導(dǎo)致WACC變化的幾個(gè)因素的關(guān)系
根據(jù)WACC公式,請(qǐng)問(wèn)business risk,Vd,,和Kd分別怎么影響WACC的,?感覺(jué)看公式三者和WACC都應(yīng)該是通向變化啊
問(wèn)題來(lái)源:
Comments on the cost of capital for different businesses
Business Risk |
Before>After (B>A) |
Implementing the proposal would increase the asset beta of [Coeden Co] because [B] industry has a higher business risk than [A] industry. |
Before<After |
Implementing the proposal would increase the asset beta of [Coeden Co] because [B] industry has a lower business risk than [A] industry. |
Cost of Equity (However) |
Before>After |
the equity beta and cost of equity both decrease because of the fall in the level of debt and the consequent reduction in the company’s financial risk. |
Before<After |
the equity beta and cost of equity both increase because of the increase in the level of debt and the consequent increase in the company’s financial risk. |
Project cost of capital |
Before>After |
The company’s cost of capital decreases because the higher debt level increases the extent to which the weighted average cost of capital can be reduced due to the lower cost of debt. |
Before<After |
The company’s cost of capital increases because the lower debt level reduces the extent to which the weighted average cost of capital can be reduced due to the lower cost of debt. |

王老師
2021-05-22 17:31:56 2003人瀏覽
哈嘍,!努力學(xué)習(xí)的小天使:
單純的看ke vd kd 對(duì) 的影響 ,,首先在wacc公式中包含了加號(hào)前后兩個(gè)部分
1.當(dāng)其他因素不變時(shí) ke與kd的變化只會(huì)對(duì)一部分產(chǎn)生影響,所以很好判斷 ,,當(dāng)其他因素不變時(shí) 僅僅一個(gè)因素變化時(shí) ke 與kd與wacc同向變化
2.但是當(dāng)其他因素不變時(shí),,vd的變化對(duì)以及
都會(huì)產(chǎn)生影響
將wacc分成兩個(gè)部分 和
,將兩個(gè)部分綜合來(lái)看,,如果其他因素不變vd上升,,要看兩部分綜合結(jié)果,當(dāng)前部分下降的效果大于后面上升的效果,,wacc就會(huì)下降,, vd 與wacc呈反向變化,當(dāng)前部分下降的效果小于后面上升的效果,,wacc上升,,vd與wacc 之同向變化。
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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