公司理財(cái)雙語(yǔ)CosofCaial

Chapter8

PrinciplesofCorporateFinanceNinthEditionCostofCapital15-2TopicsCoveredKnowhowtodetermineafirm’scostofequitycapitalKnowhowtodetermineafirm’scostofdebtKnowhowtodetermineafirm’soverallcostofcapitalUnderstandpitfallsofoverallcostofcapitalandhowtomanagethem15-3ChapterOutlineTheCostofCapitalTheCostofEquityTheCostsofDebtandPreferredStockTheWeightedAverageCostofCapital15-4WhyCostofCapitalIsImportantWeknowthatthereturnearnedonassetsdependsontheriskofthoseassetsThereturntoaninvestoristhesameasthecosttothecompanyOurcostofcapitalprovidesuswithanindicationofhowthemarketviewstheriskofourassetsKnowingourcostofcapitalcanalsohelpusdetermineourrequiredreturnforcapitalbudgetingprojects15-5RequiredReturnTherequiredreturnisthesameastheappropriatediscountrateandisbasedontheriskofthecashflowsWeneedtoknowtherequiredreturnforaninvestmentbeforewecancomputetheNPVandmakeadecisionaboutwhetherornottotaketheinvestmentWeneedtoearnatleasttherequiredreturntocompensateourinvestorsforthefinancingtheyhaveprovided15-6CostofEquityThecostofequityisthereturnrequiredbyequityinvestorsgiventheriskofthecashflowsfromthefirmBusinessriskFinancialriskTherearetwomajormethodsfordeterminingthecostofequityDividendgrowthmodelSMLorCAPMInvestinprojectTheCostofEquityCapitalFirmwith

excesscashShareholder’sTerminalValuePaycashdividendShareholderinvestsinfinancialassetBecausestockholderscanreinvestthedividendinriskyfinancialassets,theexpectedreturnonacapital-budgetingprojectshouldbeatleastasgreatastheexpectedreturnonafinancialassetofcomparablerisk.Afirmwithexcesscashcaneitherpayadividendormakeacapitalinvestment15-8TheDividendGrowthModelApproachStartwiththedividendgrowthmodelformulaandrearrangetosolveforRE15-9DividendGrowthModelExampleSupposethatyourcompanyisexpectedtopayadividendof$1.50persharenextyear.Therehasbeenasteadygrowthindividendsof5.1%peryearandthemarketexpectsthattocontinue.Thecurrentpriceis$25.Whatisthecostofequity?15-10Example:EstimatingtheDividendGrowthRateOnemethodforestimatingthegrowthrateistousethehistoricalaverageYear Dividend PercentChange2000 1.23 -2001 1.30 2002 1.36 2003 1.43 1999 1.50(1.30–1.23)/1.23=5.7%(1.36–1.30)/1.30=4.6%(1.43–1.36)/1.36=5.1%(1.50–1.43)/1.43=4.9%Average=(5.7+4.6+5.1+4.9)/4=5.1%15-11AdvantagesandDisadvantagesofDividendGrowthModelAdvantage–easytounderstandanduseDisadvantagesNotapplicableifdividendsaren’tgrowingatareasonablyconstantrateExtremelysensitivetotheestimatedgrowthrate–anincreaseingof1%increasesthecostofequityby1%Doesnotconsiderrisk15-12TheSMLApproachUsethefollowinginformationtocomputeourcostofequityRisk-freerate,RfMarketriskpremium,E(RM)–RfSystematicriskofasset,15-13Example-SMLSupposeyourcompanyhasanequitybetaof.58andthecurrentrisk-freerateis6.1%.Iftheexpectedmarketriskpremiumis8.6%,whatisyourcostofequitycapital?RE=6.1+.58(8.6)=11.1%SincewecameupwithsimilarnumbersusingboththedividendgrowthmodelandtheSMLapproach,weshouldfeelprettygoodaboutourestimate15-14AdvantagesandDisadvantagesofSMLAdvantagesadjustsforsystematicriskApplicabletoallcompanies,aslongaswecanestimatebetaDisadvantagesHavetoestimatetheexpectedmarketriskpremium,whichdoesvaryovertimeHavetoestimatebeta,whichalsovariesovertimeWeareusingthepasttopredictthefuture,whichisnotalwaysreliable15-15Example–CostofEquitySupposeourcompanyhasabetaof1.5.Themarketriskpremiumisexpectedtobe9%andthecurrentrisk-freerateis6%.Wehaveusedanalysts’estimatestodeterminethatthemarketbelievesourdividendswillgrowat6%peryearandourlastdividendwas$2.Ourstockiscurrentlysellingfor$15.65.Whatisourcostofequity?UsingSML:RE=6%+1.5(9%)=19.5%UsingDGM:RE=[2(1.06)/15.65]+.06=19.55%15說(shuō)-16Co雷st涂o突f諒De替btTh姐e器co擦st蘋o但f嗓de狠bt著i耕s螺th燭e橡re杜qu餐ir由ed煮r殘et越ur配n勁on綁o腔ur泛c普om敏pa逐ny徹’s衛(wèi)d迅eb咳tWe棕u鼠su尖al峽ly跌f方oc綱us跟o罪n爸th再e非co毛st擦o榴f側(cè)lo信ng心-t刷er建m憑de鉆bt貓o崖r倚bo色nd蛋sTh高e奮re錢qu軟ir銹ed率r炸et河ur悟n娛is丸b華es煙t遺es囑ti蘆ma改te監(jiān)d員by占c件om桃pu掩ti嗓ng劉t賄he扒y村ie津ld默-t屠o-母ma浩tu圈ri旬ty姓o照n遵th提e喜ex務(wù)is改ti土ng捧d腦eb宴tWe水m懼ay袍a嫂ls李o陰us撈e險(xiǎn)es警ti點(diǎn)ma家te蟻s涂of捕c藏ur佛re測(cè)nt角r湯at禽es膚b舊as膽ed堪o纖n洽th你e舍bo色nd降r位at連in急g嶺we監(jiān)e精xp垂ec鈔t亦wh洗en盾w捎e礙is消su寧e剝ne吐w魔de奴btTh顆e原co題st梁o魚(yú)f來(lái)de召bt驅(qū)i陶s遭NO粒T仍th覆e隆co圖up檢on范r國(guó)at駛e15蜻-17Ex持am銀pl漁e:季C猛os叉t易o(hù)f心D政eb勾tYi斗el拆d潛to擋M卷at罰ur掉it野yYi周el煌d抓to稻M奮at銹ur曲it端y慣of脹a豬C豆ou見(jiàn)po斤n燒Bo賺nd15公-20Co依st闖o鉤f董Pr寸ef復(fù)er笑re餅d垮St覽oc變kRe轉(zhuǎn)mi譽(yù)nd劈燕er白sPr燥ef許er缸re悟d愧st色oc她k歪ge壯ne琴ra鴨ll翠y禮pa汗ys丑a聰c窯on兇st芒an乎t乖di年vi爺de慶nd準(zhǔn)e粱ac戲h予pe姓ri晨odDi輩vi增de梯nd恢s府a(chǎn)r抵e商ex綢pe遣ct資ed臘t柏o浴be綠p微ai偉d憂ev請(qǐng)er召y珠pe暈ri園od職f內(nèi)or捏ev謎erPr師ef屢er委re轉(zhuǎn)d模st招oc摸k伯is張a阻p存er釣pe胞tu卡it前y,市s飛o憤we乎t掛ak秀e榮th蚊e衛(wèi)pe籠rp臺(tái)et受ui燙ty瞎f抬or安mu講la悔,誓re軟ar嚴(yán)ra裁ng垃e序an先d殃so對(duì)lv窩e丸fo呼r批RPRP=傳D暑/傻P015騎-21Ex凝am歲pl雁e:每C捎os嗓t下of找P退re忙fe買rr剃ed顏S析to黎ckYo鑼ur做c莊om瞧pa誓ny充h梅as壩p困re刮fe妥rr春ed教s待to捧ck缺t航ha鬼t誤ha李s衰an府a(chǎn)飛nn區(qū)ua皮l倘di某vi譜de浴nd捉o衫f與$3狐.針I(yè)f翅t(yī)籠he杠c知ur痕re幻玉nt其p停ri否ce值i模s干$2錘5,別w殿ha常t成is仍t慎he勝c歉os鐘t襲of帆p鄙re評(píng)fe減rr慣ed驕s娛to橫ck身?RP=除3抱/儀25選=賞1枝2%15懶-22Th膝e嶺We槽ig林ht鳥(niǎo)ed曬A挪ve網(wǎng)ra學(xué)ge萬(wàn)C開(kāi)os仇t年of砌C過(guò)ap犧it幼alis跪t幅he瓣r葉at裂e謹(jǐn)th港at呆a極c腦om胳pa車ny影i茶s挺ex謝pe杯ct脾ed供t益o狹pa好y蕉on惡a材ve疏ra催ge完t握o圈al污l瀉it宋s慢se岡cu野ri科ty授h避ol朵de懇rs宴t捉o城fi善na遙nc悔e雁it跟s保as講se絨tsWe勝c窯an榨u厭se諷t嚷he傍i陷nd亞iv逢id隊(duì)ua錘l狂co筐st蛙s乏of隔c潤(rùn)ap撿it亭al光t字ha襖t欲we腸h再av懶e嫁co愁mp撇ut陵ed驅(qū)t狡o衫ge苦t沃ou兩r耀“a干ve憶ra色ge瘦”五co夕st武o作f照ca彩pi榴ta透l摸fo為r昨th魯e疤fi押rm扶.Th映is型“超av笛er第ag響e”歸i書(shū)s旺th響e緞re擴(kuò)qu村ir之ed逗r皆et尺ur抖n遣on羽o核ur攜a單ss伴et燦s,再b這as態(tài)ed頌o浮n圈th旁e媽ma功rk趨et膛’s貝p汪er描ce眨pt河io嗚n蜓of那t膊he脖r恐is漸k英of鳳t鳥(niǎo)ho扛se片a賤ss季et傾sTh形e戰(zhàn)we句ig萌ht粱s酷ar挖e死de擴(kuò)te姿rm槽in椒ed鈴b惕y貞ho內(nèi)w妙mu踩ch蘇o尸f潮ea不ch宰t根yp穴e昆of籃f孔in哭an橡ci蹤蝶ng靠w聽(tīng)e扣us黨eTh刊e殖We肆ig似ht慰ed濃A孔ve公ra禾ge貼C話os邁t廉of織C會(huì)ap耐it混alTh才e痕We丑ig章ht鼓ed北A固ve死ra脈ge打C防os味t架of鏟C罩ap皆it懂a(chǎn)l泡i單s影gi銹ve抱n副by炭:Be都ca的us趣e被in繳te稱re司st阿e慚xp繡en順se疲i旁s裝ta懸x-匠de奧du報(bào)ct扇ib談le僅,太we妄m演ul嶺ti后pl搭y黑th洲e頃la基st詢t店er戲m撲by舅(撥1–TC).RWACC=Equity+DebtEquity×REquity+Equity+Debt

Debt×RDebt×(1–TC)RWACC=S+BS×RS+S+BB×RB×(1–TC)15游-24Ta里xe芒s鈔an識(shí)d襖th枯e簽WA寧CCWe唯a弱re魂c皂on摩ce巷rn頸ed遲w毀it蜻h(yuǎn)熊af喊te葉r-獸ta爸x躁ca婦sh找f到lo研ws屋,清so槍w宣e仰ne益ed孤t木o咐co茄ns櫻id撤er常t瓦h(yuǎn)e濕e棒ff中ec寒t欠of符t規(guī)ax貸es配o梁n滾th羅e乘va韻ri芹ou很s常co目st就s擁of銀c糊ap槍it紡alIn堅(jiān)te俱re紹st漫e素xp保en扛se稍r猛ed濁uc盼es憲o朵ur玩t灶ax踢l蠅ia巡壽bi涌li文tyTh尖is蕉r勝ed丙uc糠ti柄on軍i闖n螺ta添xe蠟s車re久du頁(yè)ce票s衡ou高r柴co桶st及o壘f映de被btAf祥te悶r-嘉ta挽x餓co夢(mèng)st史o將f果de鬼bt氏=析RD(1碌-TC)Di掘vi再de土nd攻s箭ar章e投no唐t數(shù)ta值x縣de法du伐ct象ib傲le量,捷so拖t暢he雹re霞i憤s塵no角t統(tǒng)ax逆i慘mp醫(yī)ac門t網(wǎng)on兆t定he撲c表os決t諒of百e餐qu咐it樣yWA茂CC描=wERE+抓wDRD(1析-TC)15刻-25Ex蓄te嚇nd不ed圈E誦xa小mp言le艘–敢W筐AC洽C污-若IEq素ui朵ty始I磨nf飼or奧ma廊ti傻on50殃m液il種li鋒on而s特ha昏re弱s$8行0庭pe怎r膝sh截ar松eBe沾ta獻(xiàn)=穴1繁.1突5Ma吹rk體et纖r借is樸k歪pr奪em味iu跌m能=平9%Ri浪sk夸-f顆re速e秒ra買te噸=籃5首%De辰bt霸I盼nf競(jìng)or記ma斃ti圓on$1至b佩il毛li越on柔i鍬n均ou想ts費(fèi)ta腹nd坐in億g衡de戶bt琴(防fa濃ce落v團(tuán)al掠ue挨)Cu牲rr絨en閱t懼qu穴ot辰e腫=斷11南0Co帖up徐on屑r毀at密e閣=宗9%溉,弱se低mi釀an芳nu比al掏c嘆ou顧po粥ns15竄y股ea倆rs殘t趙o射ma邁tu鏈ri宵tyTa稀x仙ra和te恨=重4喊0%15楊-26Ex選te圓nd夠ed攻E霧xa剩mp