必要報(bào)酬率資本成本專業(yè)英語二

1.Required1.Requiredreturnversuscostof必要報(bào)酬（率）和資本成本（率Whenwesaythattherequiredonaninvestmentis,say,10weusuallymeanthattheinvestmentwillhaveapositiveNPVonlyifitsreturnexceeds10percent.BUSINESSSCHOOLOFAnotherAnotherwayofinterpretingthereturnistoobservethatthefirmearn10percentontheinvestmentjusttocompensateitsinvestorsfortheuseofthecapitalneededtofinancetheproject.Thisiswhywecouldalsosaythat10percentisthecostofcapitalassociatedwiththeinvestment.BUSINESSSCHOOLOFToillustrateToillustratethepointfurther,imagineweareevaluatingarisk-freeIncase,howtodeterminetherequiredisobvious:Welookatthecapitalandobservethecurrentrateofferedbyrisk-freeinvestments,andweusethisratetodiscounttheprojectscashflows.Thus,thecostofcapitalforarisk-freeinvestmentistherisk-freerate.為了進(jìn)一步說明這一點(diǎn)，假設(shè)我們正在評(píng)價(jià)一個(gè)無風(fēng)險(xiǎn)項(xiàng)目。在這種情況下，確定必要報(bào)酬率的方法是很明顯的：觀察資本市場，求出現(xiàn)行無風(fēng)險(xiǎn)投資的報(bào)酬率，并且采用這個(gè)報(bào)酬率對(duì)項(xiàng)目的現(xiàn)金流量進(jìn)行貼現(xiàn)。因此，BUSINESSSCHOOLOFIfaIfaprojectisrisky,then,assumingalltheotherinformationistherequiredreturnisobviouslyhigher.Inotherwords,thecostofcapitalforthisproject,ifitisrisky,isgreaterthantherisk-freerate,andtheappropriatediscountratewouldexceedtherisk-free必要投資報(bào)酬率會(huì)明顯較高。換句話說，一個(gè)有風(fēng)險(xiǎn)的投資項(xiàng)目的資本成本要高于無風(fēng)險(xiǎn)報(bào)酬率當(dāng)?shù)恼郜F(xiàn)率將超過無風(fēng)險(xiǎn)報(bào)酬率BUSINESSSCHOOLOFWeWewillhenceforthusethetermsreturn,appropriatediscountrate,andcostcapitalmoreorlessinterchangeablybecause,asthediscussioninthissectionsuggests,theyallmeanessentiallythesamething.Thekeyfacttograspisthatthecostofcapitalassociatedwithaninvestmentdependsontheriskofthatinvestment.Thisisoneofthemostimportantlessonsincorporatefinance,soitbearsrepeating:Thecostofcapitaldependsprimarilyontheuseofthefunds,notthesource.BUSINESSSCHOOLOF2.Financial2.Financialpolicyandcostof理財(cái)政策和資本成Weknowthattheparticularmixtureofandequityafirmchoosetocapitalstructure–isamanagerialvariable.Inthischapter,wewilltakethefirm’sfinancialpolicyasgiven.Inparticular,wewillassumethatthefirmhasafixeddebt-equityratiothatitmaintains.Thisratioreflectsthefirm'stargetcapitalstructure.我們知道，一個(gè)企業(yè)所選擇的債務(wù)和權(quán)益的構(gòu)成它的資本結(jié)構(gòu)——BUSINESSSCHOOLOFAfirm'sAfirm'soverallcostofcapitalwillreflectrequiredreturnonthefirm'sassetsasaGiventhatafirmusesbothdebtandequitycapital,thisoverallcostofcapitalwillbeamixtureofthereturnsneededtocompensateitscreditorsandthoseneededtocompensateitsstockholders.Inotherwords,afirm'scostofcapitalwillreflectbothitscostofdebtcapitalanditscostofequitycapital.一家公司的綜合資本成本將反映該公司總體資產(chǎn)的必要報(bào)酬率。假設(shè)對(duì)一家公司同時(shí)利用債務(wù)和權(quán)益資本，這個(gè)綜合資本成本將是補(bǔ)償它的債權(quán)人所需的報(bào)酬和補(bǔ)償它的股東所需的報(bào)酬的組合。換句話說，一家公司的資-BUSINESSSCHOOLOFThecostofThecostof權(quán)益（資本）成TheDividendGrowthModelTheeasiestwaytoestimatethecostequitycapitalistousethegrowthmodeldevelopedinChapter8.Recallthat,undertheassumptionthatthefirm'sdividendwillgrowataconstantrateg,thepricepershareofthestock,Po,canbewrittenas:BUSINESSSCHOOLOFPo=Do×Po=Do×(1+ = AswediscussedinChapter8,werearrangethistosolveforReasReD1/Reisthereturnthattheshareholdersonthestock,itcanbeinterpretedasthecostofequityToestimateToestimateReusingthedividendmodelapproach,weobviouslyneedpiecesofinformation:Po,Do,andg.Ofthese,forapubliclytraded,dividend-payingcompany,thefirsttwocanbeobserveddirectly.Sotheyareeasilyobtained.Onlythethirdcomponent,theexpectedgrowthratefordividends,mustbeestimated.要采用股利增長模型法來估計(jì)Re信息；Po、Do和g。其的公司來說，前兩項(xiàng)可以直接觀察到，所以它們很容易取得。只有第三項(xiàng)股利的預(yù)計(jì)增長率必須估計(jì)。BUSINESSSCHOOLOFTheprimaryTheprimaryadvantageofthedividendmodelapproachisitssimplicity.Itisbotheasyunderstandandeasytouse.Thereareanumberofassociatedpracticalproblemsanddisadvantages.Firstandforemost,thegrowthmodelisobviouslyapplicabletocompaniesthatpaydividends.Thismeansthattheapproachisuselessinmanycases.首要的是（首先）BUSINESSSCHOOLOFFurthermore,Furthermore,evenforcompaniesthatdodividends,thekeyunderlyingassumptionisthedividendgrowsataconstantrate.Asourpreviousexampleillustrates,thiswillneverbeexactlythecase.Moregenerally.themodelisreallyonlyapplicabletocasesinwhichreasonablysteadygrowthislikelytooccur.Asecondproblemisthattheestimatedcostorequityisverysensitivetotheestimatedgrowthrate.BUSINESSSCHOOLOFFinally,thisapproachFinally,thisapproachreallydoesexplicitlyconsiderrisk.Unliketheapproach(whichweconsidernext),thereisnodirectadjustmentfortheriskinessofthe最后SML法（我們將在下面考慮）SecurityMarketBUSINESSSCHOOLOFOurprimaryconclusionOurprimaryconclusionwasthattherequiredexpectedreturnonariskyinvestmentonthreeTherisk-freerate,Themarketriskpremium,E(Rm)-Thesystematicriskoftheassetrelativetoaverage,whichwecalleditsbetacoefficient,β我們的主要結(jié)論是，一項(xiàng)風(fēng)險(xiǎn)性投資的必要報(bào)酬率，也就是期望報(bào)酬率，取決于以下個(gè)方面：1Rf2們所說的貝塔系數(shù)βBUSINESSSCHOOLOFUsingtheSML,UsingtheSML,wecanwritetheexpectedreturnoncompany'sequity,E(Re),E(Re)=Rf+βe×[E(Rm)-(Rf)Whereβeistheestimatedbeta.TotheSMLapproachconsistentwithdividendgrowthmodel,wewilldroptheEsdenotingexpectationsandhenceforthwritetherequiredreturnfromtheSML,Re,as:Re=Rf+βe(Rm–BUSINESSSCHOOLOFTheSMLTheSMLapproachhastworeadvantages.First,itexplicitlyforrisk.Second,itisapplicabletocompaniesotherthanjustthosewithsteadydividendgrowth.Thus,itmaybeusefulinawidervarietyofSMLBUSINESSSCHOOLOFTherearedrawbacks,Therearedrawbacks,ofcourse.Theapproachrequiresthattwothingsestimated,themarketriskpremiumandthebetacoefficient.Totheextentthatourestimatedarepoor,theresultingcostofequitywillbeinaccurate.當(dāng)然SML的BUSINESSSCHOOLOFForexample,ourestimateofthemarketriskpremium,8.6percent,isbasedForexample,ourestimateofthemarketriskpremium,8.6percent,isbasedonabout80yearsofreturnsonaparticularportfolioofstocks.Usingdifferenttimeperiodsordifferentstockscouldresultinverydifferent比如，我們估計(jì)市場風(fēng)險(xiǎn)溢酬為8.6%，這是建立在某一個(gè)股票投資組合年左右的回報(bào)率的基礎(chǔ)上的，使用不同的時(shí)期或不同的股票可能導(dǎo)致不同的估計(jì)結(jié)果。Finally,Finally,aswiththedividendmodel,weessentiallyrelyonthepastpredictthefuturewhenweusetheSMLapproach.Economicconditionscanchangeveryquickly,so,asalways,thepastmaynotbeagoodguidetothe不可能為預(yù)測未來有幫助BUSINESSSCHOOLOFInInthebestofallworld,both(thedividendgrowthmodelandtheareapplicableandthetworesultinsimilaranswers.Ifthishappens,wemighthavesomeconfidenceinourestimates.Wemightalsowishtocomparetheresultstothoseforother,similar,companiesasarealitycheck.我們也希望與其他相似的公司比較這些結(jié)果作為實(shí)際的檢驗(yàn)。BUSINESSSCHOOLOFThecostsThecostsofdebtandpreferredThecostofThecostofdebtisthereturnthatthefirm'screditorsdemandonnewborrowing.Inprinciplewecoulddeterminethebetaforthefirm'sdebtandthenusetheSMLtoestimatetherequiredreturnondebtjustasweestimatedtherequiredreturnonequity.Thisisn’treallynecessary,however.債務(wù)成本是企業(yè)的債權(quán)人對(duì)新的借款所要求的報(bào)酬率。理論上，我們可以確定公司債務(wù)的貝塔系數(shù)，并像估計(jì)權(quán)益資本報(bào)酬率那樣，使用M去估計(jì)債務(wù)資本的報(bào)BUSINESSSCHOOLOFUnlikeUnlikeafirm'scostofequity,itscostofcannormallybeobservedeitherdirectlyindirectly.becausethecostofdebtissimplytheinterestratethefirmmustpayonnewborrowing,andwecanobserveinterestratesinthefinancialmarkets.Forexample,ifthefirmalreadyhasbondsoutstanding,thentheyieldtomaturityonthosebondsisthemarketrequiredrateonthefirm'sdebt.和公司的權(quán)益成本不同，它的債務(wù)成本通?？梢灾苯踊蜷g接的觀察到，因?yàn)閭鶆?wù)成本就是公司必須支付的貸款利息率，而我們可以在金融市場上得到利率。例如，如果公司有流通在外的債券，那么，這些債券的BUSINESSSCHOOLOFAlternatively,ifAlternatively,ifweknowthatthebondsarerated,say,AA,thenwecanfindoutwhattheinterestrateonnewlyissuedAA-ratedbondsis.Eitherway,thereisnoneedtoabetaforthedebtbecauseweBUSINESSSCHOOLOFThereThereisonethingtobecarefulabout.Thecouponrateonthefirm’soutstandingdebtirrelevanthere.Thatratejusttellsusroughlywhatthefirm'scostofdebtwasbackwhenthebondswereissued,notwhatthecostofdebtistoday.Thisiswhywehavetolookattheyieldonthedebtintoday'smarketplace.Forthesakeofconsistencywithourothernotation,wewillusethesymbolRDforthecostofdebt.但是，有一點(diǎn)需要注意，公司流通在外的債務(wù)的票面利率在這里是不相關(guān)的。票面利率只是告訴我們債券發(fā)行時(shí)公司的大約債務(wù)成本，而不是今天的債務(wù)成本。這就是為什么我們必須查看目前市場上債務(wù)的收益率。為了和其他符號(hào)保持一致，我們將用，來表示債務(wù)成本。BUSINESSSCHOOLOF4.2TheCost4.2TheCostofPreferred優(yōu)先股成Determiningthecostofpreferredstockisstraightforward.Preferredstockhasadividendpaideveryperiodforever,soashareofpreferredstockisessentiallyaperpetuity.Thecostofpreferredstock,Rp,isthus:Rp=每期固定股利，所以優(yōu)先股股份本質(zhì)上是永久性的。優(yōu)先股成本等于：/現(xiàn)在股票價(jià)whereDisthefixeddividendandPoisthepricepershareofthepreferredBUSINESSSCHOOLOFNoticethatNoticethatthecostofpreferredstocksimplyequaltothedividendyieldonpreferredstock.Alternatively,becausepreferredstocksareratedinmuchthesamewayasbonds,thecostofpreferredstockcanbeestimatedbyobservingtherequiredreturnsonother,similarlyratedsharesofpreferredstock.請注意，優(yōu)先股成本正好等于優(yōu)先股的股利收益率BUSINESSSCHOOLOF5.CapitalStructure5.CapitalStructureandtheCostofYoumayrecallthattheWACCtellsusthefirm'soverallcostofcapital,oraverageofthecostsofthevariouscomponentsofthefirm'scapitalstructure.你也許記得，WACCBUSINESSSCHOOLOFWhenweWhenwedescribedtheWACC,wethefirm'scapitalstructureasThus,oneimportantissuethatwewillwanttoexploreinthischapteriswhathappenstothecostcapitalwhenwevarytheamountofdebtfinancing,orthedebt-equityratio.當(dāng)我們描述WACCBUSINESSSCHOOLOFAAprimaryreasonforstudyingtheWACCisthevalueofthefirmismaximizedwhenWACCisminimized.Toseethis,recallthattheWACCisthediscountratethatisappropriateforthefirm'soverallcashflows.Becausevaluesanddiscountratesmoveinoppositedirections,minimizingtheWACCwillmaximizethevalueofthefirm’scashflows.BUSINESSSCHOOLOF6.The6.Theeffectoffinancial財(cái)務(wù)杠桿的影Theprevioussectiondescribedwhycapitalstructurethatproducesthefirmvalue(orthelowestcostofcapital)istheonemostbeneficialtosto