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GS · 2021年12月15日

不同风险的选择差异

NO.PZ2018062005000026

问题如下:

When making capital-budgeting decisions for the average-risk project, the best cost we used should be:

选项:

A.

after-tax cost of debt

B.

weighted average cost of capital

C.

cost of preferred stock

解释:

B is correct. Weighted average cost of capital is uesd to value the company's project. When making capital-budgeting decisions for the average-risk project, Ideally, we want to use the same proportion of each source of capital that the company would use( target capital structure).

中风险就最低成本WACC,低风险就debt了么?

1 个答案

王琛_品职助教 · 2021年12月15日

嗨,努力学习的PZer你好:


不是的,解题的角度并不是这个

1

题干提到:"average-risk project",即风险平均的项目

因为一家公司可能进行着多个项目,每个项目的风险不同,如果现在要评估一个新项目的 NPV,这个项目的风险,和这家公司现有项目的平均风险相同,我们就可以使用公司的 WACC 折现计算新项目的 NPV

2

请参考原版书 P6

公司的资本成本,是投资者对公司的「平均风险」投资,所要求的回报率

The cost of capital of a company is the required rate of return that investors demand for the average- risk investment of a company.

与其他类似风险的证券竞争,如果公司的一个投资的风险「高于平均水平」,则必须向投资者支付更高的回报率,这相当于更高的资本成本

A company with higher-than-average-risk investments must pay investors a higher rate of return, competitive with other securities of similar risk, which corresponds to a higher cost of capital.

同样,一个投资风险「低于平均水平」的公司,投资者要求的回报率也会降低,从而导致相关的资本成本降低

Similarly, a company with lower-than-average-risk investments will have lower rates of return demanded by investors, resulting in a lower associated cost of capital.

估计这个所需回报率的最常见方法,是计算各种资本来源的边际成本,然后计算这些成本的加权平均值

The most common way to estimate this required rate of return is to calculate the marginal cost of each of the various sources of capital and then calculate a weighted average of these costs.

3

请参考:Cost of Capital 章节课后题第 8 题

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努力的时光都是限量版,加油!

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