weightedaveragecostofcapital(英文版)-wenkub
2023-03-15 02:04:42 本頁(yè)面
【正文】 D) + requity (E) (V) (V) Weighted Average Cost of Capital without taxes bankruptcy risk r D V rD rE Weighted Average Cost of Capital without taxes bankruptcy risk r D V rD rE WACC Weighted Average Cost of Capital without taxes r D V rD rE Includes Bankruptcy Risk Weighted Average Cost of Capital without taxes r D V rD rE Includes Bankruptcy Risk Weighted Average Cost of Capital without taxes r D V rD rE Includes Bankruptcy Risk WACC Weighted Average Cost of Capital without taxes r D V Includes Bankruptcy Risk WACC r* D* Factors in CS CB Decision ? Bankruptcy Risk Costs (previous slides) ? Signaling Hypothesis ? Bondholder Wealth Expropriation Theory ? Agency Costs The Principal Agent Problem Question: Who has the power? Answer: Managers Agent Problems Reduced effort Perks Empire building Entrenching investment Avoiding risk Agency Problems in Capital Budgeting Agency Incentive Issues Monitoring Reviewing the actions of managers and providing incentives to maximize shareholder value. Free Rider Problem When owners rely on the efforts of others to monitor the pany. Compensation How to pay managers so as to reduce the cost and need for monitoring and to maximize shareholder value. Factors in CS CB Decision continued ? Cash Flow estimates Market Values ? Projects may appear to have positive NPVs because of forecasting errors – . some acquisitions result from errors in a DCF analysis ? Don’t make investment decisions on the basis of errors in your DCF analysis. – Start with the market price of the asset and ask whether it is worth more to you than to others. ? Measuring performance – MVA – EVA Residual ine – Economic Ine – CFROI Factors in CS CB Decision continued MVA Market Value Added MVA = Market Cap year 2 – Market cap year 1 Residual Ine EVA ? Techniques for overing errors in accounting measurements of performance. ? Emphasizes NPV c
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