资全院本 Cost of Capital 概念 内容:用资费用和筹资费用 种类—个别资金成本率 加权平均资金成本率 边际资金成本率 ·作用
一、资金成本Cost of Capital • 概念 • 内容:用资费用和筹资费用 • 种类——个别资金成本率 ——加权平均资金成本率 ——边际资金成本率 • 作用
个别资金成本 个别资本成本测算原理 个别资本成本 用资费用 筹资额-筹资费用 (1)债券成本 年利息(1一所得税率)/筹资额(1-筹资费率) (2)银行借款成本 Cost of debt=年利息(1-所得税率 笔资额(1一筹资费率)
个别资本成本测算原理 二、个别资金成本 筹资额 筹资费用 用资费用 个别资本成本 (2)银行借款成本Cost of Debt =年利息(1-所得税率) /筹资额(1-筹资费率) (1)债券成本 =年利息(1-所得税率)/筹资额(1-筹资费率)
(3)优先股成本 Cost of preferred stock 每年股利发行总额(1一筹资费率) (4)普通股成本 Cost of Common Equity, Retained Earnings D 1+K。) 每年股利固定时 D I K 0 股利不固定时 K DI 0
(3)优先股成本Cost of preferred stock =每年股利/发行总额(1-筹资费率) (4)普通股成本Cost of Common Equity,Retained Earnings 每年股利固定时 股利不固定时 (六)留存收益成本同普通股 1 0 (1 ) t t c t K D P 0 1 P D K c G P D K c 0 1
加权平均资金成本 Weighted Average cost of capital (一)概念:是以各种资金所占的比重为 权数,对各种资金成本进行加权平均计 算出来的资金成本,也称综合资本成本。 (二)计算公式 K KW
(一)概念:是以各种资金所占的比重为 权数,对各种资金成本进行加权平均计 算出来的资金成本 ,也称综合资本成本。 (二)计算公式 n j Kw K jWj 1 WACC =Weighted Average Cost of Capital
Optimum Capital structure The optimal(best) situation is associated with the minimum overall cost of capital ptimum capital structure means the lowest WACC Usually occurs with 30-50% debt in a firm's capital structure WACC is also referred to as the required rate of return or the discount rate
Optimum CapitalStructure The optimal (best) situation is associated with the minimum overall cost of capital: Optimum capital structure means the lowest WACC Usually occurs with 30-50% debt in a firm’s capital structure WACC is also referred to as the required rate of return or the discount rate