weightedaveragecostofcapital(英文版)-文庫吧資料
2025-02-28 02:04本頁面
【正文】 s 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 concepts in performance evaluation over accounting standards. ? Looks more to long term than short term decisions. ? More closely tracks shareholder value than accounting measurements. ? EVA by Stern and Stewart out of Boston Residual Ine EVA Ine Sales 550 COGS 275 Selling, GA 75 200 taxes 35% 70 Net Ine $130 Assets Net . 80 Property, plant and equipment 1170 less depr. 360 Net Invest.. 810 Other assets 110 Total Assets $1,000 Quayle City Subduction Plant ($mil) Residual Ine EVA Quayle City Subduction Plant ($mil) 13.000,1130 ??RO IGiven COC = 10% %3%10%13 ???NetROI Residual Ine EVA Residual Ine or EVA = Net Dollar return after deducting the cost of capital ? ?Inv estm ent Capi tal ofCost EarnedInco merequ ire d inco me EarnedInco me Inco me Resid ual????EVA169。 EVA is copyrighted by SternStewart Consulting Firm and u
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