财务管理II

1財務管理IIFinancialManagementIICh15.CostofCapital2Sec.1TheCostofCapital：SomePreliminariesRequiredReturn：Whatis“RequiredReturnis10%”？TheinvestmentwillhaveapositiveNPVonlyifitsreturnexceeds10%。Thefirmmustearn10%ontheinvestmentjusttocompensateitsinvestorfortheuseofthecapitalneededtofinancetheproject.Thecostofcapitaldependsprimarilyontheuseofthefunds,notthesource.FinancialPolicyandCostofCapital公司財務政策決定「負債/權益比」－即資本結構─在此假設為已知。資金成本反映了債權人與股東對報酬補償之要求。3Sec.2TheCostofEquityDividendGrowthModelApproachConstantgrowthrate(g)：固定成長模型股票評價法：=Dividendyield+Capitalgain(loss)yieldEx：D0=$4，P0=$60，g=6%RE=4‧(1+6%)／60+6%=13.07%VariablesAnalysis：D0與P0可直接觀察，g則估計得之。gRDgRgDPEE100)1(gPDRE014Estimating「g」YearDividendDollarChange%Change19981.10－－19991.200.109.09%20001.350.1512.50%20011.400.053.70%20021.550.1510.71%Usehistoricalgrowthrates.Useanalysts’forecastsoffuturegrowthrates.加權平均：g=(9.09+12.5+3.7+10.71%)÷4=9(%)分析師就未來資訊加以調整。(亦可用其他統計方法)。5AdvantageandDisadvantageoftheApproachAdvantage：easytounderstandanduse.Disadvantage：必須有發放股利及股利成長率固定。估計之權益資金成本易受估計成長率影響。未能有效反應風險因素。6TheStockMarketLine(SML)ApproachE(RE)=Rf+[E(Rm)–Rf]‧βE簡化符號改為RE=Rf+(Rm–Rf)‧βEVariables：Rf、(Rm–Rf)與βAdvantage：明確地調整風險之影響。可適用於股利不穩定成長公司上－應用範圍較廣。Disadvantage：市場風險溢酬與β係數之估計不易精確。依歷史資料估計，尚須依未來預測調整。7Sec.3CostsofDebtandPreferredStockCostofdebt定義：Thereturnthatlendersrequireonthefirm’sdebt.(新借款)(利率)特性：Wecanobserveditinthefinancialmarket.新借款之利率或債券之殖利率(YTM)。非債券之票面利率。負債成本=負債利率RD×(1－T)8Costofpreferredstock定義：投資人對公司要求之特別股投資報酬。即每期發放固定股利。假設特別股本質為永續年金(perpetuity)。formula：D：固定股利，P：目前特別股股價PDRP9Sec.4WeightedAverageCostofCapitalWACC：theweightedaverageofthecostofequityandtheaftertaxcostofdebt.資金成本分析重點在於公司總資本Totalcapitalization＝長期負債Long-termdebt+權益EquityCapitalstructureweights：E：公司權益之市場價值、N：流通在外股數、D：公司負債市場價值。資本結構權數以市場價值計算才正確，但負債與權益之市值資訊往往不完整，故常以會計價值代之。VDVEDEV%10010TaxesandWACCTaxshield效果：稅後負債成本=RD×(1-T)Ex：Afirmborrows$1millionat9%.Taxrate=34%.Whatistheaftertaxinterestrateonthisloan？Ans：Aftertaxinterestrate=9%×(1－34%)=5.94%Weightedaveragecostofcapital(WACC)Ex：RE=16%，Interestrate=9%，Taxrate=34%E：D=4：1WACC=80%×16%+20%×9%×(1－34%)=13.99%)1(TRVDRVEWACCDE11計算EastmanChemical公司WACC◎CostofequitySMLapproach：Stockoutstanding=77millionsharesBookvaluepershare=$20.92Marketvaluepershare=$41.56Marketpremium=9.1%，T-billrate=3.3%，β=0.63RE=3.3%+0.63×9.1%=9.03%Dividendgrowthmodelapproach：Analystsestimatethatthegrowthinearningpershareforthecompanywillbe7%fornext5years.SetD0=$1.76andg=7%.%53.11%756.41$%)71(76.1$01gPDRE12計算EastmanChemical公司WACC(續)Costofequity：Forsomereasons,thefirmchoosesRE=(9.03%+11.53%)÷2=10.28%Costofdebt：(taxrate=35%)Bookvalue=1,493million，Marketvalue=1.436millionWeightaverageYTMonbookvalue=7.47%，onmarketvalue=7.38%CalculateWACCBookvaluebasis：E=1,611million，V=3,104millionWACC=(1,611/3,104)×10.28%+(1,493/3,104)×7.47%×(1－35%)=7.68%Marketvaluebasis：E=3,200million，V=4,636millionWACC=(3,200/4,636)×10.28%+(1,436/4,636)×7.38%×(1－35%)=8.58%13SolvingtheWarehouseProblemandSimilarCapitalBudgetingProblemsFirm’stargetdebt-equityratio=1/3，i.e.,E/V=3/4andD/V=1/4.RE=20%，RD=10%，Taxrate=34%WACC=3/4×20%+1/4×10%×(1－34%)=16.65%Projectcosts=50millionandexpectedaftertaxCF=12millionperyearfor6years.NPV=-50+12×PVIFA(16.65%,6)=-6.53(Rejecttheproject.)14WACCreflectstheriskandthetargetcapitalstructureofthefirm’sexistingassetsasawhole.Thecostofcapitaldependsontheuseofthefunds，notthesource.Iftheprojectwillbeinthesameriskclassastheoverallfirm，wecanuseWACCasthecostoftheproject.Iftheriskoftheprojectissubstantiallydifferentfromthatoftheoverallfirm,theuseoftheWACCwillleadtopoordecisions.15Sec.5DivisionalandProjectCostsofCapitalAssumption：Risk-freerate=7%，Marketriskpremium=8%，βofallequitycompany=1，βA=0.6，βB=1.2ProjectA：E(RA)=13%，ProjectB：E(RB)=16%。WACC=(E/V)×RE+(D/V)×RD×(1－T)=RE=Rf+β×(Rm－Rf)=7%+1×8%=15%HowaboutusingWACCtoevaluateallinvestmentsforthefirm？Ifso，projectAwillberejectedandprojectBwillbeaccepted.WhatistherequiredreturnofprojectAandB？(Figure15.1)RA=Rf+βA×(Rm－Rf)=7%+0.6×8%=11.8%RB=Rf+βB×(Rm－Rf)=7%+1.2×8%=16.6%ProjectAshouldbeacceptedandprojectBshouldberejected.16Sec.6FlotationCostsandtheWeightedAverageCostsofCapitalTheBasicApproachCasedescription：TheSpattCompany,anall-equityfirm,hasacostofequityof20%.Expansionprojectcost=$100million.Befundedbysellingnewstock.Flotationcost=10%oftheamountissued.Howmuchamountraisedwouldthefirmneedtosellequity？Amountraised=$100million÷(1－10%)=$111.11million.17FlotationCostsandNPVCasedescription：TPCompanyiscurrentlyatitstargetdebt-equityratioof100%.Projectcost=$500,000forbuildinganewprintingplant.Theriskoftheprojectissimilartotheriskofthewholefirm.AftertaxCF=$73,150peryearforeverfromthenewplant.Taxrate=34%.Therequiredreturnonthecompany’snewequityis20%,andnewdebtis10%.Theflotationcostsare2%fordebt,and10%forequity.18FlotationCostsandNPV(續)NPVforignoringtheflotationcost.NPV=$73,150/0.133－$500,000=$50,000NPVforconsideringtheflotationcost.Weightedaverageflotationcost：NPV=$73,150/0.14.48－$500,000/(1－6%)=$18,0