公司金融课件11costofcapital

《公司金融课件11costofcapital》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、COSTOFCAPITAL:CAPITALSTRUCTURE:>THEMIXOFDEBTANDEQUITYMAINTAINEDBYTHEFIRM.■Howmuchshouldthefirmborrow?Sincethedebtequitymixturewillaffectboththeriskandthevalueofthefirm^whatisthebestmix?■Whataretheleastexpensivesourcesoffundsforthefirm?A.COSTOFEQUITYCA

2、PITALE（R）=Rf+卩（心-Rf）Re二Di/P（）+g^preferred=RPoB.COSTOFLONG-TERMDEBTIfthefirmalreadyhasbondsoutstanding,thentheyieldtomaturityonthosebondsisthemarket-requiredrateforthefirm^snewlong-termdebt.ASSUMPTION:OPTIMUMCAPITALSTRUCTURENotation:>V-combinedmarketva

3、lueofthedebtandequity.>E-marketvalueofthefirm^sequity.>D-marketvalueofthefirm^sdebt.100%=E/V+D/VMARKETVERSUSBOOKWEIGHTSThefirm^scostofcapitalmustbebasedonwhatinvestorsareactuallywillingtopayforthefirm^ssecurities—thatis，themarketvalueofthesecurities^n

4、otthebookvalueasreportedinfinancialstatements.Debt:■Thebookvalueofdebtisitsvalueatmaturity(theprincipalpayment).■Themarketvalueofdebtisthepresentvalueoftheinterestandprincipalattheprevailinginterestrates.CommonStockBookValueShareCapital$537millionReta

5、inedEarnings1°421Total$1,958millionpriceApr10,2001....$42.10=$9,346millionUNADJUSTEDWEIGHTEDAVERAGECOSTOFCAPITALUnadjustedCostofCapital=Rgek=(RdebtXD)+(ReciuitvXE)V^assets"=(RdcbtXD/V)+(RcquityXE/V)TAXESANDTHEWEIGHTEDAVERAGECOSTOFCAPITAL(Rdebt)(l-To)X

6、DWACC=(D/V)(Rd)(1-Tc)+(E/V)(Re)EXAMPLE:WACCCornerLotInc.hasissued3typesofsecurities:long-termdebt，preferredshares，andcommonstock.Thedebthasamarketvalueof$14million.(D=$14).Debtownersexpectareturnof6.5%・Thepreferredshareshaveamarketvalueof$4million.(P=

7、$4).Thepreferredshareholdersexpectareturnof10%.Dividendsonpreferredsharesarenottaxdeductible.Themarketvalueoftheshareholdersequityis$36million.(E=$36).Commonstockholdersexpectareturnof15%.CornerLothasamarginalcorporatetaxrateof25%・WhatisCornerLotInc/s

8、WeightedAverageCostofCapital?FLOTATIONCOSTSfE=theequityflotationcostasa%fD=thedebtflotationcostasa%fA=theweightedaverageflotationcostasa%.fA=(E/V)(fE)+(D/V)(fD)■Weneedtorememberthatthefirmwillultimatelymovebacktoitsoptimalcapitalstructure.Thet