TheWeightedAverageCostofCapital-Collegeof…：资本加权平均成本学院…

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1、EstimatingtheCostofCapitalTheCostofCapitalTovalueacompanyusingenterpriseDCF,wediscountfreecashflowbytheweightedaveragecostofcapital(WACC).TheWACCrepresentstheopportunitycostthatinvestorsfaceforinvestingtheirfundsinoneparticularbusinessinsteadofotherswithsimilarrisk.Initssimplestform,theweightedaver

2、agecostofcapitalisthemarket-basedweightedaverageoftheafter-taxcostofdebtandcostofequity:Todeterminetheweightedaveragecostofcapital,wemustcalculateitsthreecomponents:(1)thecostofequity,(2)theafter-taxcostofdebt,and(3)thecompany’stargetcapitalstructure.1SuccessfulImplementationRequiresConsistencyThem

3、ostimportantprincipleunderlyingsuccessfulimplementationofthecostofcapitalisconsistencybetweenthecomponentsofWACCandfreecashflow.Toassureconsistency,Itmustincludetheopportunitycostsfromallsourcesofcapital—debt,equity,andsoon—sincefreecashflowisavailabletoallinvestors.Itmustweighteachsecurity’srequir

4、edreturnbyitsmarket-basedtargetweight,notbyitshistoricalbookvalue.Itmustbecomputedaftercorporatetaxes(sincefreecashflowiscalculatedinafter-taxterms).Anyfinancing-relatedtaxshieldsnotincludedinfreecashflowmustbeincorporatedintothecostofcapitalorvaluedseparately.Itmustbedenominatedinthesamecurrencyas

5、freecashflowItmustbedenominatedinnominaltermswhencashflowsarestatedinnominalterms2TheCostofCapital:AnExampleSourceofcapitalDebtEquityWACCProportionoftotalcapital8.3%91.7%100.0%Costofcapital4.7%9.9%Marginaltaxrate38.2%After-taxopportunitycost2.9%9.9%Contributiontoweightedaverage0.2%9.1%9.3%TheCostof

6、Capital:HomeDepotTheweightedaveragecostofcapitalatHomeDepotequals9.3%.Themajorityofenterprisevalueisheldbyequityholders(91.7%),whoseCAPM-basedrequiredreturnequals9.9%.Theremainingcapitalisprovidedbydebtholdersat2.9%ofanafter-taxbasis.Let’sexaminethecomponentsofWACCone-by-one,startingwiththecostofeq

7、uity…3TheCostofEquityToestimatethecostofequity,wemustdeterminetheexpectedrateofreturnofthecompany’sstock.Sinceexpectedratesofreturnareunobservable,werelyonasset-pricingmodelsthattranslateriskintoexpectedret