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