The Calculation Research Of The Capital Cost And Rate Of Return On Investment In Listed Companies.

Investment and financing behavior is one of the effective ways of enterprises to achieve maximum value, but when making investment and financing decisions of listed companies often only pay attention to return on investment and neglected the cost of capital, so the correct measure return on investment level is particularly important. The development of Chinese listed companies and ability level is uneven, pick out the return on investment in the listed companies from a large number of high level, to promote the steady development of our economy and the efficient allocation of capital market. In addition, this paper studies to explore China’s present situation of Chinese capital market and raise the level of the return on investment of listed companies has certain significance,at the same time provide a reference for the investment and financing decisions of listed companies, but also for the development of listed companies and related policy formulation provides the empirical data, help the listed company financial management goal to maximize the value of the company.In this paper, on the basis of reference to domestic and foreign literature, through the use of economics, management, financial management, and other related theory knowledge,at the cost of capital and return on investment of the two measures as the main clue,explore the investment returns of listed companies in China, at the same time, according to research results make reasonable analysis, and to our country capital market effective investment and financing behavior and related Suggestions are put forward.First of all, this article summarizes the development of China’s macroeconomic background, through combing the domestic and foreign scholars in the research of the cost of capital and return on investment, summed up the cost of capital, return on investment,return on investment, level indicators such as basic concepts and theoretical basis. Then,choose the method of weighted average estimate comprehensive capital cost, using the traditional model to estimate the cost of debt capital, using the capital asset pricing model(CAMP) to estimate equity capital cost, choose earnings before interest and tax(EBIT) and the ratio of the capital stock estimate the return on investment, return on investment andthe ratio of the cost of capital as a form of efficiency, the level of investment returns.Variables in the capital asset pricing model(CAMP), choose one year deposit interest rate risk-free return rate, beta coefficient used in a variety of earnings and stock market returns covariance between the ratio of the variances of the market portfolio returns. Market risk premium in China after the mature stock market after adjusting for risk premium(USA).Secondly, according to the results of the measurement of the cost of capital, return on investment and return on investment levels respective divisions and annual descriptive statistical analysis. Discover our country industry level of return on investment is generally low, return on investment is difficult to make up for the cost of capital. Looked from the structure of the cost of capital, equity capital cost is higher than the debt capital cost, the weight of equity capital cost is much higher than the cost of debt capital, accounted for about 72%- 79% and debt financing accounts for only 20% to 28%, visible dominant of equity financing in our country. From the form of system of ownership, state-owned enterprise debt capital cost weight higher than the cost of equity capital, the results showed that electric heating water supply industry and construction of debt capital cost is higher than the cost of equity capital. Accommodation and catering industry, the investment rate of return, the worst performance more than 90% of its capital structure is the equity financing, and this is the high cost of accommodation catering industry capital. Look from the emerging industry and traditional industry, the traditional return on investment level is lower than the emerging technology industry. In addition, information transmission,software and information technology services and scientific research and technology service industry belongs to the strongest innovation ability and the ability of science and technology industry, but the return on investment is not high, which suggests that the industry as a whole innovation ability is still low, scientific research and development strength is poorer. The study also points out that China’s industrial structure is not reasonable. This article also in macroeconomic growth and bank interest rates of these two factors are analyzed in comparison.Finally, in view of the research results, this paper provides a feasible Suggestions from various angles, to help our country capital market in the allocation of resources to make the right decisions, the principle of "evolution" to make capital flows more in linewith market principles. In a healthy capital market environment, our country listed company can for maximizing the value pursuit of more effective measures, at the same time can also help investors to make the right investment decisions in China.