thecostofcapital(英文版)(ppt40頁)-資料下載頁
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【正文】 34 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How is each type of risk used? ?Market risk is theoretically best in most situations. ?However, creditors, customers, suppliers, and employees are more affected by corporate risk. ?Therefore, corporate risk is also relevant. 10 35 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Subjective adjustments to the firm’s posite WACC. ?Attempt to estimate what the cost of capital would be if the project/division were a standalone firm. This requires estimating the project’s beta. What procedures are used to determine the riskadjusted cost of capital for a particular project or division? 10 36 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Methods for Estimating a Project’s Beta 1. Pure play. Find several publicly traded panies exclusively in project’s business. Use average of their betas as proxy for project’s beta. Hard to find such panies. 10 37 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 2. Accounting beta. Run regression between project’s ROA and SP index ROA. Accounting betas are correlated ( – ) with market betas. But normally can’t get data on new projects’ ROAs before the capital budgeting decision has been made. 10 38 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Find the division’s market risk and cost of capital based on the CAPM, given these inputs: ?Target debt ratio = 40%. ?kd = 12%. ?kRF = 7%. ?Tax rate = 40%. ?betaDivision = . ?Market risk premium = 6%. 10 39 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Beta = , so division has more market risk than average. ?Division’s required return on equity: ks = kRF + (kM – kRF)bDiv. = 7% + (6%) = %. WACCDiv. = wdkd(1 – T) + wcks = (12%)() + (%) = %. 10 40 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How does the division’s market risk pare with the firm’s overall market risk? ?Division WACC = % versus pany WACC = %. ?Indicates that the division’s market risk is greater than firm’s average project. ?“Typical” projects within this division would be accepted if their returns are above %. 10 41 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！
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