跨国资本成本和资本结构.ppt

17 - * 跨国资本成本和资本结构 17 Chapter 具体目标 解释公司及国家自身的特点怎样影响跨国公司的资本成本; 解释为什么不同国家的资本成本会有差异; 解释当一个跨国公司决定其资本结构时如何考虑公司和国家的特点。 背景知识: 资本成本 一个公司的加权平均资本成本： kc = ( D ) kd ( 1 _ t ) + ( E ) ke D + E D + E 其中 D 公司负债额 E 公司的权益资本 kd 税前债务成本 t 公司所得税税率 ke 公司权益融资成本 背景知识: 资本结构 资本成本 债务比率 寻求合适的资本结构 负债利息费用递减税收… 可是，破产风险可能增加，需权衡。 1.1.1 跨国公司资本成本的影响因素 具体包括: 公司规模 可进入国际资本市场 国际多元化 汇率风险 国家风险 因素总结 存在汇率风险 存在国家风险 更容易进入国际资本市场 可能获得低成本的外国融资 更大的公司规模 获得债权人的优惠待遇 资本成本 国际多元化 破产的概率 CAPM: ke = Rf + b (Rm – Rf ) 其中 ke = 股票要求的收益率 Rf =无风险收益率 Rm = 市场收益率 b =股票的b系数 1.1.2 用CAPM比较权益资本成本 A stock’s beta represents the sensitivity of the stock’s returns to market returns, just as a project’s beta represents the sensitivity of the project’s cash flows to market conditions. The lower a project’s beta, the lower its systematic risk, and the lower its required rate of return, if its unsystematic risk can be diversified away. 1.1.2 Cost-of-Equity ComparisonUsing the CAPM According to CAPM, CC is lower for MNCs than for domestic firms, because: An MNC that increases its foreign sales may be able to reduce its stock’s beta, and hence reduce the required return. However, some MNCs consider unsystematic project risk to be important in determining a project’s required return. How to measure a MNC’s (project) beta: a world market or a U.S market Hence, we cannot say whether an MNC will have a lower cost of capital than a purely domestic firm in the same industry. 1.1.2 Implications of the CAPMfor an MNC’s Risk 1.2.1 各个国家资本成本的差异 The cost of capital can vary across countries, such that: MNCs based in some countries have a competitive advantage over others; MNCs may be able to adjust their international operations and sources of funds to capitalize on the differences; and MNCs based in some countries tend to use a debt-intensive capital structure. 1.2.2债务成本的国家差异 A firm’s cost of debt is determined by: the prevailing risk-free interest rate of the borr