Banks that needed equity but dithered last year discovered to their cost that the pool of available capital was not limitless; they had to pay far more for it later, if they could get it at all.

需要股票权益的银行去年却犹豫了并发现了现有的资金是无数的。如果他们能够得到所有的话，必须过后付的更多。

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In theory, this lessens the risk of future insolvency and taxpayer bail-out and lowers the cost of raising fresh equity capital.

理论上，这减少了未来无偿付能力和纳税人抒困的风险，也降低了筹集新鲜股本的成本。

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The UK National Institute highlights a higher price for risk, which would increase the effective cost of capital, involving a higher equity premium in the stock market.

英国国家经济社会研究院(National Institute of Economic and Social Research)则强调了风险价格的上升——这会增加资本的有效成本，包括股市溢价上升。

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And yet, a recent estimate in a 2009 paper on CSR reporting and the cost of equity capital, suggests that hundreds of large US firms, comprising as much as 10% of the value of the publicly traded US market, produce CSR reports.

FORBES: What Do We Make Of CSR Reporting?

Of course, if markets are illiquid, then investors may be reluctant to invest, and the cost of equity capital will rise.

ECONOMIST: Why equity markets have forgotten their function

None is a true bottom-line margin that relates profits to sales after deducting all costs, including the opportunity cost of equity capital.

FORBES: Are You Being Misled By Profit Margins?