國際企業(yè)籌資管理(ppt 91頁)-全文預(yù)覽
【正文】 理論 ? 如果公司采取適度數(shù)量的債務(wù)籌資，影響到普通股股東可分配盈利的債務(wù)利息和股權(quán)成本不會與因債務(wù)籌資而增加的風(fēng)險補償?shù)玫酵皆黾印? 早期資本結(jié)構(gòu)理論 凈經(jīng)營收入理論 ? 該理論假定 : ? (1)當(dāng)企業(yè)增加債務(wù)融資時，股票融資的成本就會上升。 ? Adam smith(1776) said that most traders carry on a very considerable part of their projects with borrowed money. ? The cost of capital including as follows: 1. The cost of equity capital 2. The cost of debt capital THE COST OF EQUITY CAPITAL A. Definition 1. the minimum (required) rate of return necessary to induce investors to buy or hold the firm’s stock. 2. the rate used to capitalize total corporate cash flows. used to value future equity cash flows and to determine mon stock price COST OF EQUITY CAPITAL B. Capital Asset Pricing Model (CAPM) Formula ri = rf + ?i ( rm rf ) where ri = the equity required rate rf = the risk free return rate ?i= Cov(rm, ri)/ ?2 rm where Cov(rm, ri) is the covariance between asset and market returns and ?2 rm , the variance of market returns. Capital Asset Pricing Model (CAPM) ? ?i represents the Systematic Risk ? Systematic Risk is Not diversifiable ? ( rm rf ) is market risk premium WEIGHTED AVERAGE COST OF CAPITAL (WACC) WACC For Foreign Projects Weighted Average Cost of Capital (WACC = k0) Formula k0 = (1L) ke + L id (1 t) where L = the parent’s debt ratio id (1 t) = the aftertax debt cost ke = the equity cost of capital k0 is used as the discount rate in the calculation of Net Present Value. WEIGHTED AVERAGE COST OF CAPITAL Two Caveats(Notifications, Warning ) a. Weights must be a proportion using market, not book, value. b. Calculating WACC, weights must be marginal reflecting future debt structure. The Cost of Debt Capital In general, the dollar cost of borrowing local currency equals the dollar interest cost plus the change in the exchange rate. dollar cost of LC loan =rL(1+C)+C The Cost of Debt Capital In general, the aftertax dollar cost of borrowing in the local currency for a foreign affiliate equals the aftertax interest expense plus the change in the exchange rate. Aftertax dollar cost of LC loan =rL(1+C)(1ta)+C ESTABLISHING A WORLDWIDE CAPITAL STRUCTURE ? The capital structure problem for the multinational enterprise is to determine the mix of debt and equity for the parent entity and for all consolidated and unconsolidated subsidiaries that maximizes shareholder wealth. ? Foreign Subsidiary Capital Structure – Conform to the capital structure of the parent pany – Reflect the capitalization norms in each foreign country – Vary to take advantage of opportunities to minimize the MNC’s cost of capital ESTABLISHING A WORLDWIDE CAPITAL STRUCTURE A. MNC Advantage uses more debt due to diversification B. What is proper capital structure? 1. Borrowing in local currency helps to reduce exchange rate risk 2. Allow subsidiary to exceed parent capita
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