財(cái)務(wù)管理(雙語(yǔ)版)第十五章 必要報(bào)酬率和資本成本.ppt

1、Chapter 15 Required Returns and the Cost of Capital 必要報(bào)酬率和資本成本,Chapter 15 Required Returns and the Cost of Capital 必要報(bào)酬率和資本成本,1.Overall Cost of Capital of the Firm企業(yè)的綜合資本成本 overall cost of capital is a weighted average of the individual required rates of return Weighted Average Cost of Capital:WACC

2、Cost of Capital:the required rate of return on the various types of financing Cost of equity capital Cost of debt(capital) Cost of preferred stock(capital),2.Cost of Debt 債務(wù)成本 企業(yè)的負(fù)債有多種,只關(guān)注有顯式成本(利息支付)的債務(wù)-主要是長(zhǎng)期債務(wù) 對(duì)沒(méi)有顯式成本的債務(wù),如應(yīng)付賬款、應(yīng)計(jì)費(fèi)用等不予考慮。 Kd-債務(wù)顯式成本的求解：令債務(wù)發(fā)行的市價(jià)等于利息和本金支付的現(xiàn)值，解出折現(xiàn)率,3.Cost of Preferred S

3、tock 優(yōu)先股成本 一般支付固定股利,且無(wú)到期日.所以 優(yōu)先股利在稅后支付,所以不需要調(diào)整.,4.Cost of Equity 權(quán)益成本 Dividend Discount Model Approach 股利折現(xiàn)模型法 權(quán)益資本成本ke,使每股市價(jià)與每股未來(lái)股利現(xiàn)值相等的折現(xiàn)率 固定增長(zhǎng)股利模型,Capital-Asset Pricing Model Approach CAPM 每股普通股的預(yù)期報(bào)酬率Rj,Before-Tax Cost of Debt Plus Risk Premium Approach 權(quán)益成本:稅前債務(wù)成本加風(fēng)險(xiǎn)溢價(jià)法 較簡(jiǎn)單、粗糙的方法 由于公司的普通股比債務(wù)的風(fēng)險(xiǎn)更高，需要更高的風(fēng)險(xiǎn)溢價(jià)來(lái)補(bǔ)償投資收益，一般為3%。 Ke=Before-tax cost of debt（ Kd ）+Risk premium in expected return for stock over debt =稅前債務(wù)成本+股票對(duì)債務(wù)的期望收益風(fēng)險(xiǎn)溢價(jià),5.綜合資本成本 WACC 注意：WACC中應(yīng)采用邊際資本成本，marginal cost of capital 當(dāng)存在資金籌集費(fèi)用時(shí)，flotation costs 調(diào)整：a.AIO初始支出調(diào)整法 Adjustment to Initial Outlay b.ADR 調(diào)整資本成本 Adjustment to Discount