[專業(yè)課]【西南財(cái)大課件金融經(jīng)濟(jì)學(xué)】lecture3-costofcapital-文庫吧資料
2024-10-22 17:11本頁面
【正文】 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 investments (expected return) covers: ? The time value of money ? A risk premium ? E(ri) = rf +?i(E(rm) rf) ? This is the most used method to calculate costs of equity ? Alternative: APT (see book for details if interested) Corporate Finance 11 Alternative: Dividend Growth Model ? Gordon?s growth model: ? Thus: grd ivEP ??Pd ivgrE ??Corporate Finance 12 Applying it: ? Need dividend yield and growth rate: ? use analysts? forecasts ? use the plowback ratio formula: g = b x ROE, where b is the retention ratio Note: this ?g? is the socalled ?sustainable growth rate? Corporate Finance 13 Pitfalls ? The dgrowth model makes a number of assumpt
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