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刘杨 · 2024年03月30日

A为什么使得计算融资成本成为一项挑战性工作

NO.PZ2022101402000002

问题如下:

Which of the following is not the reason that determines a company’s WACC is a challenging task?

选项:

A.

Different methods can be used to calculate the costs of different capital

B.

Assumptions of the current capital structure.

C.

The company’s marginal tax rate must be estimated instead of average or effective tax rate.

解释:

B is correct.

Assumptions are needed regarding long-term target capital structure, which might or might not be the current capital structure.

A为什么使得计算融资成本成为一项挑战性工作

1 个答案

王琛_品职助教 · 2024年04月01日

嗨,努力学习的PZer你好:


1

因为每种资本成本的计算方法,都有其适用条件和局限性,所以没有单一的“正确”方法,来计算每一种资本的成本

分析师需要根据公司的具体情况和市场环境,选择最合适的方法

这种选择的复杂性和主观性,使得确定 WACC 成为一项具有挑战性的任务

2

债务成本相对容易计算,通常基于公司发行债券或贷款的利率

然而,对于未在市场上交易的债务,其成本的确定可能需要估算

计算 cost of debt 的方法,请参考强化班讲义墨迹版 P34

3

普通股权成本的计算是 WACC 中最具挑战性的部分

DDM 方法,基于预期股利增长率,来计算股票的内在价值,但对于不支付股利或股利支付不稳定的公司,这种方法的应用会受限

Risk-based model 方法,需要可靠地估计无风险利率、市场回报率和 β 值,这些都可能随时间和市场条件变化而变化

计算 cost of equity 的方法,请参考强化班讲义墨迹版 P56

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