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Lecture 5 pt 2 – Cost of Capital part 2
讲座5 - 2 -资本成本第2部分
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
The capital-asset pricing model (CAPM)
资本资产定价模型（CAPM）
•The risk premium has generally been adjusted by a beta based on the extent to which a share had moved when a market index moved
风险溢价已普遍被调整时根据每股搬到的程度由一个测试市场指数移动
kE = rf + b (rm – rf )
•Beta is less than perfect
测试版不完美
http://www.ukassignment.org/dxygassignment/
The Gordon growth model method for estimating the cost of equity capital
估算权益资本成本的戈登增长模型方法
•A company’s shares, priced at P, produce earnings of E per share and pay a dividend of d per share
公司的股份，价格为P，生产盈利每股电子和d的每股派发股息
•The company has a policy of retaining a fraction, , of its earnings each year
公司拥有的政策，保留一小部分，b，其每年盈利
•Under certain restrictive conditions, it can be shown that earnings, dividends and reinvestment will all grow continuously, at a rate of g = br, where r is the rate of return on the reinvestment of earnings
在某些限制条件下，它可以盈利，股息和再投资都将持续增长，以g = br的速度，其中r是盈利的再投资回报率的速度
•We can derive g in other ways
我们可以在其他方面得到
•Problem obtaining a trustworthy estimate of the future growth rate
获得一个值得信赖的估计未来增长率的问题
Retained earnings and debt
保留盈利及债务
•The cost of retained earnings
留存收益成本
•The cost of debt capital
债务资本成本
The cost of debt is generally determined by the following factors:
债务成本一般是由以下因素决定：
–The prevailing interest rates
现行利率
–The risk of default
违约风险
–The benefit derived from interest being tax deductible
来自利息扣税的好处
Traded debt
交易债务
•UK bonds are normally issued with a nominal value of £100
i = annual nominal interest (coupon payment)
Rn = amount payable upon redemption
kD = cost of debt capital (pre-tax benefit)
PD = current market price of bond
Cost of traded debt example - Elm plc
交易债务成本举例-ELM邮箱公司
•Elm plc issued £100m of bonds six years ago carrying an annual coupon rate of 8 per cent
•Due to be redeemed in four years for the nominal value of £100 each
•The next coupon is payable in one year and the current market price of a bond is £93
Elm plc
ELM 有限公司
With kD at 11 per cent the discounted cash flow on the right hand side = 90.69.
With kD at 10 per cent the discounted cash flow on the right hand side = 93.66.
•It would be wrong to use the coupon rate of 8 per cent on the bond for the cost of debt
kDAT = kDAT (1 – T)
kDAT = 10.22 (1 – 0.30) = 7.15%
Cost of finance
融资成本
•Financial Times,
金融时报
•Untraded debt
无成交债务
•Floating-rate debt
浮动利率债务
•The cost of preference share capital
优先股股本成本
•Hybrid securities
混合证劵
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