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去杠桿是什么意思,？

把原來的equity的beta調(diào)整為asset beta時(shí)，由原來的只考慮權(quán)益的beta調(diào)整為考慮整個(gè)資產(chǎn)的beta,，資產(chǎn)=負(fù)債+所有者權(quán)益,，那應(yīng)該是加杠桿啊，為什么叫去杠桿呢,？

Risk Adjusted WACC 2021-03-10 15:54:55

問題來源：

The Risk Adjusted WACC for New Business

The Reasons for Risk Adjusted WACC

Calculating a risk adjusted WACC

Example for Risk Adjusted WACC

Some Supplementary Key Points for AFM Exam

The Reasons for Risk Adjusted WACC

The WACC can only be used for project evaluation if:

(a)In the long term the company will maintain its existing capital structure (ie financial risk unchanged)

(b)The project has the same risk as the company (ie business risk is unchanged)

If the business risk of the new project differs from the entity's existing business risk:

?        A risk adjusted WACC can be calculated, by recalculating the cost of equity to reflect the business risk of the new project. This often involves the technique of degearing'and 'regearing'beta factors.

If the capital structure(financial risk) is expected to change when the new project is undertaken

?        The simplest way of incorporating a change in capital structure is to recalculate the WACC using the new capital structure weightings.

Calculating a risk adjusted WACC

1. Find the appropriate equity beta from a suitable quoted company.

2. Adjust the available equity beta to convert it to an asset beta-degear it.

3. Readjust the asset beta with new capital structure weightings to reflect the project(i.e. its own) gearing levels-regear the beta.

4. Calculate the cost of equity of the project based on CAPM(Ke).

5. Calculate the WACC of the project with the calculated Ke.

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霍老師

2021-03-10 17:47:12 1518人瀏覽

哈嘍！努力學(xué)習(xí)的小天使：

這里asset β是一個(gè)企業(yè)的經(jīng)營(yíng)風(fēng)險(xiǎn),，也就是business risk,，而equity β是企業(yè)的整體的風(fēng)險(xiǎn)，包含了企業(yè)的經(jīng)營(yíng)風(fēng)險(xiǎn)以及財(cái)務(wù)風(fēng)險(xiǎn),，因此由equity β調(diào)整成 asset β叫做去杠桿,，由asset β調(diào)整成equity β時(shí)叫加杠桿，與資產(chǎn)=負(fù)債+所有者權(quán)益沒有關(guān)系,。

每個(gè)努力學(xué)習(xí)的小天使都會(huì)有收獲的，加油,！
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