课程《财务管理基础》英文课件ch15.ppt
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1、15-1 Pearson Education Limited 2004Fundamentals of Financial Management,12/eCreated by:Gregory A.Kuhlemeyer,Ph.D.Carroll College,Waukesha,WI第1页,共51页。15-2Explain how a firm creates value and identify the key sources of value creation.Define the overall“cost of capital”of the firm.Calculate the costs
2、of the individual components of a firms cost of capital-cost of debt,cost of preferred stock,and cost of equity.Explain and use alternative models to determine the cost of equity,including the dividend discount approach,the capital-asset pricing model(CAPM)approach,and the before-tax cost of debt pl
3、us risk premium approach.Calculate the firms weighted average cost of capital(WACC)and understand its rationale,use,and limitations.Explain how the concept of Economic Value Added(EVA)is related to value creation and the firms cost of capital.Understand the capital-asset pricing models role in compu
4、ting project-specific and group-specific required rates of return.第2页,共51页。15-3 Creation of Value Overall Cost of Capital of the Firm Project-Specific Required Rates Group-Specific Required Rates Total Risk Evaluation第3页,共51页。15-4Growthphase ofproductcycleBarriers tocompetitiveentryOther-e.g.,patent
5、s,temporarymonopolypower,oligopolypricingCostMarketingandpricePerceivedqualitySuperiororganizationalcapability第4页,共51页。15-5Cost of Capital is the required rate of return on the various types of financing.The overall cost of capital is a weighted average of the individual required rates of return(cos
6、ts).第5页,共51页。15-6Type of Financing Mkt ValWeightLong-Term Debt$35M 35%Preferred Stock$15M 15%Common Stock Equity$50M 50%$100M 100%第6页,共51页。15-7is the required rate of return on investment of the lenders of a company.ki=kd(1-T)P0=Ij+Pj(1+kd)jS Snj=1第7页,共51页。15-8Assume that Basket Wonders(BW)has$1,000
7、 par value zero-coupon bonds outstanding.BW bonds are currently trading at$385.54 with 10 years to maturity.BW tax bracket is 40%.$385.54=$0+$1,000(1+kd)10第8页,共51页。15-9(1+kd)10 =$1,000/$385.54=2.5938(1+kd)=(2.5938)(1/10)=1.1 kd=.1 or 10%ki=10%(1-.40)=第9页,共51页。15-10is the required rate of return on i
8、nvestment of the preferred shareholders of the company.kP=DP/P0第10页,共51页。15-11Assume that Basket Wonders(BW)has preferred stock outstanding with par value of$100,dividend per share of$6.30,and a current market value of$70 per share.kP=$6.30/$70=第11页,共51页。15-12第12页,共51页。15-13 The,ke,is the discount r
9、ate that equates the present value of all expected future dividends with the current market price of the stock.D1 D2 D(1+ke)1 (1+ke)2 (1+ke)+.+P0=第13页,共51页。15-14 The reduces the model to:ke=(D1/P0)+gAssumes that dividends will grow at the constant rate“g”forever.第14页,共51页。15-15Assume that Basket Won
10、ders(BW)has common stock outstanding with a current market value of$64.80 per share,current dividend of$3 per share,and a dividend growth rate of 8%forever.ke=(D1/P0)+gke=($3(1.08)/$64.80)+.08=.05+.08=or 第15页,共51页。15-16 D0(1+g1)t Da(1+g2)t-a(1+ke)t (1+ke)tP0=The S S+S St=1at=a+1bt=b+1 Db(1+g3)t-b(1+
11、ke)t+S S第16页,共51页。15-17 The cost of equity capital,ke,is equated to the required rate of return in market equilibrium.The risk-return relationship is described by the Security Market Line(SML).ke =Rj=Rf+(Rm-Rf)b bj第17页,共51页。15-18Assume that Basket Wonders(BW)has a company beta of 1.25.Research by Ju
12、lie Miller suggests that the risk-free rate is 4%and the expected return on the market is 11.2%ke =Rf+(Rm-Rf)b bj=4%+(11.2%-4%)1.25 =4%+9%=第18页,共51页。15-19 The cost of equity capital,ke,is the sum of the before-tax cost of debt and a risk premium in expected return for common stock over debt.ke =kd+R
13、isk Premium*Risk premium is not the same as CAPM risk premium第19页,共51页。15-20Assume that Basket Wonders(BW)typically adds a 3%premium to the before-tax cost of debt.ke =kd+Risk Premium=10%+3%=第20页,共51页。15-21Constant Growth ModelCapital Asset Pricing ModelCost of Debt+Risk Premium Generally,the three
14、methods will not agree.第21页,共51页。15-22Cost of Capital=kx(Wx)WACC=.35(6%)+.15(9%)+.50(13%)WACC=.021+.0135+.065 =.0995 or 9.95%S Snx=1第22页,共51页。15-23Marginal Capital CostsCapital Raised in Different Proportions than WACC第23页,共51页。15-24are the costs associated with issuing securities such as underwriti
15、ng,legal,listing,and printing fees.a.Adjustment to Initial Outlayb.Adjustment to Discount Rate第24页,共51页。15-25A measure of business performance.It is another way of measuring that firms are earning returns on their invested capital that exceed their cost of capital.Specific measure developed by Stern
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