公司财务-资本成本-课件.ppt

小结 1、行业利润率 6.36% 2 、WACC 12.49% 3 、单纯业务法则 16.01% 补充(不要求掌握)：若单纯业务法则无法用，该如何办？ 1主观法 考虑与整个公司相关的项目风险 如果项目风险比公司大，使用比WACC更大的贴现率 如果项目风险比公司小，使用小于WACC的贴现率 你任然可以接受不应该接受的项目，拒绝本该接受的项目，但是你的错误贴现率应该低于根本不考虑风险的贴现率 风险水平 贴现率 非常低的风险 WACC – 8% 低风险 WACC – 3% 公司一样的风险 WACC 高风险 WACC + 5% 非常高的风险 WACC + 10% 2 资本结构无关论的MM定理 0 MM 命题Ⅱ 图 负债比率 R D R e WACC=R A 公司总价值 资本成本 负债比率 0 V 续： 若使用CAPM模型估算项目的收益率，如何估计： 无风险收益率Rf 市场风险溢酬, E(RM) – Rf* 资产的系统风险, ?系数 基于资本结构无关理论的项目成本计算 计算行业综合资本成本 12.* Remind students that D1 = D0 – g You may also want to take this time to remind them that return is comprised of the dividend yield (D1 / P0) and the capital gains yield (g) 12.* Our historical growth rates are reasonably close, so we could feel reasonably comfortable that the market will expect our dividend to grow at around 5.1%. Note that when we are computing our cost of equity, it is important to consider what the market expects our growth rate to be, not what we may know it to be internally. The market price is based on market expectations, not our private information. Another way to estimate the market consensus estimate is to look at analysts’ forecasts and take an average. 12.* Point out that there is no allowance for the uncertainty about the growth rate 12.* You will often hear this referred to as the Capital Asset Pricing Model Approach as well. www: Click on the web surfer to go to Bloomberg’s website. Both betas and 3-month T-bills are available on this site. To get betas, enter a ticker symbol to get the stock quote, then choose profile. To get the T-bill rates, go to Markets and then US Treasuries. Other sites that provide betas include and 12.* A good example to illustrate how beta estimates can lag changes in the risk of equity, consider Keithley Industries (KEI) which was used as one of the portfolio stocks in the last chapter. It currently (Sept. 2000, based on calculations on Yahoo)