财务管理预期报酬率和资本成本课件
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kP = $6.30 / $70 kP = 9%
财务管理预期报酬率和资本成本
Cost of Equity Approaches
• Dividend Discount Model • Capital-Asset Pricing
Model • Before-Tax Cost of Debt plus
Risk Premium
Cost of Capital is the required rate of return on the various types of financing. The overall cost of capital is a weighted average of the individual required rates of return (costs).
财务管理预期报酬率和资本成本
Key Sources of Value Creation
Industry Attractiveness
Growth phase of product
cycle
Barriers to competitive
entry
Other -e.g., patents,
temporary monopoly
power, oligopoly
pricing
Cost
Marketing and price
Perceived quality
Superior organizational
capability
Com财p务e管t理i预ti期v报e酬A率和d资v本a成n本tage
Overall Cost of Capital of the Firm
P0 =
D1 (1+ke)1
+
D2 (1+ke)2
+
.
.
.
+
D (1+ke)
财务管理预期报酬率和资本成本
Constant Growth Model
The constant dividend growth assumption reduces the model to:
ke = ( D1 / P0 ) + g Assumes that dividends will grow at the constant rate “g”
kP = DP / P0
财务管理预期报酬率和资本成本
Determination of the Cost of Preferred Stock
Assume that Basket Wonders (BW) has
preferred stock outstanding with par value of $100, dividend per share of $6.30, and a current market value of $70 per share.
财务管理预期报酬率和资本成本
Dividend Discount Model
The cost of equity capital, ke, is the discount rate that equates the present value of all expected future
dividends with the current market price of the stock.
Chapter 15
Required Returns and the Cost of Capital
财务管理预期报酬率和资本成本
Required Returns and the Cost of Capital
• Creation of Value • Overall Cost of Capital of the Firm • Project-Specific Required Rates • Group-Specific Required Rates • Total Risk Evaluation
forever.
财务管理预期报酬率和资本成本
Determination of the Cost of Equity Capital
0
j =1 (1 + kd)j
财务管理预期报酬率和资本成本
Determination of the Cost of Debt
Assume that Basket Wonders (BW) has
$1,000 par value zero-coupon bonds
outstanding. BW bonds are currently
trading at $385.54 with 10 years to maturity. BW tax bracket is 40%.
$0 + $1,000
$385.54 = (1 + kd)10
财务管理预期报酬率和资本成本
Determination of the Cost of Debt
(1 + kd)10 = $1,000 / $385.54 = 2.5938
财务管理预期报酬率和资本成本
Market Value of Long-Term Financing
百度文库
Type of Financing
Mkt Val Weight
Long-Term Debt
$ 35M 35%
Preferred Stock $ 15M 15%
Common Stock Equity $ 50M 50%
(1 + kd) = (2.5938) (1/10) = 1.1
kd = .1 or 10%
ki = 10% ( 1 - .40 )
ki = 6%
财务管理预期报酬率和资本成本
Cost of Preferred Stock
Cost of Preferred Stock is the required rate of return on investment of the preferred shareholders of the company.
$ 100M 100%
财务管理预期报酬率和资本成本
Cost of Debt
Cost of Debt is the required rate of return on investment of the lenders of a company.
P = S ki = kdn( 1 -IjT+) Pj
财务管理预期报酬率和资本成本
Cost of Equity Approaches
• Dividend Discount Model • Capital-Asset Pricing
Model • Before-Tax Cost of Debt plus
Risk Premium
Cost of Capital is the required rate of return on the various types of financing. The overall cost of capital is a weighted average of the individual required rates of return (costs).
财务管理预期报酬率和资本成本
Key Sources of Value Creation
Industry Attractiveness
Growth phase of product
cycle
Barriers to competitive
entry
Other -e.g., patents,
temporary monopoly
power, oligopoly
pricing
Cost
Marketing and price
Perceived quality
Superior organizational
capability
Com财p务e管t理i预ti期v报e酬A率和d资v本a成n本tage
Overall Cost of Capital of the Firm
P0 =
D1 (1+ke)1
+
D2 (1+ke)2
+
.
.
.
+
D (1+ke)
财务管理预期报酬率和资本成本
Constant Growth Model
The constant dividend growth assumption reduces the model to:
ke = ( D1 / P0 ) + g Assumes that dividends will grow at the constant rate “g”
kP = DP / P0
财务管理预期报酬率和资本成本
Determination of the Cost of Preferred Stock
Assume that Basket Wonders (BW) has
preferred stock outstanding with par value of $100, dividend per share of $6.30, and a current market value of $70 per share.
财务管理预期报酬率和资本成本
Dividend Discount Model
The cost of equity capital, ke, is the discount rate that equates the present value of all expected future
dividends with the current market price of the stock.
Chapter 15
Required Returns and the Cost of Capital
财务管理预期报酬率和资本成本
Required Returns and the Cost of Capital
• Creation of Value • Overall Cost of Capital of the Firm • Project-Specific Required Rates • Group-Specific Required Rates • Total Risk Evaluation
forever.
财务管理预期报酬率和资本成本
Determination of the Cost of Equity Capital
0
j =1 (1 + kd)j
财务管理预期报酬率和资本成本
Determination of the Cost of Debt
Assume that Basket Wonders (BW) has
$1,000 par value zero-coupon bonds
outstanding. BW bonds are currently
trading at $385.54 with 10 years to maturity. BW tax bracket is 40%.
$0 + $1,000
$385.54 = (1 + kd)10
财务管理预期报酬率和资本成本
Determination of the Cost of Debt
(1 + kd)10 = $1,000 / $385.54 = 2.5938
财务管理预期报酬率和资本成本
Market Value of Long-Term Financing
百度文库
Type of Financing
Mkt Val Weight
Long-Term Debt
$ 35M 35%
Preferred Stock $ 15M 15%
Common Stock Equity $ 50M 50%
(1 + kd) = (2.5938) (1/10) = 1.1
kd = .1 or 10%
ki = 10% ( 1 - .40 )
ki = 6%
财务管理预期报酬率和资本成本
Cost of Preferred Stock
Cost of Preferred Stock is the required rate of return on investment of the preferred shareholders of the company.
$ 100M 100%
财务管理预期报酬率和资本成本
Cost of Debt
Cost of Debt is the required rate of return on investment of the lenders of a company.
P = S ki = kdn( 1 -IjT+) Pj