新用戶掃碼下載
掃碼下載APP
及時接收考試資訊及
備考信息
Financial management :Cost of capital 資本成本 (一)
1. Weighted average cost of capital (WACC)
The weighted average cost of long-term finance, it considers the proportion of both debt and equity rather than simply average of both.
Weighted average cost of capital= Market value of equity × Cost of equity + Market value of debt × Cost of debt
2. Dividend valuation model (DVM)
It is assumed that future cash flow is the dividend paid out by the company; dividends will be paid in perpetuity; dividends will be constant or growing at a fixed rate.
Ke =Do(1+g)/Po＋g
Po : ex-dividend share market price, cum-dividend share market price would not be used in above formula
Cum-div share price－Dividend due ﹦ Ex-div share price
3. Diversification
It can minimize the downside risk, and also could reduce the maximized earning.
Systematic risk: market wide risk
Non-systematic risk: company/ industry specific risk, these could be diversified away.
【我要糾錯】 責任編輯：Sarah
推薦閱讀
相關(guān)資訊
限時免費資料
-
歷年樣卷
-
考試大綱
-
詞匯表
-
報考指南
-
考官文章
-
思維導(dǎo)圖
新用戶掃碼下載
京公網(wǎng)安備 11010802044457號