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1、Chapter8PrinciplesofCorporateFinanceNinthEditionCostofCapital15-2TopicsCoveredKnowhowtodetermineafirm’scostofequitycapitalKnowhowtodetermineafirm’scostofdebtKnowhowtodetermineafirm’soverallcostofcapitalUnderstandpitfallsofoverallcostofcapitalandhowtomanagethem15-3ChapterOu
2、tlineTheCostofCapitalTheCostofEquityTheCostsofDebtandPreferredStockTheWeightedAverageCostofCapital15-4WhyCostofCapitalIsImportantWeknowthatthereturnearnedonassetsdependsontheriskofthoseassetsThereturntoaninvestoristhesameasthecosttothecompanyOurcostofcapitalprovidesuswitha
3、nindicationofhowthemarketviewstheriskofourassetsKnowingourcostofcapitalcanalsohelpusdetermineourrequiredreturnforcapitalbudgetingprojects15-5RequiredReturnTherequiredreturnisthesameastheappropriatediscountrateandisbasedontheriskofthecashflowsWeneedtoknowtherequiredreturnfo
4、raninvestmentbeforewecancomputetheNPVandmakeadecisionaboutwhetherornottotaketheinvestmentWeneedtoearnatleasttherequiredreturntocompensateourinvestorsforthefinancingtheyhaveprovided15-6CostofEquityThecostofequityisthereturnrequiredbyequityinvestorsgiventheriskofthecashflows
5、fromthefirmBusinessriskFinancialriskTherearetwomajormethodsfordeterminingthecostofequityDividendgrowthmodelSMLorCAPMInvestinprojectTheCostofEquityCapitalFirmwith excesscashShareholder’sTerminalValuePaycashdividendShareholderinvestsinfinancialassetBecausestockholderscanrein
6、vestthedividendinriskyfinancialassets,theexpectedreturnonacapital-budgetingprojectshouldbeatleastasgreatastheexpectedreturnonafinancialassetofcomparablerisk.Afirmwithexcesscashcaneitherpayadividendormakeacapitalinvestment15-8TheDividendGrowthModelApproachStartwiththedivide
7、ndgrowthmodelformulaandrearrangetosolveforRE15-9DividendGrowthModelExampleSupposethatyourcompanyisexpectedtopayadividendof$1.50persharenextyear.Therehasbeenasteadygrowthindividendsof5.1%peryearandthemarketexpectsthattocontinue.Thecurrentpriceis$25.Whatisthecostofequity?15-
8、10Example:EstimatingtheDividendGrowthRateOnemethodforestimatingthegrowthrateistousethehis
