The capital cost of long-term bonds = 6% * (1-33%)/(1-2%) = 4.10%.
Capital cost of preferred stock =8%/( 1-4%)=8.33%.
Common stock dividend capital cost =10% * (1+3%)/(1-4%)+3% =13.10%.
Comprehensive capital cost =1000/2000 * 4.10%+500/2000 * 8.33%+500/2000 *13.10% = 7.4/kloc.
There are many channels for enterprises to raise funds, such as state financial funds, bank credit funds, non-bank financial institutions' funds, other enterprises' funds, private funds, enterprises' own funds and foreign funds. There are also many forms, such as absorbing direct investment, issuing stocks, bank loans, commercial credit, issuing bonds, issuing financing bonds, leasing financing, etc.
Tax planning method
Tax planning in the process of financing Different financing schemes have different tax burdens, which provides taxpayers with operating space for tax planning in financing decision-making.
1. Determination of debt ratio With debt financing, taxpayers can not only get income, but also deduct debt interest before income tax. Compared with dividend payment, which can not be used as expenses but can only be distributed in after-tax profits, debt financing can pay less income tax and obtain tax-saving income. Therefore, if the return on investment before interest and tax is greater than the debt cost ratio, increasing the debt ratio can get more benefits from the above two aspects and improve the income level of equity capital. However, the proportion of responsibility needs to have a balance point. If the ratio is too high, it will cause unnecessary tax risks.
2. Using financial leasing Through financial leasing, taxpayers can not only obtain the assets they need quickly, but also preserve their borrowing ability. More importantly, the rented fixed assets can be depreciated, and depreciation can be used as a cost, which reduces the tax base of income tax, pays less income tax, and deducts the rental interest paid before income tax, further reducing the tax base. Therefore, the tax-saving benefits of financial leasing are very obvious.
3. Handling of financing interest According to the provisions of the tax law, the financing interest expenses incurred by the enterprise during the preparation period: (1) are included in the start-up expenses and amortized in installments according to the period of not less than five years from the date when the enterprise is put into production; (2) The expenses related to the purchase and construction of fixed assets or intangible assets in the process of production and operation are included in the financial expenses; (3) The assets have not been delivered for use or have been delivered for use, but they are included in the value of the purchased assets before the final accounts are completed. However, if it is included in the financial expenses, the current income can be offset in one lump sum; if it is included in the start-up expenses, fixed assets or intangible assets, it will be amortized by stages to offset the income in subsequent periods gradually. The difference is that the financing interest can be deducted as soon as possible when it is included in the financial expenses, which reduces the risk, obtains the time value of the funds and saves the tax relatively. Therefore, the share of financing interest expenses included in financial expenses should be increased as much as possible to obtain relative tax savings. Therefore, we should shorten the preparation period and purchase and construction cycle of assets as much as possible.