金融经济学costofcapital课件.ppt

文档介绍：CostofCapitalUndertheassumptionsofMM,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