Chapter 15 Required Returns and the Cost of Capital 必要报酬率和资本成本 财务相关管理(双语版) .pptVIP

Chapter 15 Required Returns and the Cost of Capital 必要报酬率和资本成本 Chapter 15 Required Returns and the Cost of Capital 必要报酬率和资本成本 1.Overall Cost of Capital of the Firm企业的综合资本成本 overall cost of capital is a weighted average of the individual required rates of return Weighted Average Cost of Capital:WACC Cost of Capital:the required rate of return on the various types of financing Cost of equity capital Cost of debt(capital) Cost of preferred stock(capital) 2.Cost of Debt 债务成本 企业的负债有多种,只关注有显式成本(利息支付)的债务---主要是长期债务 对没有显式成本的债务,如应付账款、应计费用等不予考虑。 Kd---债务显式成本的求解：令债务发行的市价等于利息和本金支付的现值，解出折现率 3.Cost of Preferred Stock 优先股成本 一般支付固定股利,且无到期日.所以 优先股利在税后支付,所以不需要调整. 4.Cost of Equity 权益成本 Dividend Discount Model Approach 股利折现模型法 权益资本成本ke,使每股市价与每股未来股利现值相等的折现率 固定增长股利模型