國際企業(yè)資本成本與資本結(jié)構(gòu)

第四章國際企業(yè)資本本錢與資本結(jié)構(gòu)MultinationalCostofCapital&CapitalStructure第一節(jié)、資本本錢的內(nèi)涵CostofCapital第二節(jié)、個別資本本錢的估算CalculationofIndividualCostofCapital第三節(jié)、加權(quán)資本本錢WACC第四節(jié)、國際企業(yè)資本結(jié)構(gòu)CapitalStructureforMNC12第三章外匯風(fēng)險管理

ExchangeRateRiskManagement第一節(jié)外匯風(fēng)險的涵義

DefinitionofExchangeRateRisk第二節(jié)交易風(fēng)險及管理方法TransactionExposureManagement第三節(jié)經(jīng)濟(jì)風(fēng)險與折算風(fēng)險EconomicandTranslationExposure第四節(jié)外匯風(fēng)險管理策略StrategyofExchangeRateRiskManagement案例分析:Blades,inc.caseP2362外匯風(fēng)險的類型

TypesofForeignExchangeExposure

EconomicExposure經(jīng)濟(jì)風(fēng)險Exchangerateriskasappliedtothefirm’scompetitiveposition.TransactionExposure交易風(fēng)險Exchangerateriskasappliedtothefirm’shomecurrencycashflows.TranslationExposure折算風(fēng)險Exchangerateriskasappliedtothefirm’sconsolidatedfinancialstatements.3交易風(fēng)險管理方法

TechniquestoEliminateTransactionExposureFuturesHedgeForwardHedgeMoneyMarketHedgeCurrencyOptionHedgeCalculatingtheRealCostofHedgingDeterminingtheOptimalHedgeHedgingLong-TermTransactionExposureLong-TermForwardContractCurrencySwapParallelLoanAlternativeHedgingTechniquesLeadingandLaggingCross-HedgingCurrencyDiversification4經(jīng)濟(jì)風(fēng)險的管理

Proactive〔主動的〕ManagementofEconomicExposureThesixmostcommonlyemployedproactivepoliciesare:MatchingcurrencycashflowsRisk-sharingagreementsBack-to-backorparallelloansCurrencyswapsLeadsandlagsReinvoicingcenter56折算、交易與經(jīng)濟(jì)風(fēng)險之比較n對「換算風(fēng)險」而言，交易與責(zé)任、義務(wù)之清算早已完成，匯率變動只影響其帳面數(shù)據(jù)。n對「交易風(fēng)險」而言，匯率變動恰巧發(fā)生在交易達(dá)成，但尚未進(jìn)行清算的期間，此外，該清算或必須以外幣進(jìn)行，如此對該公司才會形成交易風(fēng)險。n對「經(jīng)濟(jì)風(fēng)險」而言，匯率變動乃是造公司預(yù)期的現(xiàn)金流量產(chǎn)生偏差。也就是說，交易尚未發(fā)生。67外匯風(fēng)險管理策略一、完全防止外匯風(fēng)險的管理策略二、消極的外匯風(fēng)險管理策略三、積極的外匯風(fēng)險管理策略7InternationalFinancialManagement

CaseStudy:

Blades,Inc.Case

ManagingTransactionExposure8.1.ExportSpeedostoBritishRetailer200,000pairsat￡80/pairfor2years,mayrenewcontract.2.ContinueexportSpeedostoThailandEntertainmentProducts180,000pairsatThaiBaht4594，2yearsmayrenewcontract3.ImportsfromThailandmaterialsforSpeedosenoughtoproduce72,000pairs.Pricesnotfixed,adjustabletomarketprices,nowatThaiBaht3,000.4.Exportquarterlyeach50,000toBritishRetailer,45,000toThaiEntertainmentProducts,paymentmadeonfirstdayofJan.Apr.July.Oct.5.Importsquarterlyeach18,000materialfromThailand.Earlypayment,Beneficial,Why?IdentifyTheHedgingtechniquemostappropriateforBlades.9

ThailandUnitedKingdomCurrentspotrate$0.0230$1.500090-dayforwardrate$0.0215$1.4900PutoptionPremiumNotavailable$0.0200PutoptionexercisepriceNotavailable$1.4700CalloptionpremiumNotavailable$0.0150CalloptionexercisepriceNotavailable$1.480090-dayborrowingrate(nonannulized)4.00%2.00%90-daylendingrate(nonannulized)3.50%1.80%BritishCallandPutoptionsareavailablefor￡31,250peroption10ProbabilitySpotRateforSpotRatefor￡in90DaysBahtin90Days5%$1.45$0.020020%$1.47$0.021330%$1.48$0.021725%$1.49$0.022015%$1.50$0.02305%$1.52$0.0235UnitedStatesBorrowingandLendingrates90-dayborrowingrate(nonannualized)2.30%90-daylendingrate(nonannualized)2.10%111.Usingaspreadsheet,comparethehedgingalternativesfortheThaiBahtwithascenariounderwhichBladesremainsunhedged.DoyouthinkBladesshouldhedgeorremainunhedged?IfBladesshouldhedge,whichhedgeismostappropriate.

Basedontheanalysis,itappearsthatBladesshouldhedgeitsbahtexposure.ThemoneymarkethedgeappearstobethemostappropriateforBlades,becauseitresultsinthehighestdollarvalueforthenetbahtinflows.Thereisonlya20percentchancethatremainingunhedgedwillresultinahigherdollaramounttobereceivedin90days.12Baht-denominatedoutflowPairsmanufactured18,000.00Xestimatedcostperpair3,000.00=Numberofbahtneededin90days54,000,000.00Netinflowinbahtanticipatedin90days152,730,000.00CalculationofNetBahtPaidorReceivedin90days:Baht-denominatedinflow:pairssold45,000.00XPriceperpair4,594.00=Numberofbahtreceivedin90days206,730,000.0013MoneyMarketHedge:borrowbaht,convertto$,invest$,usereceivablestopayoffloanin90daysamountinbahtborrowed152,730,000/1.04146,855,769.23Dallarsreceivedfromconvertingbaht(146,855,769.20x$0.023)3,377,682.69Dollarsaccumulatedafter90days(3,377,682.69X1.021)3,448,614.03ForwardHedge:Sellbaht90daysforward:Baht-denominatedcashflow152,730,000.00XForwardrateofbaht0.0215=Dollarstobereceivedin90days3,283,695.0014RemainunhdegedPossibilityPossiblesportratein90daysTotaldollarsreceivedfromConvertingBaht5%$0.0200$3,054,60020%$0.0213$3,253,14930%$0.0217$3,314,24125%$0.0220$3,360,06015%$0.0230$3,512,7905%$0.0235$3,589,155ForwardHedge:3,283,695.00MoneyMarketHedge:3,448,614.0315Basedontheanalysis,itappearsthatBladesshouldhedgeitspoundexposure.ThemoneymarkethedgeappearstobethemostappropriateforBlades,becauseitresultsinthehighestdollarvalueforthepoundinflows.Thereisnochancethattheoptionhedgewillresultinahigherdollaramounttobereceivedin90daysthanthemoneymarkethedge,Onlya5%chancethatremainingunhedgedwillresultinahigherdollaramountthatthemoneymarkethedge.2.Usingaspreadsheet,comparethehedgingalternativesfortheBritishpoundreceivableswithascenariounderwhichBladesremainsunhedged.DoyouthinkBladesshouldhedgeorremainunhedged?IfBladesshouldhedge,whichhedgeismostappropriateforBlades.16MoneyMarketHedge:borrowpounds,convertto$,invest$,usereceivablestopayoffloanin90daysamountinpoundsborrowed400,000/1.023,921,568.63Dollarsreceivedfromconvertingbaht(3,921,568.63x$1.5)5,882,352.94Dollarsaccumulatedafter90days(5,882,352.94X1.021)6,005,882.35

Pounds-denominatedinflow:pairssold50,000.00XPoundspriceperpair80.00=Numberofpoundsreceivedin90days4,000,000.00ForwardHedge:Sellpounds90daysforward:Pound-denominatedrevenue4,000,000.00XForwardrateofpounds1.49=Dollarstobereceivedin90days5,960,000.0017Buy128putoptions4000000/31250Exerciseprice1.47PossibleSportPremiumperunitExerciseTotalDollarsReceivedperUnitTotalDollarsReceivedfromProbabilityRatein90dayspaidforOptions($)Options?(afteraccountingforthepremium)Converting4mPounds$1.45$0.02Y$1.45$5,800,000.005%$1.47$0.02Y$1.45$5,800,000.0020%$1.48$0.02N$1.46$5,840,000.0030%$1.49$0.02N$1.47$5,880,000.0025%$1.50$0.02N$1.48$5,920,000.0015%$1.52$0.02N$1.50$6,000,000.005%Purchaseputoption:18Remainunhedeged

PossibilityPossiblesportratein90daysTotaldollarsreceivedfromConvertingBaht5%$1.45$5,800,00020%$1.47$5,880,00030%$1.48$5,920,00025%$1.49$5,960,00015%$1.50$6,000,0005%$1.52$6,080,000ForwardHedge:

$5,960,000.00MoneyMarketHedge:

$6,005,882.35

Purchaseputoption:5%$6,000,000.00Remainunhedeged5%$6,080,000.00193.Ingeneral,doyouthinkitiseasierforBladestohedgeitsinflowsoritsoutflowsdenominatedinforeigncurrencies?Why?Ingeneral,itiseasierforBladestohedgeitsinflowsdenominatedinforeigncurrencies.ThisisbecauseBlades’

outflowsaresubjecttotwouncertainvariables,theamountofthepayablesdenominatedintheforeigncurrencyduetofluctuationsinmarketpricesandthefutureexchangerate.

SinceBladeshasexportagreementwithitsmajorcustomers,itsdollarinflowsareuncertainonlybecauseofexchangeratechanges.204.Wouldanyofthehedgesyoucomparedinquestions2fortheBritishpoundstobereceivedin90daysrequireBladestooverhedge?GivenBlades’sexportingarrangements,doyouthinkitissubjecttooverhedgingwithamoneymarkethedge?Inthiscase,noneofthehedgeswouldrequireBlades,Inc.tooverhedge.

Usually,theputoptionhedgewouldrequireBladestooverhedge,sinceBenHoltwishestohedgetheentireexposureandthereare31,250poundsinaputoption.Inthiscase,however,Bladeswillreceive4,000,000poundsin90daysandwillneedtopurchase128putoptionsinordertoexactlycoverthisexposure.215.CouldBladesmodifythetimingoftheThaiimportsinordertoreduceitstransactionexposure?Whatisthetradeoffofsuchamodification?Bladescouldimportsufficientmaterialstocompletelyoffsetthebaht-denominatedrevenueof45000*4594=THB206,730,000thisquarter,itcouldimportmaterialssufficienttomanufacture206730000/3000=68,910pairsofSpeedosinthecurrentquarter,ItcouldtheninstructitsThaicustomertomakepaymentdirectlytotheThaisupplier.ThetradeoffofacceleratingthepurchasefromThailandinordertoreduceBlades’transactionexposurethisquarteristhatthetransactionexposureinsubsequentquarterswillbecorrespondinglyhigher.Furthermore,Blades’

inventorypositionwillbeveryhighthisquarter,anditmayincuradditionalexpensesinordertoaccommodatethehigherinventory.226.CouldBladesmodifyitspaymentpracticesfortheThaiimportsinordertoreduceitstransactionexposure?Whatisthetradeoffofsuchamodification?Yes,BladescouldmodifyitspaymentpracticesinordertoreduceitstransactionexposureinThailand.Currently,BladespaystheThaisupplierssixtydaysearlierthanitscompetitors.

IftheThaibahtdepreciatesoverthesesixtydays,laggingpaymentwouldresultinalowerdollarcostforBlades.ThetradeoffresultingfromlaggingpaymentstotheThaisuppliersIsthatBladescannotusetheBaht-denominatedcoststooffsetthebaht-denominatedrevenue.Thisisbecausebahtwillbereceivedandneededatdifferenttimes.Consequently,Bladesmayhavetohedgeitsexposuremoreoften.237.GivenBlades’exportingagreements,arethereanylong-termhedgingtechniquesBladescouldbenefitfrom?Forthisquestiononly,assumethatBladesincursallofitscostsintheUnitedStatesBladeshasfixed-priceexportingarrangementswithboththeThaiandBritishcustomersforthenexttwoyears.Furthermore,thetimingoftheresultingforeigncurrencyinflowsisknown.

Sincelong-temhedgingtechniquesareparticularlyappropriateforfirmsthatcanaccuratelyestimatetheirforeigncurrencypayablesorreceivablesthatwilloccurinthefuture,Bladescouldbenefitfromlongtermhedgingtechniques.Forexample,itcouldenterintolong-termforwardcontactsforThaibahtand/orBritishpounds,swapcurrencieswithanotherfirminthefuture,oragreetoaparallelloan.24第四章國際企業(yè)資本本錢與資本結(jié)構(gòu)MultinationalCostofCapital

&CapitalStructure第一節(jié)、資本本錢的內(nèi)涵CostofCapital第二節(jié)、個別資本本錢的估算CalculationofIndividualCostofCapital第三節(jié)、加權(quán)資本本錢WACC第四節(jié)、國際企業(yè)資本結(jié)構(gòu)CapitalStructureforMNC25ChapterObjectivesCostofCapitalWACC(Theweightedaveragecostofcapital)ToexplainhowcorporateandcountrycharacteristicsinfluenceanMNC’scostofcapital;Toexplainwhytherearedifferencesinthecostsofcapitalamongcountries;andToexplainhowcorporateandcountrycharacteristicsareconsideredbyanMNCwhenitestablishesitscapitalstructure.26第一節(jié)、資本本錢的內(nèi)涵Thecostofcapitalistheminimumrateofreturnaninvestmentprojectmustgenerateinordertopayitsfinancingcosts.公司的資本本錢:公司為取得所需資金而付出的代價，主要包括支付給股東的股利和支付給長期債權(quán)人的利息。從投資人的角度看：它表示與投資時機(jī)本錢和投資風(fēng)險相適應(yīng)的回報率；從籌資者的角度看：它表示公司為取得資金必須支付的價格；27CostofCapitalAfirm’scapitalconsistsof:Equity(retainedearningsandfundsobtainedbyissuingstock),reflectsanopportunitycostDebt(borrowedfunds).reflectedininterestexpenses.Acompany'scapitalstructurereferstoitsdebtlevelrelativetoequityonthebalancesheet

Firmsattempttouseacapitalstructurethatwillminimizetheircostofcapital.Firmsusedebtratherthanequityascapital：why?becausetheinterestpaymentsondebtaretaxdeductibleTowhatlevel?why?28Asinterestexpensesincrease,theprobabilityofbankruptcywillincreasetoo.Itisfavorabletoincreasetheuseofdebtfinancinguntilthepointatwhichthebankruptcyprobabilitybecomeslargeenoughtooffsetthetaxadvantageofusingdebt.CostofCapitalCostofCapitalDebtRatioDebt’sTradeoff29資本本錢率的種類在公司籌資實務(wù)中，通常運用資本本錢的相對數(shù)，即資本本錢率。資本本錢率是指公司用資費用與有效籌資額之間的比率，通常用百分比來表示。一般而言，資本本錢率有以下種類：1．個別資本本錢率(costofcapital是指公司各種長期資本的本錢率。2．加權(quán)資本本錢率(WACC)是指公司全部長期資本的本錢率。3．邊際資本本錢率(marginalcostofcapital)是指公司追加長期資本的本錢率。30資本本錢的作用〔1〕資本本錢是選擇資金來源、確定籌資方案的重要依據(jù)。個別資本本錢是比較籌資方式優(yōu)劣的一個尺度。加權(quán)資本本錢是企業(yè)進(jìn)行資本結(jié)構(gòu)決策的根本依據(jù)。邊際資本本錢是比較選擇追加籌資方案的重要依據(jù)。〔2〕資本本錢是評價投資工程、決定投資取舍的重要標(biāo)準(zhǔn)?！?〕資本本錢是衡量企業(yè)經(jīng)營成果的尺度。31CostofCapitalforMNCsSizeofFirm.

Becauseoftheirsize,MNCsareoftengivenpreferentialtreatmentbycreditors.Theycanusuallyachievesmallerperunitflotationcoststoo.AcesstoInternationalCapitalMarkets.MNCsarenormallyabletoobtainfundsthroughinternationalcapitalmarkets,wherethecostoffundsmaybelower.InternationalDiversification.MNCsmayhavemorestablecashinflowsduetointernationaldiversification,suchthattheirprobabilityofbankruptcymaybelower.ExposuretoExchangeRateRisk.

MNCsmaybemoreexposedtoexchangeratefluctuations,suchthattheircashflowsmaybemoreuncertainandtheirprobabilityofbankruptcyhigher.ExposuretoCountryRisk.

MNCsthathaveahigherpercentageofassetsinvestedinforeigncountriesaremoreexposedtocountryrisk.32CostofCapitalforMNCsPossibleaccesstolow-costforeignfinancingPreferentialtreatmentfromcreditorsGreateraccesstointernationalcapitalmarketsLargersizeInternationaldiversificationExposuretoexchangerateriskExposuretocountryriskCostofcapitalProbabilityofbankruptcy33TheFirm’sInvestmentDecisionandtheCostofCapitalAfirmthatcanreduceitscostofcapitalwillincreasetheprofitablecapitalexpendituresthatthefirmcantakeonandincreasethewealthoftheshareholders.Internationalizingthefirm’scostofcapitalisonesuchpolicy.costofcapital(%)Investment($)IRRK

globalK

localIlocal

Iglobal34第二節(jié)、個別資本本錢的估算個別資本本錢是指使用各種長期資金的本錢。長期借款資金成本債務(wù)資金成本權(quán)益資金成本長期債券優(yōu)先股普通股保留盈余35一、長期負(fù)債本錢Rd

1、長期借款本錢Rd1Rd1=Ri〔1-T〕Ri為借款利率，T表示公司所得稅率[例]設(shè)A公司向銀行借了一筆長期貸款，年利率為8%，A公司的所得稅率為34%，問A公司這筆長期借款的本錢是多少？Rd1=Ri〔1-T〕=8%〔1-34%〕=5.28%

362、長期債券本錢Rd2第一種情況：債券發(fā)行價格與債券面值相等Rd2=Ri〔1-T〕/〔1-F〕[例]某公司按面值發(fā)行年利率為7%的5年期債券2500萬元，發(fā)行費率為2%，所得稅率為33%，試計算該債券的資本本錢。Rd2=Ri〔1-T〕/〔1-F〕=7%×〔1-33%〕/〔1-2%〕=4.79%

37第二種情況：債券發(fā)行價格與債券面值不等時首先確定債券的收益率，債券收益率Ri由公式計算，

其中P0是發(fā)行凈價格〔等于發(fā)行價格扣除發(fā)行本錢〕，It表示定期按票面利率支付的利息，Pn表示債券面值，n表示債券期限，t表示第t期。再乘以〔1-T〕，得出債券的資本本錢：Rd2=Ri〔1-T〕38[例]某股份擬發(fā)行面值為1000元，年利率為8%，期限為2年的債券。試計算該債券在以下市場利率下的發(fā)行價格。市場利率為：〔i〕10%〔ii〕8%〔iii〕6%〔i〕當(dāng)市場利率為10%時，〔ii〕當(dāng)市場利率為8%時，〔iii〕當(dāng)市場利率為6%時=965.29元=1000元=1036.64元39[例]某公司采用溢價20元發(fā)行為期2年、票面利率為7%、面值1000元的債券3000萬元，發(fā)行費用為60萬元，公司所得稅率為33%，問該公司發(fā)行債券的本錢是多少？首先計算出按溢價發(fā)行債券的收益率：P0=〔1000+20〕×〔1-60/3000〕=999.6元由于

得Ri=7.02%故發(fā)行債券的本錢為:Rd2=Ri〔1-T〕=7.02%×(1-33%)=4.70%40二、優(yōu)先股本錢RP

RP=其中P0應(yīng)為扣除發(fā)行費用之后的價格。[例]公司方案發(fā)行1500萬元優(yōu)先股，每股股價100元，固定股利11元，發(fā)行費用率4%，問該優(yōu)先股本錢是多少？RP=DP/P0=11/[100×〔1-4%〕]=11.46%優(yōu)先股股利DP優(yōu)先股發(fā)行凈價格P041三、普通股資本本錢按照資本本錢率實質(zhì)上是投資必要報酬率的思路，普通股的資本本錢率就是普通股投資的必要報酬率。一般有三種方法計算普通股的本錢：即股利折現(xiàn)模型、資本資產(chǎn)定價法、債券收益率加風(fēng)險溢價法。

421、股利折現(xiàn)模型股利折現(xiàn)模型的根本形式是：

Po---普通股用資凈額，即發(fā)行價格扣除發(fā)行費用；Dt---普通股第t年的股利；Kc-普通股投資必要報酬率，即普通股資本本錢率。運用上列模型測算普通股資本本錢率，因具體的股利政策而有所不同：剩余股利政策、固定股利支付率政策、固定股利或穩(wěn)定增長股利政策低正常股利加額外股利政策〕43如果公司采用固定股利政策，即每年分派現(xiàn)金股利D元，資本本錢率可按下式測算：

[例]ABC公司擬發(fā)行一批普通股，發(fā)行價格12元，每股發(fā)行費用2元，預(yù)定每年分派現(xiàn)股利每股1.2元。其資本本錢率測算為：

44如公司采用固定增長股利的政策，股利固定增長率為G，資本本錢率需按下式測算：

[例]XYZ公司準(zhǔn)備增發(fā)普通股，每股發(fā)行價格15元，發(fā)行費用3元，預(yù)定第一年分派現(xiàn)金股利每股1.5元，以后每年股利增長2.5%。其資本本錢率測算為：

452、資本資產(chǎn)定價模型法：

普通股票的預(yù)期收益率等于無風(fēng)險利率加上風(fēng)險補償〔或稱風(fēng)險溢價〕，用公式表示為：Re=Ri=Rf+〔Rm-Rf〕βiRf表示無風(fēng)險利率，Rm表示市場所有股票或市場所有資產(chǎn)組合的預(yù)期收益率；Ri表示第i種股票或風(fēng)險資產(chǎn)的預(yù)期收益率，也即等于普通股的資本本錢Reβi表示第i種股票或資產(chǎn)的預(yù)期收益率相對于市場平均預(yù)期收益率變動的適應(yīng)程度βi等于1，表示與市場平均風(fēng)險股票的變動程度相同；βi大于1，表示其變動大于市場平均風(fēng)險股票的變動程度；βi小于1，表示其變動小于市場平均風(fēng)險股票的變動程度。46Thecapitalassetpricingmodel(CAPM)canbeusedtoassesshowtherequiredratesofreturnofMNCsdifferfromthoseofpurelydomesticfirms.AccordingtoCAPM,ke=Rf+b(Rm

–

Rf)where ke = therequiredreturnonastock

Rf = risk-freerateofreturn

Rm = marketreturn

b = thebetaofthestockAstock’sbetarepresentsthesensitivityofthestock’sreturnstomarketreturns,justasaproject’sbetarepresentsthesensitivityoftheproject’scashflowstomarketconditions.Theloweraproject’sbeta,theloweritssystematicrisk,andtheloweritsrequiredrateofreturn,ifitsunsystematicriskcanbediversifiedaway.CostofCapitalforMNCs47系統(tǒng)風(fēng)險估計48βiβm=1RfRmSMLO證券市場線Ri資本資產(chǎn)定價模型可以用圖形表示。用Ri表示縱軸，β系數(shù)表示橫軸，就可以畫出一條連接無風(fēng)險收益率與市場組合收益率的直線，即是我們所說的證券市場線SML49[例]設(shè)C股票的β系數(shù)等于0.4,D股票的β系數(shù)等于2,如果無風(fēng)險收益率為9%，市場期望的收益率為13%，那么C股票和D股票的預(yù)期收益率為多少？由公式:Ri=Rf+〔Rm-Rf〕βiRc=9%+〔13%-9%〕×0.4=10.6%RD=9%+〔13%-9%〕×2=17%503、債券收益率加風(fēng)險溢價法：Re=長期負(fù)債利率+風(fēng)險溢價相對債券的風(fēng)險溢價：3%-5%假定長期負(fù)債利率為10%，風(fēng)險溢價為3% ke =kd+RiskPremium

=10%+3%

ke

=13%51四、保存盈余資本本錢公司的保存盈余是由公司稅后利潤形成的，屬于權(quán)益資本。從外表上看，公司保存盈余并不花費什么資本本錢。實際上，股東愿意將其留用于公司而不作為股利取出投資于別處，總是要求獲得與普通股等價的報酬。因此，保存盈余也有資本本錢，不過是一種時機(jī)資本本錢。保存盈余資本本錢率的測算方法與普通股根本相同，只是不考慮籌資費用。52第三節(jié)、加權(quán)資本本錢1、加權(quán)資本本錢的概念weightedaveragecostofcapital(WACC)Afirmnormallyfindsitsweightedaveragecostofcapital(WACC)bycombiningthecostofequitywiththecostofdebtinproportiontotherelativeweightofeachinthefirm’soptimallong-termfinancialstructure:加權(quán)資本本錢是各單項籌資方式資本本錢的加權(quán)平均數(shù)。53對工程投資決策的作用在于：

貼現(xiàn)率；基準(zhǔn)收益率對企業(yè)而言，可用于企業(yè)價值評估：公式542、加權(quán)資本本錢的計量模型三個根本步驟：1、計算每項融資來源的資本本錢；2、確定債務(wù)、優(yōu)先股和普通股分別在全部資本中的權(quán)重；3、計算公司的資本加權(quán)本錢。55Afirm’sweightedaveragecostofcapitalkc=(D)

kd(

1

_

t

)

+

(E)

keD

+

ED

+

Ewhere D istheamountofdebtofthefirm E istheequityofthefirm

kd isthebefore-taxcostofitsdebt

t isthecorporatetaxrate

ke isthecostoffinancingwithequityCostofCapital56Theweightedaveragecostofcapital57TheMNC’scostofcapital58各種長期資本比例是指一個公司各種長期資本分別占公司全部長期資本的比例。

例如，ABC公司的全部長期資本總額為1000萬元，其中長期借款200萬元占20%，長期債券300萬元占30%，普通股400萬元占40%，保存盈余100萬元占10%。假設(shè)其個別資本本錢率分別是6%，7%，9%，8%。該公司綜合資本本錢率是多少？綜合資本本錢率＝6%×20%＋7%×30%＋9%×40%＋8%×10%＝7.7%59公司W(wǎng)ACC帳面負(fù)債比率英代爾(Intel)14.5%3%奇異(GE)13.5%7%迪士尼(WaltDisney)12.3%33%可口可樂(CocaCola)12.0%14%摩托羅拉(Motorola)11.6%15%美國電話電報(AT&T)9.9%39%漢斯(H.J.Heinz)9.8%47%南貝爾公司(BellSouth)9.5%33%艾克森石油(Exxon)9.4%18%渥馬賣場(Wal-Mart)9.4%43%美國企業(yè)之加權(quán)平均資本本錢

資料來源：Whoaretherealwealthcreators?,Fortune,December9,1996,p.107.60[例]某公司擬籌資500萬元,現(xiàn)有甲、乙兩個備選方案如下表:籌資方式甲方案乙方案 籌資金額資本本錢籌資金額資本本錢 長期借款80 7.0% 110 7.5%公司債券120 8.5% 40 8.0%普通股300 14.0% 35014.0%合計500 500 試確定哪一種方案較優(yōu)?61甲方案的加權(quán)平均資本本錢為：Ra1=WdRd+WeRe+WbRb=80/500×7%+120/500×8.5%++300/500×14%=11.56%乙方案的加權(quán)平均資本本錢為：Ra2=110/500×7.5%+40/500×8%+350/500×14%=12.09%甲方案本錢低于乙方案，故甲方案優(yōu)于乙方案。62資本本錢與風(fēng)險+公司的資本本錢率等于在資本市場上投資者應(yīng)得的與其風(fēng)險程度相對應(yīng)的均衡收益率。無風(fēng)險報酬率風(fēng)險溢酬資本成本或必要報酬率實際利率預(yù)期通貨膨脹率變現(xiàn)力風(fēng)險溢酬到期風(fēng)險溢酬違約風(fēng)險溢酬636465CostsofCapitalAcrossCountriesThecostofcapitalmayvaryacrosscountries,because:MNCsbasedinsomecountriesmayhaveacompetitiveadvantageoverothers;MNCsmaybeabletoadjusttheirinternationaloperationsandsourcesoffundstocapitalizeonthedifferences;MNCsbasedinsomecountriesmayhaveamoredebt-intensivecapitalstructure.66四、國際企業(yè)資本結(jié)構(gòu)

TheMNC’sCapitalStructureDecision

CapitalStructure：theproportionoflong-termdebtandequitycapitalandtheparticularformsofcapitalchosentofinancetheassetsofthefirmTheFinancialStructureofSubsidiariesConformtotheparentcompany'snorm.Conformtothelocalnormofthecountrywherethesubsidiaryoperates.Varyjudiciouslytocapitalizeonopportunitiestolowertaxes,reducefinancingcostsandrisk,andtakeadvantageofvariousmarketimperfections.67TheMNC’sCapitalStructureDecisionTheoverallcapitalstructureofanMNCisessentiallyacombinationofthecapitalstructuresoftheparentbodyanditssubsidiaries.Thecapitalstructuredecisioninvolvesthechoiceofdebtversusequityfinancing,andisinfluencedbybothcorporateandcountrycharacteristics.68CorporateCharacteristicsStabilityofcashflows：MNCswithmorestablecashflowscanhandlemoredebt.Creditrisk：MNCsthathavelowercreditriskhavemoreaccesstocredit.Accesstoretainedearnings：

ProfitableMNCsandMNCswithlessgrowthmaybeabletofinancemostoftheirinvestmentwithretainedearnings.Guaranteesondebt.：Iftheparentbacksthesubsidiary’sdebt,thesubsidiarymaybeabletoborrowmore.Agencyproblems：Hostcountryshareholdersmaymonitorasubsidiary,thoughnotfromtheparent’sperspective.69Stockrestrictions：MNCsincountrieswhereinvestorshavelessinvestmentopportunitiesmaybeabletoraiseequityatalowercost.Interestrates：MNCsmaybeabletoobtainloanablefunds(debt)atalowercostinsomecountries.Strengthofcurrencies：MNCstendtoborrowthehostcountrycurrencyiftheyexpectittoweaken,soastoreducetheirexposuretoexchangeraterisk.Countryrisk：Ifthehostgovernmentislikelytoblockfundsorconfiscateassets,thesubsidiarymaypreferdebtfinancing.Taxlaws：

MNCsmayusemorelocaldebtfinancingifthelocaltaxrates(corporatetaxrate,withholdingtaxrate,etc.)arehigher.CountryCharacteristics70Thesevariablesinclude:AvailabilityofcapitalDiversificationofcashflowsForeignexchangeriskExpectationsofinternationalportfolioinvestorsThedomestictheoryofoptimalfinancialstructuresneedstobemodifiedbyfourmorevariablesinordertoaccommodatethecaseoftheMNE.71Availabilityofcapital:Amultinationalfirm’smarginalcostofcapitalisconstantforconsiderablerangesofitscapitalbudgetThisstatementisnottrueformostsmalldomesticfirms(astheydonothaveequalaccesstocapitalmarkets),norforMNEslocatedincountriesthathaveilliquidcapitalmarkets(unlesstheyhavegainedaglobalcostandavailabilityofcapital)72Diversificationofcashflows:ThetheoreticalpossibilityexiststhatmultinationalfirmsareinabetterpositionthandomesticfirmstosupporthigherdebtratiosbecausetheircashflowsarediversifiedinternationallyAsreturnsarenotperfectlycorrelatedbetweencountries,anMNEmightbeabletoachieveareductionincashflowvariability(muchinthesamewayasportfolioinvestorswhodiversifytheirsecurityholdingsglobally)73Foreignexchangerisk:Whenafirmissuesforeigncurrencydenominateddebt,itseffectivecostequalstheafter-taxcostofrepayingtheprincipalandinterestintermsofthefirm’sowncurrencyThisamountincludesthenominalcostofprincipalandinterestinforeigncurrencyterms,adjustedforanyforeignexchangegainsorlosses74ExpectationsofInternationalPortfolioInvestors:ThekeytogainingaglobalcostandavailabilityofcapitalisattractingandretaininginternationalportfolioinvestorsIfafirmwantstoraisecapitalinglobalmarkets,itmustadoptglobalnormsthatareclosetotheUSandUKnormsasthesemarketsrepresentthemostliquidandunsegmentedmarkets75UsingtheCostofCapital

forAssessingForeignProjectsForeignprojectsmayhaverisklevelsdifferentfromthatoftheMNC,suchthattheMNC’sweightedaveragecostofcapital(WACC)maynotbetheappropriaterequiredrateofreturn.Therearevariouswaystoaccountforthisriskdifferentialinthecapitalbudgetingprocess.DeriveNPVsbasedontheWACC.TheprobabilitydistributionofNPVscanbecomputedtodeterminetheprobabilitythattheforeignprojectwillgenerateareturnthatisatleastequaltothefirm’sWACC.AdjusttheWACCfortheriskdifferential.TheMNCmayestimatethecostofequityandtheafter-taxcostofdebtofthefundsneededtofinancetheproject.76案例分析百事可樂公司資本加權(quán)本錢計算77案例分析目的在詳細(xì)地介紹了公司資本本錢的概念以及計算過程和計算方法后。人們不禁會問：公司在實際投資、融資與經(jīng)營決策過程中真的使用資本本錢這一概念并認(rèn)真計算資本本錢嗎？確實有很多公司并不這樣做，但也有很多公司接受并應(yīng)用資本本錢的概念。百事可樂公司就屬于后者。百事可樂公司財務(wù)主管BobDettmer始終堅信公司主要部門的戰(zhàn)略應(yīng)按其對股東價值的奉獻(xiàn)來評價。78如果一項投資或經(jīng)營方案預(yù)期的收益率不能超過公司的資本本錢，即不能增加股東權(quán)益的價值，那么就不應(yīng)采納。因此，估計公司的資本本錢成為戰(zhàn)略方案評估過程的關(guān)鍵環(huán)節(jié)。百事可樂公司管理當(dāng)局認(rèn)為，用適宜的資本本錢貼現(xiàn)投資方案的未來現(xiàn)金流，可以確定該投資方案的現(xiàn)值。如果該投資的風(fēng)險與百事可樂公司的總體風(fēng)險大致相當(dāng)，那么公司的資本本錢就是評估該項投資方案適宜的貼現(xiàn)率。然而，百事可樂公司所屬的各經(jīng)營部門具有不同的投資時機(jī)及不同的風(fēng)險水平。79案例分析目的用公司的資本本錢來評估每個部門的工程很可能會導(dǎo)致拋棄低風(fēng)險,部門好的投資方案而接受高風(fēng)險,部門差的投資方案的情形。為防止出現(xiàn)這種情形，百事可樂公司對所屬的快餐、飲料、餐館三個經(jīng)營部門分別計算部門的資本本錢，以便更好地反映各部門的風(fēng)險，同時也有助于公司更好地評估投資時機(jī)。下面介紹百事可樂公司的管理人員計算其資本加權(quán)本錢的過程和方法。80案例分析思路與方法百事可樂公司對下屬的每個主要部門分別評估其資本加權(quán)本錢〔K0〕，這些部門包括飲料、快餐和餐館。每個部門的資本加權(quán)本錢計算出來后，再計算百事可樂公司的資本加權(quán)本錢，它等于各部門資本加權(quán)本錢的加權(quán)平均值。百事可樂公司所采用的資本加權(quán)本錢的計算過程如下：1.估算每個部門的股權(quán)資本本錢和債務(wù)本錢；2.確定每個部門的目標(biāo)資本結(jié)構(gòu)；3.用目標(biāo)資本結(jié)構(gòu)對債務(wù)、股權(quán)等單項資本本錢進(jìn)行加權(quán)，從而確定每個部門的資本加權(quán)本錢。4.利用各部門的資本本錢計算整個公司的資本加權(quán)成本。81案例分析過程計算單項資本本錢百事可樂公司在計算本錢時把資本分為兩類：普通股和債務(wù)。計算普通股資本本錢百事可樂公司采用資本資產(chǎn)定價模型〔CAPM〕來計算公司的普通股資本本錢Kcs。Kcs=Krf+β(Km-Krf)運用CAPM模型估算部門的股權(quán)資本本錢時需要確定：①無風(fēng)險收益率；②市場預(yù)期收益；③該部門的β值。估算無風(fēng)險收益率百事可樂公司采用30年期國債的到期收益率7.28%作為無風(fēng)險收益率，因為國債根本上沒有違約風(fēng)險，并且國債的收益率中已經(jīng)包含了投資者對通貨膨脹的預(yù)期。82案例分析過程估算市場預(yù)期收益率

市場預(yù)期收益率理論上等于完全消除了非市場風(fēng)險或非系統(tǒng)風(fēng)險的股票投資組合的預(yù)期收益率。芝加哥一家咨詢公司為百事可樂公司提供的市場預(yù)期收益率的季度估計值為11.48%。83案例分析過程估算部門的β值百事可樂公司所屬的三個經(jīng)營部門都沒有在股票市場上交易，因此，它們的β值均不能直接計算。為此，百事可樂公司采用兩種方法來估算部門的β值：①同業(yè)公司β值類比法，即通過一個或假設(shè)干個經(jīng)營業(yè)務(wù)與百事可樂公司所屬業(yè)務(wù)部門相同的上市公司來估計該部門的β值；②會計β值法，即利用每個經(jīng)營門的會計數(shù)據(jù)來估計該部門的β值。百事可樂公司用這兩種方法所求得的β值的平均值為計算所屬部門的股權(quán)資本本錢。84案例分析過程同業(yè)公司的β值

1.選擇一組分別與百事可樂三個部門業(yè)務(wù)相同的上市公司，見表1。表1與百事可樂公司下屬部門業(yè)務(wù)同類的上市公司餐館業(yè)