財務(wù)管理Chapter_09.ppt

1、、principles of corporate finance seventh edition Richard a . brealey Stewart c . Myers、chapter 9、McGraw hill/irwins coors Company cost of capital，a companys cost of capital can be compared to The CAPM required return，required return，project beta，project beta slope determined from plotting the line O

2、S Price data aug 88-Jan 95，market return (%)，Dell return (%)，R2=.11b 、price data feb 95 jul 01、market return (%)、Dell return (%)、re General motors、slope determined from plotting thhis、price data aug 88-Jan 95、market return (%)、GM Measuring betas、general motors、slope determined from plotting thhis，pr

3、ice data feb 95 jul 01，market return。R2=.25b=1.00，measuring betas，Exxon Mobil，slope determined from plotting the line of best fit。price data aug 88 Exxon Mobil return(%)、R2=.28b=0.52、measuring betas、Exxon Mobil、slope determined from Coc (Company Cost of Capital，COC Is based on the average beta of th

4、e assets the average beta of the assets Is based on the % of funds in each Capital structure-the mix of debt equity within a company expand CAPM to include cs R=RF b(RM-RF)becomes R equity=RF b=company expand CAPM to include cs R r equity=return on stock=15% rdebt=YTM on bonds=7.5%，union Pacific Corp .example，risk，DCF and center example project a is expected to produce cf=$ 100 mi