公司理财 美[罗斯] chp 15new

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1、TopicsCoveredòCostofcapitalòWeightedaveragecostofcapital(WACC)Chapter15òCapitalstructureTheCostofCapitalòRequiredratesofreturnòDivisionalcostsofcapitalòFlotationcostsKonanChanCorporateFinance,Spring2009CorporateFinance,2009KonanChan2CostofCapitalCostofCapital-ExampleòCostofCapi

2、talòDataInc.hasthefollowingstructure–Thereturnthefirm’sinvestorscouldexpectto–Marketvalueofdebt$19430%earniftheyinvestinsecuritieswithcomparable–Marketvalueofequity$45370%degreesofrisk.–Marketvalueofassets$647100%–requiredreturnforcapitalbudgetingbasedontargetcapitalstructureòG

3、iventhatreturnondebtis8%and14%for–Ameasurehowthemarketviewstheriskofassetsreturnonequity,whatisthecostofcapital?òCapitalStructure–ThemixofdebtandequitymaintainedbyafirmCorporateFinance,2009KonanChan3CorporateFinance,2009KonanChan4CostofCapitalAfter-TaxCostofDebtòThinkaboutacomp

4、anyisaportfoliocomposedbyòConsidertwofirmswith35%taxrate:Ahasnodebt,allitsdebtandequitysecuritiesBhas$1000debtwith10%interestrateòValueofcompany=valueofportfolioCompanyABòRiskofcompany=riskofportfolioEBIT10001000InterestExpense0100òReturnoncompany=returnonportfolioPre-taxincome

5、1000900òThereturntoaninvestoristhecosttothecompanyTaxes(35%)350315òInvestors’requiredreturnoncompanyNetIncome650585=companycostofcapitalòBsaves35oftaxesduetodebt,makingtheafter-tax=investors’requiredreturnonportfoliointerestrate65/1000or6.5%=10%(1-0.35)òPortfolioreturn=0.3*8%+0

6、.7*14%=12.2%CorporateFinance,2009KonanChan5CorporateFinance,2009KonanChan6CostofCapitalWACCòBacktoDatacaseòWeightedAverageCostofCapital(WACC)–Theexpectedrateofreturnonaportfolioofallthefirm’sòInterestistaxdeductible.Givena35%taxsecuritiesrate,debtonlycosts5.2%(=8%*(1-0.35))–Com

7、panycostofcapitalòWACC=0.3*5.2%+0.7*14%=11.4%òThreestepstocalculatecostofcapital–CalculatethevalueofeachsecurityasaproportionofòIfthereturnoninvestedprojectis>11.4%,itthefirm’smarketvalue(getthecapitalstructureweights)isagooddeal!–Determinetherequiredrateofreturnoneachsecurity–

8、Calculateaweightedaverageoftheserequiredreturnsò⎛D⎞⎛P⎞