国际金融管理第四章企业资本成本与结构

1第四章国际企业资本成本与资本结构

MultinationalCostofCapital&CapitalStructure第一节、资本成本的内涵CostofCapital第二节、个别资本成本的估算CalculationofIndividualCostofCapital第三节、加权资本成本WACC第四节、国际企业资本结构CapitalStructureforMNC（三件事：案例分析，资本成本，英文论文学习报告）22第三章外汇风险管理

ExchangeRateRiskManagement第一节外汇风险的涵义

DefinitionofExchangeRateRisk第二节交易风险及管理方法TransactionExposureManagement第三节经济风险与折算风险EconomicandTranslationExposure第四节外汇风险管理策略StrategyofExchangeRateRiskManagement案例分析:Blades,inc.caseP2923外汇风险的类型

TypesofForeignExchangeExposure

EconomicExposure经济风险Exchangerateriskasappliedtothefirm’scompetitiveposition.TransactionExposure交易风险Exchangerateriskasappliedtothefirm’shomecurrencycashflows.TranslationExposure折算风险Exchangerateriskasappliedtothefirm’sconsolidatedfinancialstatements.4交易风险管理方法

TechniquestoEliminateTransactionExposureFuturesHedgeForwardHedgeMoneyMarketHedgeCurrencyOptionHedgeCalculatingtheRealCostofHedgingDeterminingtheOptimalHedgeHedgingLong-TermTransactionExposureLong-TermForwardContractCurrencySwapParallelLoanAlternativeHedgingTechniquesLeadingandLaggingCross-HedgingCurrencyDiversification5经济风险的管理

Proactive（主动的）ManagementofEconomicExposureThesixmostcommonlyemployedproactivepoliciesare:MatchingcurrencycashflowsRisk-sharingagreementsBack-to-backorparallelloansCurrencyswapsLeadsandlagsReinvoicingcenter61、Matching:

DebtFinancingasaFinancialHedge7Matchingcurrencycashflows.Onewaytooffsetananticipatedcontinuouslongexposuretoaparticularcompanyistoacquiredebtdenominatedinthatcurrency(matching).AnotheralternativewouldbefortheUSfirmtoseekoutpotentialsuppliersofrawmaterialsorcomponentsinCanadaasasubstituteforUSorotherforeignfirms.Inaddition,thecompanycouldengageincurrencyswitching,inwhichthecompanywouldpayforeignsupplierswithCanadiandollars.8UsingaBack-to-BackLoanforCurrencyHedging9UsingaCross-CurrencySwapto

HedgeCurrencyExposureLeadingandlagging11UseofaReinvoicingCenter1212经济风险的管理措施市场策略：在汇率发生变动时，采取调整售价、销量、销售分布、改变促销政策等措施减少经济风险的影响。

生产策略：可以通过变更投入物的来源减少经济风险的影响。从长期来看，从软通货国家进口更多的原材料和零部件时非常有利的。融资策略：可仔细审查涉及的外币资金借贷状况，以尽可能减少外汇风险。分散经营策略：由于对汇率运动的长期性预测的准确性很难把握，因此可通过产品定位来分散经济风险。

1313外汇风险管理策略一、完全避免外汇风险的管理策略二、消极的外汇风险管理策略三、积极的外汇风险管理策略14InternationalFinancialManagement

CaseStudy

Blades,Inc.Case

Chapters11ManagingTransactionExposureP292151.ExportSpeedostoBritishRetailer200,000pairsat￡80/pairfor2years,mayrenewcontract.2.ContinueexportSpeedostoThailandEntertainmentProducts180,000pairsatThaiBaht4594，2yearsmayrenewcontract3.ImportsfromThailandmaterialsforSpeedosenoughtoproduce72,000pairs.Pricesnotfixed,adjustabletomarketprices,nowatThaiBaht3,000.4.Exportquarterlyeach50,000toBritishRetailer,45,000toThaiEntertainmentProducts,paymentmadeonfirstdayofJan.Apr.July.Oct.5.Importsquarterlyeach18,000materialfromThailand.Earlypayment,Beneficial,Why?IdentifyTheHedgingtechniquemostappropriateforBlades.

ThailandUnitedKingdomCurrentspotrate$0.0230$1.500090-dayforwardrate$0.0215$1.4900PutoptionPremiumNotavailable$0.0200PutoptionexercisepriceNotavailable$1.4700CalloptionpremiumNotavailable$0.0150CalloptionexercisepriceNotavailable$1.480090-dayborrowingrate(nonannulized)4.00%2.00%90-daylendingrate(nonannulized)3.50%1.80%BritishCallandPutoptionsareavailablefor￡31,250peroptionProbabilitySpotRateforSpotRatefor￡in90DaysBahtin90Days5%$1.45$0.020020%$1.47$0.021330%$1.48$0.021725%$1.49$0.022015%$1.50$0.02305%$1.52$0.0235UnitedStatesBorrowingandLendingrates90-dayborrowingrate(nonannualized)2.30%90-daylendingrate(nonannualized)2.10%181.Usingaspreadsheet,comparethehedgingalternativesfortheThaiBahtwithascenariounderwhichBladesremainsunhedged.DoyouthinkBladesshouldhedgeorremainunhedged?IfBladesshouldhedge,whichhedgeismostappropriate.

Basedontheanalysis,itappearsthatBladesshouldhedgeitsbahtexposure.ThemoneymarkethedgeappearstobethemostappropriateforBlades,becauseitresultsinthehighestdollarvalueforthenetbahtinflows.Thereisonlya20percentchancethatremainingunhedgedwillresultinahigherdollaramounttobereceivedin90days.Baht-denominatedoutflowPairsmanufactured18,000.00Xestimatedcostperpair3,000.00=Numberofbahtneededin90days54,000,000.00Netinflowinbahtanticipatedin90days152,730,000.00CalculationofNetBahtPaidorReceivedin90days:Baht-denominatedinflow:pairssold45,000.00XPriceperpair4,594.00=Numberofbahtreceivedin90days206,730,000.00MoneyMarketHedge:borrowbaht,convertto$,invest$,usereceivablestopayoffloanin90daysamountinbahtborrowed152,730,000/1.04146,855,769.23Dallarsreceivedfromconvertingbaht(146,855,769.20x$0.023)3,377,682.69Dollarsaccumulatedafter90days(3,377,682.69X1.021)3,448,614.03ForwardHedge:Sellbaht90daysforward:Baht-denominatedcashflow152,730,000.00XForwardrateofbaht0.0215=Dollarstobereceivedin90days3,283,695.0021RemainunhdegedPossibilityPossiblesportratein90daysTotaldollarsreceivedfromConvertingBaht5%$0.0200$3,054,60020%$0.0213$3,253,14930%$0.0217$3,314,24125%$0.0220$3,360,06015%$0.0230$3,512,7905%$0.0235$3,589,155ForwardHedge:3,283,695.00MoneyMarketHedge:3,448,614.0322Basedontheanalysis,itappearsthatBladesshouldhedgeitspoundexposure.ThemoneymarkethedgeappearstobethemostappropriateforBlades,becauseitresultsinthehighestdollarvalueforthepoundinflows.Thereisnochancethattheoptionhedgewillresultinahigherdollaramounttobereceivedin90daysthanthemoneymarkethedge,Onlya5%chancethatremainingunhedgedwillresultinahigherdollaramountthatthemoneymarkethedge.2.Usingaspreadsheet,comparethehedgingalternativesfortheBritishpoundreceivableswithascenariounderwhichBladesremainsunhedged.DoyouthinkBladesshouldhedgeorremainunhedged?IfBladesshouldhedge,whichhedgeismostappropriateforBlades.MoneyMarketHedge:borrowpounds,convertto$,invest$,usereceivablestopayoffloanin90daysamountinpoundsborrowed400,000/1.023,921,568.63Dollarsreceivedfromconvertingbaht(3,921,568.63x$1.5)5,882,352.94Dollarsaccumulatedafter90days(5,882,352.94X1.021)6,005,882.35

Pounds-denominatedinflow:pairssold50,000.00XPoundspriceperpair80.00=Numberofpoundsreceivedin90days4,000,000.00ForwardHedge:Sellpounds90daysforward:Pound-denominatedrevenue4,000,000.00XForwardrateofpounds1.49=Dollarstobereceivedin90days5,960,000.0024Buy128putoptions4000000/31250Exerciseprice1.47PossibleSportPremiumperunitExerciseTotalDollarsReceivedperUnitTotalDollarsReceivedfromProbabilityRatein90dayspaidforOptions($)Options?(afteraccountingforthepremium)Converting4mPounds$1.45$0.02Y$1.45$5,800,000.005%$1.47$0.02Y$1.45$5,800,000.0020%$1.48$0.02N$1.46$5,840,000.0030%$1.49$0.02N$1.47$5,880,000.0025%$1.50$0.02N$1.48$5,920,000.0015%$1.52$0.02N$1.50$6,000,000.005%Purchaseputoption:Remainunhedeged

PossibilityPossiblesportratein90daysTotaldollarsreceivedfromConvertingBaht5%$1.45$5,800,00020%$1.47$5,880,00030%$1.48$5,920,00025%$1.49$5,960,00015%$1.50$6,000,0005%$1.52$6,080,000ForwardHedge:

$5,960,000.00MoneyMarketHedge:

$6,005,882.35

Purchaseputoption:5%$6,000,000.00Remainunhedeged5%$6,080,000.00263.Ingeneral,doyouthinkitiseasierforBladestohedgeitsinflowsoritsoutflowsdenominatedinforeigncurrencies?Why?Ingeneral,itiseasierforBladestohedgeitsinflowsdenominatedinforeigncurrencies.ThisisbecauseBlades’

outflowsaresubjecttotwouncertainvariables,theamountofthepayablesdenominatedintheforeigncurrencyduetofluctuationsinmarketpricesandthefutureexchangerate.

SinceBladeshasexportagreementwithitsmajorcustomers,itsdollarinflowsareuncertainonlybecauseofexchangeratechanges.274.Wouldanyofthehedgesyoucomparedinquestions2fortheBritishpoundstobereceivedin90daysrequireBladestooverhedge?GivenBlades’sexportingarrangements,doyouthinkitissubjecttooverhedgingwithamoneymarkethedge?Inthiscase,noneofthehedgeswouldrequireBlades,Inc.tooverhedge.

Usually,theputoptionhedgewouldrequireBladestooverhedge,sinceBenHoltwishestohedgetheentireexposureandthereare31,250poundsinaputoption.Inthiscase,however,Bladeswillreceive4,000,000poundsin90daysandwillneedtopurchase128putoptionsinordertoexactlycoverthisexposure.GivenBlades’sexportingarrangements,itisnotsubjecttooverhedgingwithamoneymarkethedge.BoththeBritishandThairetailershaveenteredintoarrangementswithBladesunderwhichpricesarefixed.Consequently,itisunlikelythattheactualamountreceivedinthefuturewilldifferfromtheexpectedamount.285.CouldBladesmodifythetimingoftheThaiimportsinordertoreduceitstransactionexposure?Whatisthetradeoffofsuchamodification?Bladescouldimportsufficientmaterialstocompletelyoffsetthebaht-denominatedrevenueof45000*4594=THB206,730,000thisquarter,itcouldimportmaterialssufficienttomanufacture206730000/3000=68,910pairsofSpeedosinthecurrentquarter,ItcouldtheninstructitsThaicustomertomakepaymentdirectlytotheThaisupplier.ThetradeoffofacceleratingthepurchasefromThailandinordertoreduceBlades’transactionexposurethisquarteristhatthetransactionexposureinsubsequentquarterswillbecorrespondinglyhigher.Furthermore,Blades’inventorypositionwillbeveryhighthisquarter,anditmayincuradditionalexpensesinordertomodatethehigherinventory.296.CouldBladesmodifyitspaymentpracticesfortheThaiimportsinordertoreduceitstransactionexposure?Whatisthetradeoffofsuchamodification?Yes,BladescouldmodifyitspaymentpracticesinordertoreduceitstransactionexposureinThailand.Currently,BladespaystheThaisupplierssixtydaysearlierthanitscompetitors.

IftheThaibahtdepreciatesoverthesesixtydays,laggingpaymentwouldresultinalowerdollarcostforBlades.ThetradeoffresultingfromlaggingpaymentstotheThaisuppliersIsthatBladescannotusetheBaht-denominatedcoststooffsetthebaht-denominatedrevenue.Thisisbecausebahtwillbereceivedandneededatdifferenttimes.Consequently,Bladesmayhavetohedgeitsexposuremoreoften.307.GivenBlades’exportingagreements,arethereanylong-termhedgingtechniquesBladescouldbenefitfrom?Forthisquestiononly,assumethatBladesincursallofitscostsintheUnitedStatesBladeshasfixed-priceexportingarrangementswithboththeThaiandBritishcustomersforthenexttwoyears.Furthermore,thetimingoftheresultingforeigncurrencyinflowsisknown.

Sincelong-temhedgingtechniquesareparticularlyappropriateforfirmsthatcanaccuratelyestimatetheirforeigncurrencypayablesorreceivablesthatwilloccurinthefuture,Bladescouldbenefitfromlongtermhedgingtechniques.Forexample,itcouldenterintolong-termforwardcontactsforThaibahtand/orBritishpounds,swapcurrencieswithanotherfirminthefuture,oragreetoaparallelloan.31第四章国际企业资本成本与资本结构

MultinationalCostofCapital

&CapitalStructure第一节、资本成本的内涵CostofCapital第二节、个别资本成本的估算CalculationofIndividualCostofCapital第三节、加权资本成本

WACC第四节、国际企业资本结构CapitalStructureforMNCChapterObjectivesCostofCapitalWACC(Theweightedaveragecostofcapital)ToexplainhowcorporateandcountrycharacteristicsinfluenceanMNC’scostofcapital;Toexplainwhytherearedifferencesinthecostsofcapitalamongcountries;andToexplainhowcorporateandcountrycharacteristicsareconsideredbyanMNCwhenitestablishesitscapitalstructure.33第一节、资本成本的内涵Thecostofcapitalistheminimumrateofreturnaninvestmentprojectmustgenerateinordertopayitsfinancingcosts.公司的资本成本:公司为取得所需资金而付出的代价，主要包括支付给股东的股利和支付给长期债权人的利息。从投资人的角度看：它表示与投资机会成本和投资风险相适应的回报率；从筹资者的角度看：它表示公司为取得资金必须支付的价格；34CostofCapitalAfirm’scapitalconsistsof:Equity(retainedearningsandfundsobtainedbyissuingstock),reflectsanopportunitycostDebt(borrowedfunds).reflectedininterestexpenses.Acompany‘scapitalstructure？

referstoitsdebtlevelrelativetoequityonthebalancesheet

Firmsattempttouseacapitalstructurethatwillminimizetheircostofcapital.Firmsusedebtratherthanequityascapital：why?becausetheinterestpaymentsondebtaretaxdeductibleTowhatlevel?why?35Asinterestexpensesincrease,theprobabilityofbankruptcywillincreasetoo.Itisfavorabletoincreasetheuseofdebtfinancinguntilthepointatwhichthebankruptcyprobabilityeslargeenoughtooffsetthetaxadvantageofusingdebt.CostofCapitalCostofCapitalDebtRatioDebt’sTradeoff36资本成本率的种类在公司筹资实务中，通常运用资本成本的相对数，即资本成本率。资本成本率是指公司用资费用与有效筹资额之间的比率，通常用百分比来表示。一般而言，资本成本率有下列种类：1．个别资本成本率(costofcapital）是指公司各种长期资本的成本率。2．加权资本成本率(WACC)是指公司全部长期资本的成本率。3．边际资本成本率(marginalcostofcapital)是指公司追加长期资本的成本率。37资本成本的作用（1）资本成本是选择资金来源、确定筹资方案的重要依据。个别资本成本是比较筹资方式优劣的一个尺度。加权资本成本是企业进行资本结构决策的基本依据。边际资本成本是比较选择追加筹资方案的重要依据。（2）资本成本是评价投资项目、决定投资取舍的重要标准。（3）资本成本是衡量企业经营成果的尺度。CostofCapitalforMNCsSizeofFirm.

Becauseoftheirsize,MNCsareoftengivenpreferentialtreatmentbycreditors.Theycanusuallyachievesmallerperunitflotationcoststoo.AcesstoInternationalCapitalMarkets.MNCsarenormallyabletoobtainfundsthroughinternationalcapitalmarkets,wherethecostoffundsmaybelower.InternationalDiversification.MNCsmayhavemorestablecashinflowsduetointernationaldiversification,suchthattheirprobabilityofbankruptcymaybelower.ExposuretoExchangeRateRisk.

MNCsmaybemoreexposedtoexchangeratefluctuations,suchthattheircashflowsmaybemoreuncertainandtheirprobabilityofbankruptcyhigher.ExposuretoCountryRisk.

MNCsthathaveahigherpercentageofassetsinvestedinforeigncountriesaremoreexposedtocountryrisk.39CostofCapitalforMNCsPossibleaccesstolow-costforeignfinancingPreferentialtreatmentfromcreditorsGreateraccesstointernationalcapitalmarketsLargersizeInternationaldiversificationExposuretoexchangerateriskExposuretocountryriskCostofcapitalProbabilityofbankruptcy40TheFirm’sInvestmentDecisionandtheCostofCapitalAfirmthatcanreduceitscostofcapitalwillincreasetheprofitablecapitalexpendituresthatthefirmcantakeonandincreasethewealthoftheshareholders.Internationalizingthefirm’scostofcapitalisonesuchpolicy.costofcapital(%)Investment($)IRRK

globalK

localIlocal

Iglobal41第二节、个别资本成本的估算个别资本成本是指使用各种长期资金的成本。长期借款资金成本债务资金成本权益资金成本长期债券优先股普通股保留盈余42一、长期负债成本Rd

1、长期借款成本Rd1

Rd1=Ri（1-T）

Ri为借款利率，T表示公司所得税率[例]设A公司向银行借了一笔长期贷款，年利率为8%，A公司的所得税率为34%，问A公司这笔长期借款的成本是多少？

Rd1=Ri（1-T）

=8%（1-34%）

=5.28%

432、长期债券成本Rd2第一种情况：债券发行价格与债券面值相等

Rd2=

Ri（1-T）/（1-F）[例]某公司按面值发行年利率为7%的5年期债券2500万元，发行费率为2%，所得税率为33%，试计算该债券的资本成本。

Rd2=

Ri（1-T）/（1-F）

=7%×（1-33%）/（1-2%）

=4.79%

44第二种情况：债券发行价格与债券面值不等时首先确定债券的收益率，债券收益率Ri由公式计算，

其中P0是发行净价格（等于发行价格扣除发行成本），It表示定期按票面利率支付的利息，Pn表示债券面值，n表示债券期限，t表示第t期。再乘以（1-T），得出债券的资本成本：

Rd2=

Ri（1-T）45[例]某股份有限公司拟发行面值为1000元，年利率为8%，期限为2年的债券。试计算该债券在下列市场利率下的发行价格。市场利率为：（i）10%

（ii）8%（iii）6%

（i）当市场利率为10%时，（ii）当市场利率为8%时，（iii）当市场利率为6%时=965.29元=1000元=1036.64元[例]某公司采用溢价20元发行为期2年、票面利率为7%、面值1000元的债券3000万元，发行费用为60万元，公司所得税率为33%，问该公司发行债券的成本是多少？首先计算出按溢价发行债券的收益率：

P0=（1000+20）×（1-60/3000）=999.6元由于

得

Ri=7.02%

故发行债券的成本为:Rd2=

Ri（1-T）

=7.02%×(1-33%)=4.70%47

其中P0应为扣除发行费用之后的价格。[例]公司计划发行1500万元优先股，每股股价100元，固定股利11元，发行费用率4%，问该优先股成本是多少？

RP=DP/P0=11/[100×（1-4%）]=11.46%二、优先股成本优先股发行净价格P0优先股股利DPRP=48三、普通股资本成本按照资本成本率实质上是投资必要报酬率的思路，普通股的资本成本率就是普通股投资的必要报酬率。一般有三种方法计算普通股的成本：即股利折现模型、资本资产定价法、债券收益率加风险溢价法。

491、股利折现模型股利折现模型的基本形式是：

Po---普通股用资净额，即发行价格扣除发行费用；Dt---普通股第t年的股利；Kc-普通股投资必要报酬率，即普通股资本成本率。运用上列模型测算普通股资本成本率，因具体的股利政策而有所不同：剩余股利政策、固定股利支付率政策、固定股利或稳定增长股利政策低正常股利加额外股利政策）50如果公司采用固定股利政策，即每年分派现金股利D元，资本成本率可按下式测算：

[例]ABC公司拟发行一批普通股，发行价格12元，每股发行费用2元，预定每年分派现股利每股1.2元。其资本成本率测算为：

如公司采用固定增长股利的政策，股利固定增长率为G，资本成本率需按下式测算：

[例]XYZ公司准备增发普通股，每股发行价格15元，发行费用3元，预定第一年分派现金股利每股1.5元，以后每年股利增长2.5%。其资本成本率测算为：

522、资本资产定价模型法：

普通股票的预期收益率等于无风险利率加上风险补偿（或称风险溢价），用公式表示为：Re=Ri=Rf+（Rm-Rf）βiRf表示无风险利率，Rm表示市场所有股票或市场所有资产组合的预期收益率；Ri表示第i种股票或风险资产的预期收益率，也即等于普通股的资本成本Reβi表示第i种股票或资产的预期收益率相对于市场平均预期收益率变动的适应程度βi等于1，表示与市场平均风险股票的变动程度相同；

βi大于1，表示其变动大于市场平均风险股票的变动程度；βi小于1，表示其变动小于市场平均风险股票的变动程度。53Thecapitalassetpricingmodel(CAPM)canbeusedtoassesshowtherequiredratesofreturnofMNCsdifferfromthoseofpurelydomesticfirms.AccordingtoCAPM,ke=Rf+b(Rm

–

Rf)where ke = therequiredreturnonastock

Rf = risk-freerateofreturn

Rm = marketreturn

b = thebetaofthestockAstock’sbetarepresentsthesensitivityofthestock’sreturnstomarketreturns,justasaproject’sbetarepresentsthesensitivityoftheproject’scashflowstomarketconditions.Theloweraproject’sbeta,theloweritssystematicrisk,andtheloweritsrequiredrateofreturn,ifitsunsystematicriskcanbediversifiedaway.CostofCapitalforMNCs系統風險估計55βiβm=1RfRmSMLO证券市场线Ri资本资产定价模型可以用图形表示。用Ri表示纵轴，β系数表示横轴，就可以画出一条连接无风险收益率与市场组合收益率的直线，即是我们所说的证券市场线SML56[例]设C股票的β系数等于0.4,D股票的β系数等于2,如果无风险收益率为9%，市场期望的收益率为13%，那么C股票和D股票的预期收益率为多少？由公式:

Ri=Rf+（Rm-Rf）βi

Rc=9%+（13%-9%）×0.4=10.6%RD=9%+（13%-9%）×2=17%573、债券收益率加风险溢价法：Re=长期负债利率+风险溢价

相对债券的风险溢价：3%-5%假定长期负债利率为10%，风险溢价为3% ke =kd+RiskPremium

=10%+3%

ke

=13%58四、保留盈余资本成本公司的保留盈余是由公司税后利润形成的，属于权益资本。从表面上看，公司保留盈余并不花费什么资本成本。实际上，股东愿意将其留用于公司而不作为股利取出投资于别处，总是要求获得与普通股等价的报酬。因此，保留盈余也有资本成本，不过是一种机会资本成本。保留盈余资本成本率的测算方法与普通股基本相同，只是不考虑筹资费用。59第三节、加权资本成本1、加权资本成本的概念weightedaveragecostofcapital(WACC)

Afirmnormallyfindsitsweightedaveragecostofcapital(WACC)bycombiningthecostofequitywiththecostofdebtinproportiontotherelativeweightofeachinthefirm’soptimallong-termfinancialstructure:加权资本成本是各单项筹资方式资本成本的加权平均数。60对项目投资决策的作用在于：

贴现率；基准收益率对企业而言，可用于企业价值评估：公式612、加权资本成本的计量模型

三个基本步骤：

1、计算每项融资来源的资本成本；

2、确定债务、优先股和普通股分别在全部资本中的权重；

3、计算公司的资本加权成本。

62Afirm’sweightedaveragecostofcapitalkc=(D)

kd(

1

_

t

)

+

(E)

keD

+

ED

+

Ewhere D istheamountofdebtofthefirm E istheequityofthefirm

kd isthebefore-taxcostofitsdebt

t isthecorporatetaxrate

ke isthecostoffinancingwithequityCostofCapitalTheweightedaveragecostofcapitalTheMNC’scostofcapital65各种长期资本比例是指一个公司各种长期资本分别占公司全部长期资本的比例。

例如，ABC公司的全部长期资本总额为1000万元，其中长期借款200万元占20%，长期债券300万元占30%，普通股400万元占40%，保留盈余100万元占10%。假设其个别资本成本率分别是6%，7%，9%，8%。该公司综合资本成本率是多少？综合资本成本率＝6%×20%＋7%×30%＋9%×40%＋8%×10%＝7.7%66公司WACC帳面負債比率英代爾(Intel)14.5%3%奇異(GE)13.5%7%迪士尼(WaltDisney)12.3%33%可口可樂(CocaCola)12.0%14%摩托羅拉(Motorola)11.6%15%美國電話電報(AT&T)9.9%39%漢斯(H.J.Heinz)9.8%47%南貝爾公司(BellSouth)9.5%33%艾克森石油(Exxon)9.4%18%渥馬賣場(Wal-Mart)9.4%43%美国企业之加权平均资本成本

資料來源：Whoaretherealwealthcreators?,Fortune,December9,1996,p.107.[例]某公司拟筹资500万元,现有甲、乙两个备选方案如下表:筹资方式甲方案乙方案 筹资金额资本成本筹资金额资本成本

长期借款

80 7.0% 110 7.5%公司债券

120 8.5% 40 8.0%普通股

300 14.0% 35014.0%合计

500 500 试确定哪一种方案较优?

68甲方案的加权平均资本成本为：Ra1=WdRd+WeRe+WbRb=80/500×7%+120/500×8.5%++300/500×14%=11.56%乙方案的加权平均资本成本为：Ra2=110/500×7.5%+40/500×8%+350/500×14%=12.09%甲方案成本低于乙方案，故甲方案优于乙方案。69资本成本与风险+公司的资本成本率等于在资本市场上投资者应得的与其风险程度相对应的均衡收益率。

无风险报酬率风险溢酬资本成本或必要报酬率实际利率预期通货膨胀率变现力风险溢酬到期风险溢酬违约风险溢酬707172CostsofCapitalAcrossCountriesThecostofcapitalmayvaryacrosscountries,because:MNCsbasedinsomecountriesmayhaveacompetitiveadvantageoverothers;MNCsmaybeabletoadjusttheirinternationaloperationsandsourcesoffundstocapitalizeonthedifferences;MNCsbasedinsomecountriesmayhaveamoredebt-intensivecapitalstructure.73四、国际企业资本结构

TheMNC’sCapitalStructureDecision

CapitalStructure：theproportionoflong-termdebtandequitycapitalandtheparticularformsofcapitalchosentofinancetheassetsofthefirmTheFinancialStructureofSubsidiariesConformtotheparentcompany'snorm.Conformtothelocalnormofthecountrywherethesubsidiaryoperates.Varyjudiciouslytocapitalizeonopportunitiestolowertaxes,reducefinancingcostsandrisk,andtakeadvantageofvariousmarketimperfections.TheMNC’sCapitalStructureDecisionTheoverallcapitalstructureofanMNCisessentiallyacombinationofthecapitalstructuresoftheparentbodyanditssubsidiaries.Thecapitalstructuredecisioninvolvesthechoiceofdebtversusequityfinancing,andisinfluencedbybothcorporateandcountrycharacteristics.75CorporateCharacteristicsStabilityofcashflows：MNCswithmorestablecashflowscanhandlemoredebt.Creditrisk：MNCsthathavelowercreditriskhavemoreaccesstocredit.Accesstoretainedearnings：

ProfitableMNCsandMNCswithlessgrowthmaybeabletofinancemostoftheirinvestmentwithretainedearnings.Guaranteesondebt.：Iftheparentbacksthesubsidiary’sdebt,thesubsidiarymaybeabletoborrowmore.Agencyproblems：Hostcountryshareholdersmaymonitorasubsidiary,thoughnotfromtheparent’sperspective.76Stockrestrictions：MNCsincountrieswhereinvestorshavelessinvestmentopportunitiesmaybeabletoraiseequityatalowercost.Interestrates：MNCsmaybeabletoobtainloanablefunds(debt)atalowercostinsomecountries.Strengthofcurrencies：MNCstendtoborrowthehostcountrycurrencyiftheyexpectittoweaken,soastoreducetheirexposuretoexchangeraterisk.Countryrisk：Ifthehostgovernmentislikelytoblockfundsorconfiscateassets,thesubsidiarymaypreferdebtfinancing.Taxlaws：

MNCsmayusemorelocaldebtfinancingifthelocaltaxrates(corporatetaxrate,withholdingtaxrate,etc.)arehigher.CountryCharacteristics77Thesevariablesinclude:AvailabilityofcapitalDiversificationofcashflowsForeignexchangeriskExpectationsofinternationalportfolioinvestorsThedomestictheoryofoptimalfinancialstructuresneedstobemodifiedbyfourmorevariablesinordertomodatethecaseoftheMNE.78Availabilityofcapital:Amultinationalfirm’smarginalcostofcapitalisconstantforconsiderablerangesofitscapitalbudgetThisstatementisnottrueformostsmalldomesticfirms(astheydonothaveequalaccesstocapitalmarkets),norforMNEslocatedincountriesthathaveilliquidcapitalmarkets(unlesstheyhavegainedaglobalcostandavailabilityofcapital)79Diversificationofcashflows:ThetheoreticalpossibilityexiststhatmultinationalfirmsareinabetterpositionthandomesticfirmstosupporthigherdebtratiosbecausetheircashflowsarediversifiedinternationallyAsreturnsarenotperfectlycorrelatedbetweencountries,anMNEmightbeabletoachieveareductionincashflowvariability(muchinthesamewayasportfolioinvestorswhodiversifytheirsecurityholdingsglobally)80Foreignexchangerisk:Whenafirmissuesforeigncurrencydenominateddebt,itseffectivecostequalstheafter-taxcostofrepayingtheprincipalandinterestintermsofthefirm’sowncurrencyThisamountincludesthenominalcostofprincipalandinterestinforeigncurrencyterms,adjustedforanyforeignexchangegainsorlosses81ExpectationsofInternationalPortfolioInvestors:ThekeytogainingaglobalcostandavailabilityofcapitalisattractingandretaininginternationalportfolioinvestorsIfafirmwantstoraisecapitalinglobalmarkets,itmustadoptglobalnormsthatareclosetotheUSandUKnormsasthesemarketsrepresentthemostliquidandunsegmentedmarkets82UsingtheCostofCapital

forAssessingForeignProjectsForeignprojectsmayhaverisklevelsdifferentfromthatoftheMNC,suchthattheMNC’sweightedaveragecostofcapital(WACC)maynotbetheappropriaterequiredrateofreturn.Therearevariouswaystoaccountforthisriskdifferentialinthecapitalbudgetingprocess.DeriveNPVsbasedontheWACC.TheprobabilitydistributionofNPVscanbecomputedtodeterminetheprobabilitythattheforeignprojectwillgenerateareturnthatisatleastequaltothefirm’sWACC.AdjusttheWACCfortheriskdifferential.TheMNCmayestimatethecostofequityandtheafter-taxcostofdebtofthefundsneededtofinancetheproject.83案例分析百事可乐公司资本加权成本计算84案例分析目的

在详细地介绍了公司资本成本的概念以及计算过程和计算方法后。人们不禁会问：公司在实际投资、融资与经营决策过程中真的使用资本成本这一概念并认真计算资本成本吗？确实有很