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http://www.ybf100.com类型:人力资源知识发布时间:04-11阅读次数:1043

名称:lecture11(39页)

类型:人力资源知识

授权方式:免费版

更新时间:04-11

下载次数:1043

语言简体中文

大小:504 KB

Tag:人力资源,人力资源管理知识,人力资源管理   

lecture11(39页)简介:

lecture11(39页) 39页-TopicsCovered,Geothermal’sCostofCapital,WeightedAverageCostofCapitalWACC,CapitalStructure,RequiredRatesofReturn,BigOil’sWACC,InterpretingWACC,FlotationCosts,CostofCapital,CostofCapital-Thereturnthefirm’sinvestorscouldexpecttoearniftheyinvestedinsecuritieswithcomparabledegreesofrisk.,,CapitalStructure-Thefirm’smixoflongtermfinancingandequityfinancing.,CostofCapital,Example,GeothermalInc.hasthefollowingstructure.Giventhatgeothermalpays8fordebtand14forequity,whatistheCompanyCostofCapital?,CostofCapital,Example-GeothermalInc.hasthefollowingstructure.Giventhatgeothermalpays8fordebtand14forequity,whatistheCompanyCostofCapital?,CostofCapital,Example-GeothermalInc.hasthefollowingstructure.Giventhatgeothermalpays8fordebtand14forequity,whatistheCompanyCostofCapital?,CostofCapital,Example-GeothermalInc.hasthefollowingstructure.Giventhatgeothermalpays8fordebtand14forequity,whatistheCompanyCostofCapital?,WACC,WeightedAverageCostofCapitalWACC-Theexpectedrateofreturnonaportfolioofallthefirm’ssecurities.,,Companycostofcapital=Weightedaverageofdebtandequityreturns.,WACC,WACC,ThreeStepstoCalculatingCostofCapital,1.Calculatethevalueofeachsecurityasaproportionofthefirm’smarketvalue.,2.Determinetherequiredrateofreturnoneachsecurity.,3.Calculateaweightedaverageoftheserequiredreturns.,WACC,Taxesareanimportantconsiderationinthecompanycostofcapitalbecauseinterestpaymentsaredeductedfromincomebeforetaxiscalculated.,,,,WACC,Weighted-averagecostofcapital=,,WACC,Example-ExecutiveFruithasissueddebt,preferredstockandcommonstock.Themarketvalueofthesesecuritiesare$4mil,$2mil,and$6mil,respectively.Therequiredreturnsare6,12,and18,respectively.,Q:DeterminetheWACCforExecutiveFruit,Inc.,WACC,Example-continued,Step1,FirmValue=4 2 6=$12mil,Step2,Requiredreturnsaregiven,Step3,,WACC,IssuesinUsingWACC,Debthastwocosts.1returnondebtand2increasedcostofequitydemandedduetotheincreaseinrisk,Betasmaychangewithcapitalstructure,,,,Corporatetaxescomplicatetheanalysisandmaychangeourdecision,MeasuringCapitalStructure,InestimatingWACC,donotusetheBookValueofsecurities.,InestimatingWACC,usetheMarketValueofthesecurities.,BookValuesoftendonotrepresentthetruemarketvalueofafirm’ssecurities.,MeasuringCapitalStructure,MeasuringCapitalStructure,MeasuringCapitalStructure,MeasuringCapitalStructure,RequiredRatesofReturn,Bonds,,,CommonStock,RequiredRatesofReturn,DividendDiscountModelCostofEquity,PerpetuityGrowthModel=,,,,solveforre,RequiredRatesofReturn,ExpectedReturnonPreferredStock,PriceofPreferredStock=,,,,solveforpreferred,FlotationCosts,Thecostofimplementinganyfinancingdecisionmustbeincorporatedintothecashflowsoftheprojectbeingevaluated.,Onlytheincrementalcostsoffinancingshouldbeincluded.,ThisissometimescalledAdjustedPresentValue.,......
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