财务管理晋生公司资本成本分析ppt课件

“晋生公司”资本成本分析,.,1,目录,.,2,案例背景,晋生公司是N市主要食品生产与批发商之一。目前公司采用贴现率为30%，许多公司高管认为如此之高的贴现率会导致诸多问题。韦士德作为公司高管之一，希望借助自己所学习的财务管理知识，帮助公司结局体现率过高这一问题。为此，他需要起草一份正式财务改革报告，使公司从此建立一套系统的确定资本成本的方法，推动公司财务改革。,.,3,数据资料,（一）晋生公司采用的贴现率30%。（二）晋生公司取得毛利率7%的银行短期借款。（三）晋生公司发行了债券，最初利息率7%，现在以8%到期收益率折价销售。（四）晋生公司采用70%的股利发放率。（五）晋生公司的系数预计值为0.81.2。（六）食品批发行业优先股收益率差别在75100个基点（0.01%）之间。,.,4,数据资料,.,5,数据资料,.,6,数据资料,.,7,数据资料,.,8,数据资料,.,9,财务分析,（一）晋生公司的资本成本=普通股资本成本+应收票据资本成本+债券资本成本+留存收益资本成本=KcWc+KnWn+KbWb+KrWr根据本案例1.普通股资本成本根据股利折现模型Kc=DwP0+gP0:取表4平均值（28+36）2=32元g：取表3几何平均值g=（0.450.4）15-1=2.38%Dw：当期股利0.45，Dw=0.45*(1+g)=0.46故Kc=0.4632+2.38%=3.82%2.应收票据资本成本根据表4，短期借款（票据）利率7%Kn=7%*（1-40%）=4.2%,.,10,财务分析,3.债券资本成本根据表4，长期公司债利率8%Kb=8%*（1-40%）=4.8%4.留存收益资本成本Kr=Rf+（Rm-Rf）Rf取国库劵利息率5.5%取0.81.2平均值1.0Rm根据表2取普通股平均报酬率12.1%Kr=5.5%+（12.1%-5.5%）=12.1%各类资本结构合计58000+16000+89000+72000=235000（单位：千元）Wc=58000235000=24.68%Wn=16000235000=6.81%Wb=89000235000=37.87%Wr=72000235000=30.64%故晋生公司加权平均资本成本WACC=KcWc+KnWn+KbWb+KrWr=12.1%*24.68%+4.2%*6.81%+4.8%*37.87%+12%*30.64%=8.77%,.,11,财务分析,（二）估算晋生公司优先股成本（1）晋生公司优先股成本Kp=DP0（不计发行成本），利用对手优先股成本估算，根据表6。超级食品公司优先股资本成本：350=6%伊斯顿公司优先股资本成本：2.2541=5.5%西子公司优先股资本成本：346=6.5%平均值为Kp=6%（2）晋生公司资金来源包含优先股资本结构Wc=50%，Wn=5%，Wb=40%，Wp=5%晋生公司资本成本=50%*12.1%+5%*4.2%+40%*4.8%+5%*6%=8.48%,.,12,相关建议,（一）建议韦士德仍应使用账面价值，而不能使用市场价值计算资金成本1.资金成本的计算通常使用账面价值，使用账面价值易于从资产负债表中获得有关资料，能够反映筹资当时的状况，比较客观。2.资金成本是和筹资行为密切相关的，虽然还本付息以及发放股利是企业的持续性行为，但是筹资却是一次性行为，即一次性地与债权人或股东就资金提供的风险约定回报方式，才形成了随后公司还本付息以及发放股利的持续性行为。以账面价值作为权数，恰当的反映了筹资当时的状况，反映了资金提供者和资金需求者双方就当时的市场利率和项目的风险收益的资金均衡价格。3.在计算债券和股票的个别资金成本时，使用的是债券和股票的发行价格。为了口径的统一，在计算加权平均资金成本时，也应该使用发行价格。而这个发行价格实际上就是资金来源的时点，即账面价值。4.证券的市场价格不论怎样变化，企业筹集的资金总额没有变化，还本付息和支付股利的义务也没有变化，资金成本也不会发生变化，各个资金来源占筹资净额的比重也不会发生变化。所以，综上分析，资金成本的确定应使用账面价值，而不能使用市场价值。,.,13,相关建议,（二）建议采用符合公司实际情况的贴现率（1）采用比真实资本成本低的贴现率，意味着贴现率过低，即企业要求的投资回报率过低，会使企业错失对各投资项目进行详细比对的机会，导致企业盲目上项目。（2）一个更趋于准确的资本成本估计可以使企业高层更准确的衡量企业的现金流量，可以降低现金流风险，使其趋于理性和现实。（三）建议略微下调公司的系数估计值经营杠杆程度下降，经营风险降低，很大程度上避免了负杠杆利益，系数估计值应该略微下调。,.,14,ThankYou!,.,15,Contents,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,.,16,HotTip,HowdoIincorporatemylogotoaslidethatwillapplytoalltheotherslides?OntheViewmenu,pointtoMaster,andthenclickSlideMaster.Changeimagestotheoneyoulike,thenitwillapplytoalltheotherslides.,ImageinformationinproductImage:Notetocustomers:ThisimagehasbeenlicensedtobeusedwithinthisPowerPointtemplateonly.Youmaynotextracttheimageforanyotheruse.,.,17,Clicktoaddtitle,Addtitleinhere,Addtitleinhere,Titleinhere,Addtitleinhere,各类大型展览活动,PowerPointDiagramsdesignedbyThemeGallery.,PowerPointDiagramsdesignedbyThemeGallery.,PowerPointDiagramsdesignedbyThemeGallery.,PowerPointDiagramsdesignedbyThemeGallery.,.,18,Clicktoaddtitle,Titleinhere,Titleinhere,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,ContentsTitleinhere,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,Text,“Atitleaboutcontent”,.,19,Clicktoaddtitle,Textinhere,Textinhere,Textinhere,Textinhere,Textinhere,Textinhere,CompanyLOGO,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,.,20,Clicktoaddtitle,B,A,DescriptionofthecontentsDescriptionofthecontents,DescriptionofthecontentsDescriptionofthecontents,PowerPointDiagramsdesignedbyThemeGallery.,PowerPointDiagramsdesignedbyThemeGallery.,.,21,Clicktoaddtitle,DescriptionofthesubcontentsDescriptionofthesubcontentsDescriptionofthesubcontents,“ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.”,Addtextinhere,ClicktoaddTextClicktoaddTextClicktoaddTextClicktoaddText,Addtextinhere,Addtextinhere,ClicktoaddTextClicktoaddTextClicktoaddTextClicktoaddText,ClicktoaddTextClicktoaddTextClicktoaddTextClicktoaddText,.,22,Textinhere,Textinhere,Textinhere,DescriptionofthecontentsDescriptionofthecontentsDescriptionofthecontentsDescriptionofthecontents,ContentsTitleinhere,DescriptionofthecontentsDescriptionofthecontentsDescriptionofthecontentsDescriptionofthecontents,DescriptionofthecontentsDescriptionofthecontentsDescriptionofthecontents,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,Clicktoaddtitle,.,23,Clicktoaddtitle,晋生公司的资本成本=普通股资本成本+应收票据资本成本+债券资本成本+留存收益资本成本,TextinhereTextinhereTextinhereTextinhere,TextinhereTextinhereTextinhereTextinhere,Titleinhere,TextinhereTextinhereTextinhereTextinhere,Titleinhere,TextinhereTextinhereTextinhereTextinhere,Titleinhere,1,2,3,4,ThemeGalleryisaDesignDigitalContent&ContentsmalldevelopedbyGuildDesignInc.,.,24,Clicktoaddtitle,2011.10AddYourText2012.10AddYourText2013.10AddYourText,2004.10AddYourText2005.10AddYourText2006.10AddYourText,2008.10AddYourText2009.10AddYourText2010.10AddYourText,2000.10AddYourText2002.10AddYourText2003.10AddYourText,0003,0407,0810,1113,CompanyHistory,.,25,Clicktoaddtitle,Atitleaboutcontent,PowerPointDiagramsdesignedbyThemeGallery.,Descriptionofthecontents,Textinhere,Textinhere,Textinhere,Textinhere,Textin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