1 / 80
文档名称:

金融经济学costofcapital课件.ppt

格式:ppt   大小:372KB   页数:80页
下载后只包含 1 个 PPT 格式的文档,没有任何的图纸或源代码,查看文件列表

如果您已付费下载过本站文档,您可以点这里二次下载

分享

预览

金融经济学costofcapital课件.ppt

上传人:lanyou1106 2019/12/1 文件大小:372 KB

下载得到文件列表

金融经济学costofcapital课件.ppt

相关文档

文档介绍

文档介绍:CostofCapital UndertheassumptionsofMM,pany,thechangeinvalueis:ThenewinvestmentisfinancedwithdebtorequityorbothThechangeinvaluecanalsobeseenfromtheliabilityside:IfDBo=0,andusingthefactthatDI=DSn+Using(**)in(*):IfweassumethatthereisatargetcapitalstructureandthereforethatDB/DI=D/(D+E),theterm 6Derivation:–isabyproductofMM,andthereforeisreliesonthesameassumptionsNoticealsothereissomethingintrinsicallycontradictoryinthewayitisoftenapplied:YoustartassumingaconstantdebtlevelThenyouassumeatargetdebtratioWhenthedebtratioisassumedconstant,formulaoughttobedifferent8Miles-:dynamicdebtIfweassumethedebtratioisconstant,formulaisAndtheformulaforreleveringbetasis9Costofequity:CAPMThediscountrateforriskyinvestments(expectedreturn)covers:ThetimevalueofmoneyAriskpremiumE(ri)=rf+bi(E(rm)-rf)ThisisthemostusedmethodtocalculatecostsofequityAlternative:APT(seebookfordetailsifinterested)10