[專(zhuān)業(yè)課]【西南財(cái)大課件金融經(jīng)濟(jì)學(xué)】lecture3-costofcapital(已修改)
2024-10-28 17:11 本頁(yè)面
【正文】 Cost of Capital and Investment decisions 18 September 2021 WACC Corporate Finance 3 WACC ? Under the assumptions of MM, ? If the pany undertakes a new investment project with same risk as the rest of the pany, the change in value is: ( * ) )1( IBTIE B I TTIV CCL ????????? ?BTE B I TTBTVV CCCUL ????? ?)1(Corporate Finance 4 WACC ? The new investment is financed with debt or equity or both ? The change in value can also be seen from the liability side: nn BSI ?????IBIBISISIV nonoL??????????????Corporate Finance 5 WACC ? If ?Bo = 0, and using the fact that ?I ? ?Sn ??Bn ? The project adds value for the shareholders if 1????? ????????? ISI BSISIVonnoL( * * ) 1010 ??????????????? IVIVISIS LLooCorporate Finance 6 WACC ? Using (**) in (*): ? If we assume that there is a target capital structure and therefore that ?B/?I = D/(D+E), the term is the WACC ????????????????????????IBTIE B I TTIBTIE B I TTIVCCCCL 1)1(1)1( ???????? ??? IBT C1?Corporate Finance 7 Derivation: ?????????????????????????????????????????????????????????????DEDTrMPEDDTMPrEDDTrMPEDDTMPEDDMPEDErEDDTrEDErEDDMPEDTEDEMPEDErEDErEDDTrEDDMPEDTrEDErTEDDMPrEDErTEDDrEDErTEDDw a c cUUUffUUUfffUUfffUffEffEf1)1()))1(1(()1()()1()1(?????????Corporate Finance 8 WACC – lessons ? Notice that the standard WACC is a by product of MM, and therefore is relies on the same assumptions ? Notice also there is something intrinsically contradictory in the way it is often applied: ? You start assuming a constant debt level ? Then you assume a target debt ratio ? When the debt ratio is assumed constant, the WACC formula ought to be different Corporate Finance 9 MilesEzzel WACC: dynamic debt ? If we assume the debt ratio is constant, the WACC formula is ? And the formula for relevering betas is CD TrEDDW A C C??? ? 1 VS SD ?? ?????? ??Corporate Finance 10 Cost of equity: CAPM ? The discount rate for risky
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