财务管理Chapter_09

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1、PrinciplesofCorporateFinanceSeventhEditionRichardA.BrealeyStewartC.MyersChapter9McGrawHill/IrwinCopyright©2003byTheMcGraw-HillCompanies,Inc.AllrightsreservedCapitalBudgetingandRiskTopicsCoveredCompanyandProjectCostsofCapitalMeasuringtheCostofEquityCapitalStruct

2、ureandCOCDiscountRatesforIntl.ProjectsEstimatingDiscountRatesRiskandDCFCompanyCostofCapitalAfirm’svaluecanbestatedasthesumofthevalueofitsvariousassetsCompanyCostofCapitalCompanyCostofCapitalAcompany’scostofcapitalcanbecomparedtotheCAPMrequiredreturnRequiredretu

3、rnProjectBeta1.26CompanyCostofCapital135.50SMLMeasuringBetasTheSMLshowstherelationshipbetweenreturnandriskCAPMusesBetaasaproxyforriskOthermethodscanbeemployedtodeterminetheslopeoftheSMLandthusBetaRegressionanalysiscanbeusedtofindBetaMeasuringBetasDellComputerSl

4、opedeterminedfromplottingthelineofbestfit.Pricedata–Aug88-Jan95Marketreturn(%)Dellreturn(%)R2=.11B=1.62MeasuringBetasDellComputerSlopedeterminedfromplottingthelineofbestfit.Pricedata–Feb95–Jul01Marketreturn(%)Dellreturn(%)R2=.27B=2.02MeasuringBetasGeneralMotors

5、Slopedeterminedfromplottingthelineofbestfit.Pricedata–Aug88-Jan95Marketreturn(%)GMreturn(%)R2=.13B=0.80MeasuringBetasGeneralMotorsSlopedeterminedfromplottingthelineofbestfit.Pricedata–Feb95–Jul01Marketreturn(%)GMreturn(%)R2=.25B=1.00MeasuringBetasExxonMobilSlop

6、edeterminedfromplottingthelineofbestfit.Pricedata–Aug88-Jan95Marketreturn(%)ExxonMobilreturn(%)R2=.28B=0.52MeasuringBetasExxonMobilSlopedeterminedfromplottingthelineofbestfit.Pricedata–Feb95–Jul01Marketreturn(%)ExxonMobilreturn(%)R2=.16B=0.42CompanyCostofCapita

7、lsimpleapproachCompanyCostofCapital(COC)isbasedontheaveragebetaoftheassetsTheaverageBetaoftheassetsisbasedonthe%offundsineachassetCompanyCostofCapitalsimpleapproachCompanyCostofCapital(COC)isbasedontheaveragebetaoftheassetsTheaverageBetaoftheassetsisbasedonthe%

8、offundsineachassetExample1/3NewVenturesB=2.01/3ExpandexistingbusinessB=1.31/3PlantefficiencyB=0.6AVGBofassets=1.3CapitalStructure-themixofdebt&equitywithinacompanyExpandCAPM