加权平均资本成本WACC及其与所需收益率关系.pdfVIP

CostofcapitalvsRequiredrateofreturn

pTherequiredreturnisfromtheinvestorsperspective:whatisthereturn

requiredtocompensatefortheperceivedlevelofrisk.

pThecostofcapitalisfromthecompanysperspective:Whatisthe

minimumreturnthecompanymustproducetocompensateinvestors?

pTherequiredreturnonequityisequaltothecostofequity.A

shareholder’srequiredreturnistheminimumreturnthecompanymust

earnontheprojectinordertocompensatetheshareholder.

pTherequiredreturnondebtisnotequaltothecostofdebt,because

companiesreceivetaxreliefoninterestpayments.

资本成本与所需收益率

p所需的回报是从投资者的角度来看：补偿感知到的风险水平所需的

回报。p从公司的角度来看，资本成本是：公司必须产生的最

低回报以补偿投资者？

p所需的股本回报率等于股本的成本。股东要求的退货是公司必须赚

取的最低收益，以补偿股东。P所需的回报不等于成本，因

为公司在利息时获得减免。

1.WACC

Theweightedaveragecostofcapital(WACC)istheaveragecostofcapital

forallthecompany’slongtermsourcesoffinance,weightedtoallowforthe

relativeproportionsofeachtypeofcapitalintheoverallcapitalstructure.

VV

WACC=ek+dk(1−T)

ed

V+VV+V

eeded

wherekeisthe