开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

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

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

  • 1

    回答
  • 0

    关注
  • 299

    浏览
相关问题

NO.PZ2022101402000002 问题如下 Whiof the following is not the reason thtermines a company’s WAis a challenging task? A.fferent metho cuseto calculate the costs of fferent capit B.Assumptions of the current capitstructure. C.The company’s margintrate must estimateinsteof average or effective trate. B is correct.Assumptions are neeregarng long-term target capitstructure, whimight or might not the current capitstructure. 这道问题到底在问什么,怎么理解?

2023-04-29 16:02 1 · 回答

NO.PZ2022101402000002 问题如下 Whiof the following is not the reason thtermines a company’s WAis a challenging task? A.fferent metho cuseto calculate the costs of fferent capit B.Assumptions of the current capitstructure. C.The company’s margintrate must estimateinsteof average or effective trate. B is correct.Assumptions are neeregarng long-term target capitstructure, whimight or might not the current capitstructure. The company’s margintrate must estimateinsteof average or effective trate.这个背后的道理是什么?

2023-04-26 22:23 1 · 回答

NO.PZ2022101402000002问题如下 Whiof the following is not the reason thtermines a company’s WAis a challenging task? A.fferent metho cuseto calculate the costs of fferent capitalB.Assumptions of the current capitstructure.C.The company’s margintrate must estimateinsteof average or effective trate. B is correct.Assumptions are neeregarng long-term target capitstructure, whimight or might not the current capitstructure. 老师请问c错在哪里。

2023-03-28 08:10 2 · 回答

NO.PZ2022101402000002问题如下 Whiof the following is not the reason thtermines a company’s WAis a challenging task? A.fferent metho cuseto calculate the costs of fferent capitalB.Assumptions of the current capitstructure.C.The company’s margintrate must estimateinsteof average or effective trate. B is correct.Assumptions are neeregarng long-term target capitstructure, whimight or might not the current capitstructure. 并非WACC难算的原因A.可以有很多种算法,所以难C.边际税率要自己算,不能用现成的平均税率或者有效税率,所以难可以排除得到B,问题是B的长期资本结构需要假设,所以……也难?看起来怎么也像是WACC难算的原因呢?这里到底想说什么?

2023-01-07 19:26 1 · 回答