WeightedAverageCostofCapital(英文版)

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1、WeightedAverageCostofCapitalwithouttaxesWACC=rdebt(D)+requity(E)(V)(V)WeightedAverageCostofCapitalwithouttaxes&bankruptcyriskrDVrDrEWeightedAverageCostofCapitalwithouttaxes&bankruptcyriskrDVrDrEWACCWeightedAverageCostofCapitalwithouttaxesrDVrDrEIncludesBankruptcyRiskWeightedAverag

2、eCostofCapitalwithouttaxesrDVrDrEIncludesBankruptcyRiskWeightedAverageCostofCapitalwithouttaxesrDVrDrEIncludesBankruptcyRiskWACCWeightedAverageCostofCapitalwithouttaxesrDVIncludesBankruptcyRiskWACCrDFactorsinCS&CBDecisionBankruptcyRisk&Costs(previousslides)SignalingHypothesisBondh

3、olderWealthExpropriationTheoryAgencyCostsThePrincipalAgentProblemShareholders=OwnersManagers=EmployeesQuestion:Whohasthepower?Answer:ManagersAgentProblemsReducedeffortPerksEmpirebuildingEntrenchinginvestmentAvoidingriskAgencyProblemsinCapitalBudgetingAgencyIncentiveIssuesMonitorin

4、g-Reviewingtheactionsofmanagersandprovidingincentivestomaximizeshareholdervalue.FreeRiderProblem-Whenownersrelyontheeffortsofotherstomonitorthecompany.Compensation-Howtopaymanagerssoastoreducethecostandneedformonitoringandtomaximizeshareholdervalue.FactorsinCS&CBDecisioncontinuedC

5、ashFlowestimates&MarketValuesProjectsmayappeartohavepositiveNPVsbecauseofforecastingerrorse.g.someacquisitionsresultfromerrorsinaDCFanalysisDon’tmakeinvestmentdecisionsonthebasisoferrorsinyourDCFanalysis.Startwiththemarketpriceoftheassetandaskwhetheritisworthmoretoyouthantoothers.

6、MeasuringperformanceMVAEVA&ResidualincomeEconomicIncomeCFROIFactorsinCS&CBDecisioncontinuedMVAMarketValueAddedMVA=MarketCapyear2–Marketcapyear1ResidualIncome&EVATechniquesforovercomingerrorsinaccountingmeasurementsofperformance.EmphasizesNPVconceptsinperformanceevaluationoveraccou

7、ntingstandards.Looksmoretolongtermthanshorttermdecisions.Morecloselytracksshareholdervaluethanaccountingmeasurements.EVAbySternandStewartoutofBostonResidualIncome&EVAIncomeSales550COGS275Selling,G&A75200taxes@35%70NetIncome$130AssetsNetW.C.80Property,plantandequipment1170lessdepr.

8、360NetInvest..810Otherassets110To