跨国资本成本和资本结构

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1.2.2Country Differences in the Cost of Debt
• The risk premium compensates creditors
for the risk that the borrower may default on its payments.
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1.3.1资本成本评价国外项目
• When the risk level of a foreign project is different from
that of the MNC, the MNC’s weighted average cost of capital (WACC) may not be the appropriate required rate of return for the project.
kc
=
(D
D+E
)
kd
(1
_
t
)
+
(
E D+
E
)
ke
其中
D 公司负债额 E 公司的权益资本 kd 税前债务成本 t 公司所得税税率 ke 公司权益融资成本
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资本成本
寻求合适的资本结构
债务比率 负债利息费用递减税收… 可是，破产风险可能增加，需权衡。
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1.1.1 跨国公司资本成本的影响因素
for Financing a Project
• To derive the overall cost of capital, the costs of
debt and equity are combined, using the relative proportions of debt and equity as weights.
industry.
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1.2.1 各个国家资本成本的差异
• The cost of capital can vary across
countries, such that: MNCs based in some countries have a
competitive advantage over others; MNCs may be able to adjust their
cash flows
the MNC can handle more debt
MNC’s credit risk Lower risk more access to credit
MNC’s access to Profitable / less growth opportunities retained earnings more able to finance with earnings
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Lexon’s Project: Two Financing Alternatives
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1.4.1 跨国公司的资本结构决策
• The overall capital structure of an MNC is
essentially a combination of the capital structures of the parent body and its subsidiaries.
partially is financed by foreign funds) Initial equity outlay VS present value of cash flows(including
cash outflow caused by foreign financing )discounted by equity cost
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各国债务成本
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1.2.3权益成本的国家差异
• A firm’s return on equity can be measured
by the risk-free interest rate plus a premium that reflects the risk of the firm.
reduce its stock’s beta, and hence reduce the required return.
• However, some MNCs consider unsystematic project
risk to be important in determining a project’s required return.
• The risk premium is influenced by
economic conditions, the relationships between corporations and creditors, government intervention, the degree of financial leverage, etc.
Strength of host Expect to weaken borrow host country currency country currency to reduce exposure
Country risk
Likely to block funds / confiscate assets prefer local debt financing
17 Chapter
跨国资本成本和资本结构
具体目标
解释公司及国家自身的特点怎样影响跨国公司 的资本成本;
解释为什么不同国家的资本成本会有差异; 解释当一个跨国公司决定其资本结构时如何考
虑公司和国家的特点。
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背景知识: 资本成本
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背景知识: 资本结构
一个公司的加权平均资本成本：
• There are various ways to account for this risk differential
in the capital budgeting process. 1. Derive NPVs based on the WACC. 2. Adjust the WACC for the risk differential. 3. Derive the NPV of the equity investment. (when the project
international operations and sources of funds to capitalize on the differences; and MNCs based in some countries tend to use a debt-intensive capital structure.
Tax laws
Higher tax rate prefer local debt financing
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1.4.2 子公司和母公司融资决策之间的相互 影响
Increased debt financing by the subsidiary
A larger amount of internal funds may be available to the parent.
• 具体包括:
¤公司规模 ¤可进入国际资本市场 ¤国际多元化 ¤汇率风险 ¤国家风险
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因素总结
更大的公司规模
更容易进入国际 资本市场 国际多元化
存在汇率风险
存在国家风险
获得债权人的优 惠待遇
可能获得低成本 的外国融资
破产的概率
资本成本
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1.1.2 用CAPM比较权益资本成本
• CAPM: ke = Rf + b (Rm – Rf)
其中
ke = 股票要求的收益率 Rf =无风险收益率 Rm = 市场收益率 b =股票的b系数
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1.1.2 Cost-of-Equity Comparison Using the CAPM
• A stock’s beta represents the sensitivity of
the stock’s returns to market returns, just as a project’s beta represents the sensitivity of the project’s cash flows to market conditions.
MNC’s guarantee Subsidiary debt is backed by parent
on debt
the subsidiary can borrow more
MNC’s agency problems
Not easy to monitor subsidiary issue stock in host country (Note: there is a potential conflict of interest)
• The cost of equity represents an
opportunity cost, and is thus also based on the available investment opportunities.
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1.2.4 Lexon’s Estimated Weighted Average Cost of Capital (WACC)
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Country Characteristics
Stock restrictions Less investment opportunities lower cost of raising equity
Interest rates