资金成本包括资金筹集费用和资金占用费用两部分。资金筹集费用指资金筹集过程中支付的各种费用，如发行股票，发行债券支付的印刷费、律师费、公证费、担保费及广告宣传费。需要注意的是，企业发行股票和债券时，支付给发行公司的手续费不作为企业筹集费用。因为此手续费并未通过企业会计帐务处理，企业是按发行价格扣除发行手续费后的净额入帐的。资金占用费是指占用他人资金应支付的费用，或者说是资金所有者凭借其对资金所有权向资金使用者索取的报酬。如股东的股息、红利、债券及银行借款支付的利息。今天高顿网校USCPA小编为大家介绍一下资本成本的计算。
Cost of Capital Computations
A.Cost of Long-Term Debt（kdx）
kdx=kdt x（1-T）
B.Cost of Preferred Stock（kps）
kps=Dps/Nps
C.Cost of Retained Earnings（kre）
Is the rate of return required by common stockholders.
A firm should earn at least as much on any RE and
reinvested in the business as stockholders could have
earned elsewhere.
After tax consideration is ignored since dividends are
not exempt from tax.
Three common methods of computing kre：
1.Capital asset pricing model（CAPM）
2.Discounted cash flow（DCF）
3.Bond yield plus risk premium（BYRP）
1.The Capital Asset Pricing Model（CAPM）
Formula：
Kre=risk free rate+risk premium
Kre=krf+（bi x PMR）
Kre = krf+[bi x（km–krf）]
2. Discounted Cash Flow（DCF）
Formula
Kre=（D1/P0）+g
Kre=[D0 x（1+g）]/P0 + g
Actually，dividend growth model，or Gordon growth model-refer to B6-59
P0=D0x（1+g）/（Kre-g）
Key Factors and Formula Notations
a.Cost of RE：kre
b.Current market value or price of the
outstanding common stock：P0
c.The dividend per share expected at the end
of one year：D1
d.The constant rate of growth in dividends：g
D.Weighted Average Cost of Capital（WACC）
Serves as a major link between the long term investment decisions associated with a corporation‘s capital structure and the wealth of its owners.
The theoretical optimal capital structure is the mix of financing instruments（debt & equity）that produces the LOWEST WACC.
Formula：
WACC=Cost of Equity x Percentage of equity in Capital Structure+Weighted average cost of debt x Percentage of debt in Capital Structure
