必要报酬率资本成本专业英语二

1.Required1.Requiredreturnversuscostof必要报酬（率）和资本成本（率Whenwesaythattherequiredonaninvestmentis,say,10weusuallymeanthattheinvestmentwillhaveapositiveNPVonlyifitsreturnexceeds10percent.BUSINESSSCHOOLOFAnotherAnotherwayofinterpretingthereturnistoobservethatthefirmearn10percentontheinvestmentjusttocompensateitsinvestorsfortheuseofthecapitalneededtofinancetheproject.Thisiswhywecouldalsosaythat10percentisthecostofcapitalassociatedwiththeinvestment.BUSINESSSCHOOLOFToillustrateToillustratethepointfurther,imagineweareevaluatingarisk-freeIncase,howtodeterminetherequiredisobvious:Welookatthecapitalandobservethecurrentrateofferedbyrisk-freeinvestments,andweusethisratetodiscounttheprojectscashflows.Thus,thecostofcapitalforarisk-freeinvestmentistherisk-freerate.为了进一步说明这一点，假设我们正在评价一个无风险项目。在这种情况下，确定必要报酬率的方法是很明显的：观察资本市场，求出现行无风险投资的报酬率，并且采用这个报酬率对项目的现金流量进行贴现。因此，BUSINESSSCHOOLOFIfaIfaprojectisrisky,then,assumingalltheotherinformationistherequiredreturnisobviouslyhigher.Inotherwords,thecostofcapitalforthisproject,ifitisrisky,isgreaterthantherisk-freerate,andtheappropriatediscountratewouldexceedtherisk-free必要投资报酬率会明显较高。换句话说，一个有风险的投资项目的资本成本要高于无风险报酬率当的折现率将超过无风险报酬率BUSINESSSCHOOLOFWeWewillhenceforthusethetermsreturn,appropriatediscountrate,andcostcapitalmoreorlessinterchangeablybecause,asthediscussioninthissectionsuggests,theyallmeanessentiallythesamething.Thekeyfacttograspisthatthecostofcapitalassociatedwithaninvestmentdependsontheriskofthatinvestment.Thisisoneofthemostimportantlessonsincorporatefinance,soitbearsrepeating:Thecostofcapitaldependsprimarilyontheuseofthefunds,notthesource.BUSINESSSCHOOLOF2.Financial2.Financialpolicyandcostof理财政策和资本成Weknowthattheparticularmixtureofandequityafirmchoosetocapitalstructure–isamanagerialvariable.Inthischapter,wewilltakethefirm’sfinancialpolicyasgiven.Inparticular,wewillassumethatthefirmhasafixeddebt-equityratiothatitmaintains.Thisratioreflectsthefirm'stargetcapitalstructure.我们知道，一个企业所选择的债务和权益的构成它的资本结构——BUSINESSSCHOOLOFAfirm'sAfirm'soverallcostofcapitalwillreflectrequiredreturnonthefirm'sassetsasaGiventhatafirmusesbothdebtandequitycapital,thisoverallcostofcapitalwillbeamixtureofthereturnsneededtocompensateitscreditorsandthoseneededtocompensateitsstockholders.Inotherwords,afirm'scostofcapitalwillreflectbothitscostofdebtcapitalanditscostofequitycapital.一家公司的综合资本成本将反映该公司总体资产的必要报酬率。假设对一家公司同时利用债务和权益资本，这个综合资本成本将是补偿它的债权人所需的报酬和补偿它的股东所需的报酬的组合。换句话说，一家公司的资-BUSINESSSCHOOLOFThecostofThecostof权益（资本）成TheDividendGrowthModelTheeasiestwaytoestimatethecostequitycapitalistousethegrowthmodeldevelopedinChapter8.Recallthat,undertheassumptionthatthefirm'sdividendwillgrowataconstantrateg,thepricepershareofthestock,Po,canbewrittenas:BUSINESSSCHOOLOFPo=Do×Po=Do×(1+ = AswediscussedinChapter8,werearrangethistosolveforReasReD1/Reisthereturnthattheshareholdersonthestock,itcanbeinterpretedasthecostofequityToestimateToestimateReusingthedividendmodelapproach,weobviouslyneedpiecesofinformation:Po,Do,andg.Ofthese,forapubliclytraded,dividend-payingcompany,thefirsttwocanbeobserveddirectly.Sotheyareeasilyobtained.Onlythethirdcomponent,theexpectedgrowthratefordividends,mustbeestimated.要采用股利增长模型法来估计Re信息；Po、Do和g。其的公司来说，前两项可以直接观察到，所以它们很容易取得。只有第三项股利的预计增长率必须估计。BUSINESSSCHOOLOFTheprimaryTheprimaryadvantageofthedividendmodelapproachisitssimplicity.Itisbotheasyunderstandandeasytouse.Thereareanumberofassociatedpracticalproblemsanddisadvantages.Firstandforemost,thegrowthmodelisobviouslyapplicabletocompaniesthatpaydividends.Thismeansthattheapproachisuselessinmanycases.首要的是（首先）BUSINESSSCHOOLOFFurthermore,Furthermore,evenforcompaniesthatdodividends,thekeyunderlyingassumptionisthedividendgrowsataconstantrate.Asourpreviousexampleillustrates,thiswillneverbeexactlythecase.Moregenerally.themodelisreallyonlyapplicabletocasesinwhichreasonablysteadygrowthislikelytooccur.Asecondproblemisthattheestimatedcostorequityisverysensitivetotheestimatedgrowthrate.BUSINESSSCHOOLOFFinally,thisapproachFinally,thisapproachreallydoesexplicitlyconsiderrisk.Unliketheapproach(whichweconsidernext),thereisnodirectadjustmentfortheriskinessofthe最后SML法（我们将在下面考虑）SecurityMarketBUSINESSSCHOOLOFOurprimaryconclusionOurprimaryconclusionwasthattherequiredexpectedreturnonariskyinvestmentonthreeTherisk-freerate,Themarketriskpremium,E(Rm)-Thesystematicriskoftheassetrelativetoaverage,whichwecalleditsbetacoefficient,β我们的主要结论是，一项风险性投资的必要报酬率，也就是期望报酬率，取决于以下个方面：1Rf2们所说的贝塔系数βBUSINESSSCHOOLOFUsingtheSML,UsingtheSML,wecanwritetheexpectedreturnoncompany'sequity,E(Re),E(Re)=Rf+βe×[E(Rm)-(Rf)Whereβeistheestimatedbeta.TotheSMLapproachconsistentwithdividendgrowthmodel,wewilldroptheEsdenotingexpectationsandhenceforthwritetherequiredreturnfromtheSML,Re,as:Re=Rf+βe(Rm–BUSINESSSCHOOLOFTheSMLTheSMLapproachhastworeadvantages.First,itexplicitlyforrisk.Second,itisapplicabletocompaniesotherthanjustthosewithsteadydividendgrowth.Thus,itmaybeusefulinawidervarietyofSMLBUSINESSSCHOOLOFTherearedrawbacks,Therearedrawbacks,ofcourse.Theapproachrequiresthattwothingsestimated,themarketriskpremiumandthebetacoefficient.Totheextentthatourestimatedarepoor,theresultingcostofequitywillbeinaccurate.当然SML的BUSINESSSCHOOLOFForexample,ourestimateofthemarketriskpremium,8.6percent,isbasedForexample,ourestimateofthemarketriskpremium,8.6percent,isbasedonabout80yearsofreturnsonaparticularportfolioofstocks.Usingdifferenttimeperiodsordifferentstockscouldresultinverydifferent比如，我们估计市场风险溢酬为8.6%，这是建立在某一个股票投资组合年左右的回报率的基础上的，使用不同的时期或不同的股票可能导致不同的估计结果。Finally,Finally,aswiththedividendmodel,weessentiallyrelyonthepastpredictthefuturewhenweusetheSMLapproach.Economicconditionscanchangeveryquickly,so,asalways,thepastmaynotbeagoodguidetothe不可能为预测未来有帮助BUSINESSSCHOOLOFInInthebestofallworld,both(thedividendgrowthmodelandtheareapplicableandthetworesultinsimilaranswers.Ifthishappens,wemighthavesomeconfidenceinourestimates.Wemightalsowishtocomparetheresultstothoseforother,similar,companiesasarealitycheck.我们也希望与其他相似的公司比较这些结果作为实际的检验。BUSINESSSCHOOLOFThecostsThecostsofdebtandpreferredThecostofThecostofdebtisthereturnthatthefirm'screditorsdemandonnewborrowing.Inprinciplewecoulddeterminethebetaforthefirm'sdebtandthenusetheSMLtoestimatetherequiredreturnondebtjustasweestimatedtherequiredreturnonequity.Thisisn’treallynecessary,however.债务成本是企业的债权人对新的借款所要求的报酬率。理论上，我们可以确定公司债务的贝塔系数，并像估计权益资本报酬率那样，使用M去估计债务资本的报BUSINESSSCHOOLOFUnlikeUnlikeafirm'scostofequity,itscostofcannormallybeobservedeitherdirectlyindirectly.becausethecostofdebtissimplytheinterestratethefirmmustpayonnewborrowing,andwecanobserveinterestratesinthefinancialmarkets.Forexample,ifthefirmalreadyhasbondsoutstanding,thentheyieldtomaturityonthosebondsisthemarketrequiredrateonthefirm'sdebt.和公司的权益成本不同，它的债务成本通常可以直接或间接的观察到，因为债务成本就是公司必须支付的贷款利息率，而我们可以在金融市场上得到利率。例如，如果公司有流通在外的债券，那么，这些债券的BUSINESSSCHOOLOFAlternatively,ifAlternatively,ifweknowthatthebondsarerated,say,AA,thenwecanfindoutwhattheinterestrateonnewlyissuedAA-ratedbondsis.Eitherway,thereisnoneedtoabetaforthedebtbecauseweBUSINESSSCHOOLOFThereThereisonethingtobecarefulabout.Thecouponrateonthefirm’soutstandingdebtirrelevanthere.Thatratejusttellsusroughlywhatthefirm'scostofdebtwasbackwhenthebondswereissued,notwhatthecostofdebtistoday.Thisiswhywehavetolookattheyieldonthedebtintoday'smarketplace.Forthesakeofconsistencywithourothernotation,wewillusethesymbolRDforthecostofdebt.但是，有一点需要注意，公司流通在外的债务的票面利率在这里是不相关的。票面利率只是告诉我们债券发行时公司的大约债务成本，而不是今天的债务成本。这就是为什么我们必须查看目前市场上债务的收益率。为了和其他符号保持一致，我们将用，来表示债务成本。BUSINESSSCHOOLOF4.2TheCost4.2TheCostofPreferred优先股成Determiningthecostofpreferredstockisstraightforward.Preferredstockhasadividendpaideveryperiodforever,soashareofpreferredstockisessentiallyaperpetuity.Thecostofpreferredstock,Rp,isthus:Rp=每期固定股利，所以优先股股份本质上是永久性的。优先股成本等于：/现在股票价whereDisthefixeddividendandPoisthepricepershareofthepreferredBUSINESSSCHOOLOFNoticethatNoticethatthecostofpreferredstocksimplyequaltothedividendyieldonpreferredstock.Alternatively,becausepreferredstocksareratedinmuchthesamewayasbonds,thecostofpreferredstockcanbeestimatedbyobservingtherequiredreturnsonother,similarlyratedsharesofpreferredstock.请注意，优先股成本正好等于优先股的股利收益率BUSINESSSCHOOLOF5.CapitalStructure5.CapitalStructureandtheCostofYoumayrecallthattheWACCtellsusthefirm'soverallcostofcapital,oraverageofthecostsofthevariouscomponentsofthefirm'scapitalstructure.你也许记得，WACCBUSINESSSCHOOLOFWhenweWhenwedescribedtheWACC,wethefirm'scapitalstructureasThus,oneimportantissuethatwewillwanttoexploreinthischapteriswhathappenstothecostcapitalwhenwevarytheamountofdebtfinancing,orthedebt-equityratio.当我们描述WACCBUSINESSSCHOOLOFAAprimaryreasonforstudyingtheWACCisthevalueofthefirmismaximizedwhenWACCisminimized.Toseethis,recallthattheWACCisthediscountratethatisappropriateforthefirm'soverallcashflows.Becausevaluesanddiscountratesmoveinoppositedirections,minimizingtheWACCwillmaximizethevalueofthefirm’scashflows.BUSINESSSCHOOLOF6.The6.Theeffectoffinancial财务杠杆的影Theprevioussectiondescribedwhycapitalstructurethatproducesthefirmvalue(orthelowestcostofcapital)istheonemostbeneficialtosto