估计风险参数和融资成本.ppt

* What is debt? The answer to this question may seem obvious since the balance sheet for a firm shows the outstanding liabilities of a firm. There are, however, limitations with using these liabilities as debt in the cost of capital computation. The first is that some of the liabilities on a firm’s balance sheet, such as accounts payable and supplier credit, are not interest bearing. Consequently, applying an after-tax cost of debt to these items can provide a misleading view of the true cost of capital for a firm. The second is that there are items off the balance sheet that create fixed commitments for the firm and provide the same tax deductions that interest payments on debt do. The most prominent of these offbalance sheet items are operating leases. * Estimating the Cost of Capital Since a firm can raise its money from three sources -- equity, debt and preferred stock -- the cost of capital is defined as the weighted average of each of these costs. The cost of equity (ke) reflects the riskiness of the equity investment in the firm, the after-tax cost of debt (kd) is a function of the default risk of the firm and the cost of preferred stock (kps) is a function of its intermediate standing in terms of risk between debt and equity. The weights on each of these components should reflect their market value proportions since these proportions best measure how the existing firm is being financed. Thus if E, D and PS are the market values of equity, debt and preferred stock, respectively, the cost of capital can be written as follows: Cost of Capital= ke[E/(D+E+PS)]+kd[D/(D+E+PS)]+kps[PS/(D+E+PS)] Don’t play it… You can get almost any beta for any company if you play the game long enough. And don’t fall into the trap of picking an index to suit a particular investor. Just because you are analyzing Aracruz for a US investor does not change the marginal investor and cannot be used as a justification for staying with the SP. The unlevered betas (corrected for cash)