chapter_09capitalbudgetingandrisk(公司理財原理,b(編輯修改稿)
2025-01-04 22:00 本頁面
【文章內容簡介】 verage beta of the assets The average Beta of the assets is based on the % of funds in each asset,Company Cost of Capital simple approach,Company Cost of Capital (COC) is based on the average beta of the assets The average Beta of the assets is based on the % of funds in each asset Example 1/3 New Ventures B=2.0 1/3 Expand existing business B=1.3 1/3 Plant efficiency B=0.6 AVG B of assets = 1.3,Capital Structure the mix of debt amp。 equity within a company Expand CAPM to include CS R = rf + B ( rm rf ) becomes Requity = rf + B ( rm rf ),Capital Structure,Capital Structure amp。 COC,COC = rportfolio = rassets rassets = WACC = rdebt (D) + requity (E) (V) (V) Bassets = Bdebt (D) + Bequity (E) (V) (V),,requity = rf + Bequity ( rm rf ),IMPORTANT E, D, and V are all market values,Capital Structure amp。 COC,Expected return (%),Bdebt,Bassets,Bequity,Rrdebt=8,Rassets=12.2,Requity=15,,Expected Returns and Betas prior to refinancing,Union Pacific Corp.,Requity = Return on Stock = 15% Rdebt = YTM on bonds = 7.5 %,Union Pacific Corp.,Union Pacific Corp.,Example,International Risk,Source: The Brattle Group, Inc. s Ratio Ratio of standard deviations, country index vs. Samp。P composite index,A
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