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Kei和Ka的关系在mm理论中的体现

请问MM理论中的ungeared risk中的Kei是否就可以看成是wacc里面算去杠杆中的beta asset所需要的资本成本?

APV 2021-07-16 15:22:32

问题来源:

Adjusted Present Value (APV)

Steps of Calculating APV

Example for Calculating APV

Summary of Key Points for AFM Exam

AFM Exams for NPV

        Make an APV Layout: 201306Q1(a2)

        Fix an APV Layout: 201406Q2

Steps of Calculating APV

        Step 1 - calculate the base case NPV as if ungeared using an asset beta or using the M&M formula for Kei

        Step 2 - add the PV of the tax saved as a result of the debt & benefit of subsidy (use Kd)

        Step 3 - subtract the cost of issuing new finance

Calculate the Base Case NPV with Cost of Equity

NPV Layout

Cost of Capital (Equity)

        CAPM with Asset Beta

        Kei Using M&M formula

CAPM with Asset Beta

        The beta of a company is called an equity beta-this reflects both business risk (the risk of the business operations) and financial risk (the risk of using debt finance in the capital structure).

        To understand the level of business risk (only) faced by a business, an equity beta can be adjusted to show its value if the company was ungeared. An ungeared beta therefore measures only business risk, not financial risk.

        Calculate Asset Beta with the Equity Beta of Proxy Company

Formula provided for calculating an asset beta

+

        Calculate Keep with CAPM model using asset Beta

Formula provided

=

Kei Using M&M formula

        Calculate Kei with the Ke of Proxy Company

Formula provided for ungearing the cost of equity in Step 1

)

Ke=cost of equity of a geared company, =cost of equity in an ungeared company

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王老师

2021-07-17 10:16:38 780人浏览

哈喽!努力学习的小天使:

根据具体情况看,mm理论成立是有相关的前提条件假设的,如果题目中给的条件足够就可以通过mm理论中求得相关股权成本,进而求wacc。

wacc通常是求企业整体的资本成本,通过股权资本与债券资本成本加权求得。


每个努力学习的小天使都会有收获的,加油!

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