thecostofcapital(英文版)(ppt40頁)-閱讀頁
2025-02-27 07:52本頁面
【正文】 ock price. Why is the cost of retained earnings cheaper than the cost of issuing new mon stock? 10 24 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. New mon, F = 15%: g)F1(P )g1(Dk00e ????? ?? ?%.%$$%$$??????10 26 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What’s the firm’s WACC (ignoring flotation costs)? WACC = wdkd(1 – T) + wpkp + wcks = (10%)() + (9%) + (14%) = % + % + % = %. 10 28 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. WACC Estimates for Some Large U. S. Corporations, Nov. 1999 Company WACC Intel % General Electric Motorola CocaCola Walt Disney ATT WalMart Exxon H. J. Heinz BellSouth 10 30 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Risk and the Cost of Capital R a t e o f R e t u r n( % )W A C CR e j e c t i o n R e g i o nA c c e p t a n c e R e g i o nR i s kLBAH1 2 . 08 . 01 0 . 01 0 . 59 . 50 R i s kLR i s kAR i s kH10 32 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What are the three types of project risk? ?Standalone risk ?Corporate risk ?Market risk 10 34 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. 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. ?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. 演講完畢，謝謝觀看！
規(guī)章制度相關(guān)推薦
鄂ICP備17016276號-1