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Lecture 5 – Cost of Capital and WACC
讲座5 - 资本成本和加权平均资本成本
ID4246M Business Finance
Dr V G Fitzsimons
University of Bradford
ID4246M商务财经
V G菲茨西蒙斯博士
布拉德福德大学
In this lecture
在这个讲座
Internal, External, Debt and Equity finance
内部，外部，债务和股权融资
Returns and investment valuation
回报及投资估值
Required returns and cost of capital
所需的回报和资本成本
Weighted Average Cost of Capital
加权平均资本成本
http://www.ukassignment.org/dxygassignment/
Sources of finance
资金来源
Costs of capital are a little complicated considering how simple the concept sounds – this is because of the variety of sources of capital for the firm
资本成本是考虑如何简单的概念听起来有点复杂 - 这是因为为公司的各种资金来源
Equity Finance
股权融资
• Ordinary Share (stock)
普通股（股票）
• Retained Profit (and other reserves e.g. revaluation / merger reserve)
未分配利润（例如合并/重估储备及其他储备）
• Rights Issues
权利股发行
• Issues to Public
公共问题
Non-equity Finance
非股本融资
• Preferred Shares (stock)
优先股（股票）
• Loan Stock or Debt
贷款股票或债务
• Term Loan
定期贷款
• Convertible Loan
可转换贷款
• Leasing
租赁
Valuation and rate of return
估值和回报率
Simple share valuation:
简单股估值
P0 = D/(1+r)1 + D/(1+r)2 + D/(1+r)3 + ..
P0 = D/r
Simply use the formula for a perpetuity to get NPV of share
Growing dividend would change this:
股息增长会改变这样
P0 = D0(1+g)1 /(1+r)1 + D0(1+g)2 /(1+r)2 + D0(1+g)3 /(1+r)3 ..
P0 = D0(1+g)/(r-g) or
P0 = D1/(r-g)
Where P0 = share price at time 0; r = return; g = growth rate; D = annual dividend
Cost of capital (= k)
资本成本（= K）
The cost of capital is more the required return on a project (discount rate) than the actual cost of financing
资本的成本，更多的是需要回报项目融资的实际成本（折现率）比
Individual projects may use estimated cost of capital in two ways:
个别项目可能会使用估计的资本成本有两种方式：
In decision making, they use an estimated cost of capital as the criteria for approving projects; and
在决策中，他们使用的估计资本成本作为项目审批的标准
The project’s requirement for financing, either debt or equity, will involve a specific cost
该项目的融资需求，债务或股权，将涉及到具体的成本
Pool of funds & WACC
资金池和WACC加权平均资本成本
Strangely, the cost of financing a specific project is not generally used as its ‘cost of capital’ or discount rate: instead the typical cost of finance for the company’s entire ‘pool of funds’ is likely to be used.
奇怪的是，一个特定的项目融资的成本一般不其成本资本“或折现率，而不是整个公司的”资金池“是典型的融资成本可能被用来作为。
Typically, the firm’s ‘Weighted Average Cost of Capital’ (WACC) will be calculated to use as the discount rate.
通常情况下，公司的加权平均成本资本'（WACC）作为折现率，将计算使用。
Cost of capital – student
资本成本 - 学生
We can calculate the cost of capital for many different types of situation – including student finances..
我们可以计算出许多不同类型的情况 - 包括学生的经济资本成本..
Weighted Average Cost of Capital – Capital Value (V)
加权平均资本成本 - 资本价值（V）
We need to work out the appropriate weights for the different forms of capital in the company
在公司对于不同形式的资本，我们需要制定出相应的权重
V = E + D (i.e. Value = Equity + Debt)
V= E + D（即价值=股东权益+负债）
We then can work out the weights for each type
然后，我们可以制定出每种类型的权重
Equity weight = E/V = WE
Debt weight = D/V = WD
(E/V) + (D/V) = 1
Versions of return and cost of capital
版本回报和资本成本
There exists a ‘risk-free’ rate of return, rf = return on a risk free investment (such as a US or UK government bond)
存在“无风险回报率，RF =无风险投资回报率（如美国或英国政府债券）
There could also be said to be a ‘market’ return, rm, or the return on the ‘market portfolio’ which will have greatly reduced risk compared to individual company securities.
也可以说是“市场”的回报，RM，对“市场组合”，这将大大降低风险相比，个别公司的证券或返回。
(rm - rf), or the difference between market return and risk-free return, gives an estimate of the MARKET RISK PREMIUM
(rm - rf), 或市场回报率和无风险收益之间的差异，给出了一个估计市场风险溢价
Arguably, the discount factor used should be adjusted for risk of the specific project
可以说，所用的贴现因子应调整的具体项目风险
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