Kei和Ka的關(guān)系在mm理論中的體現(xiàn)
請(qǐng)問MM理論中的ungeared risk中的Kei是否就可以看成是wacc里面算去杠桿中的beta asset所需要的資本成本？
問題來源：
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
王老師
2021-07-17 10:16:38 1529人瀏覽
哈嘍！努力學(xué)習(xí)的小天使：
根據(jù)具體情況看，mm理論成立是有相關(guān)的前提條件假設(shè)的，如果題目中給的條件足夠就可以通過mm理論中求得相關(guān)股權(quán)成本，進(jìn)而求wacc。
wacc通常是求企業(yè)整體的資本成本，通過股權(quán)資本與債券資本成本加權(quán)求得。
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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