc might go up if the investor could not satisfy the foreign % & jw r ffatghwfiffis govenunent loan condition , and the policy of the free trade zone where the project is located might easily affect the trade volume of the project
如果项目顺利实施且投产后能达到设计吞吐量，则对本项目的人民币贷款将可以按照贷款回收期，到期收回。但同时应注意，本项目的内部收益率低于人民币贷款利率；且保税区政策变化也会对项目吞吐量产生重大影响。 |
| 5. | There is two things important on calculating eva . firstly it need to estimate the cost of the equity , then get the wacc ( weighted average cost of capital ) and the cost of the capital invested . secondly , some account items have to adjusted in which value created activities are distorted according to the general accounting principles to ensure the result can be demonstrated comprehensively
计算eva ，需要估算权益的成本，并由此计算出加权平均资本成本，最终确定资本投入的成本，另外，现有的通用会计准则扭曲了大量的价值创造活动，因而在计算eva时，也需要根据企业实际，对经营结果有重要影响的会计科目进行调整，以确保最终的eva能够全面反映企业的经营效果。 |
| 6. | This thesis puts forward a valuation model to intangible assets valuation and offered a reference that can solve this problem this thesis adopts wacc combine capm model to confirm earning rate , uses ahp approach to confirm the weight , then confirm all kinds of intangible assets value according to their contribution in whole intangible assets , this approach is clear and easy to use
本论文针对无形资产评估这样一个系统工程提出了一个评估模型，为该问题的系统解决提供了一个可借鉴的参考。本论文采用wacc结合capm模型确定收益率，运用ahp法确定权重，根据各类无形资产在整体无形资产价值中贡献的大小，确定各类无形资产价值大小，这种方法直观明了、简洁实用。 |
| 7. | Besides , the results show that short financial leverage is significantly positively correlated with wacc . but the long financial leverage is negatively correlated with wacc , it follows that the listed companies in tele communication and computer line should increase the long debt despite the decrease while they should downsize the overall debt
另外短期财务杠杆与加权资本成本正相关，企业应适当降低短期债务融资，但是长期财务杠杆与公司资本成本负相关，说明上市公司应在降低债务融资规模时中应该提高长期债务融资的比例。 |
| 8. | After calculation , we got the result that the net present value ( npv ) was a positive number , the intemal rate of retum ( irr ) was higher than the weighted - average cost of capital ( wacc ) , the investment payback period was l l . 7 years , the discoamed payback period was l 7 . 2 years , the payback period of foreign govenunent loan was 7 . l years , and the payback period of meb loan was 8 . 2 years
本调查报告的主要结论是：本项目交通条件良好，具备一定的市场条件，自然条件适宜建设2 5万吨级码头，施工条件良好，项目的净现值为正值，内部收益率高于加权平均资本成本，静态投资回收期11 7年，动态投资回收期17 |
| 9. | The formula is : eva = nopat - wacc ( debt cost + cost of equity ) the theories foundation of the eva evaluation model is that the intrinsic value of a company equal to sum of the discounted future eva of the company and total investment of the company . eva is the company ' s surplus income
用公式表示为： eva =税后净经营利润加权平均资本成本（债务资本股权资本）经济增加值（ eva ）价值模型的理论基础是公司的内在价值等于公司未来的经济增加值折现后再加上公司的投资总额。 |
| 10. | Chapter 2 involves in difficulties to use dcf model in the valuation of the equity of non - listed companies . chapter 3 and 4 analyze two key problems mentioned above , viz . the measurement of wacc with the antitheses method in chapter 3 , and based on the foreign research , chapter 4 gives the equation to determine the valuation discount for the lack of marketability of non - listed companies in china
第三章和第四章是针对第二章中提出的两个难点问题分别进行了讨论，第三章讨论了采用整体价值评估模式的贴现率，即wacc的估算，重点讨论了利用对比公司估算我国非上市公司股票系统风险及股权资本成本的方法；第四章借鉴国外的研究成果对我国非上市公司股权的缺乏流动性折扣进行了讨论，并提出了确定缺乏流动性折扣率的方法。 |
