加权平均资本成本计算与影响因素分析.pdfVIP

【ExamPoint4】Weightedaveragecapital

cost

2.Issuancecostofcommonstock

Thecapitalcostofnewlyissuedcommonshares,alsoknownastheexternalequitycapitalcost,willincur

theissuancecost,soitishigherthantheinternalequitycapitalcostofreinvestingretainedincome.

Ifthefinancingcostsareconsidered,thecalculationformulaforthecapitalcostofthenewlyissuedordinarysharesis:

(III)Factorsaffectingcapitalcost

1.Externalfactors:interestrates,marketriskpremiumsandtaxrates.

2.Internalfactors:capitalstructure,dividendandinvestment.

☆ClassicExamp

[ExampleQuestion5·MultipleChoiceQuestion]Amongthefollowingstatementsaboutcalculating

weightedaveragecapitalcost,thecorrectonesare().(2011)

A.Whencalculatingtheweightedaveragecapitalcost,itisidealtomeasuretheweightofeachcapital

elementaccordingtotheproportionofthetargetcapitalstructuremeasuredbymarketvalue.

B.Whencalculatingtheweightedaveragecapitalcost,therelatedcostofeachcapitalelementisthe

opportunitycostoffutureincrementalfunds,ratherthanthehistoricalcostoffundsalreadyraised.

C.Whencalculatingtheweightedaveragecapitalcost,thedebtthatneedstoconsidertheissuanceexpensesshouldbe

separatedfromthedebtthatdoesnotneedtoconsidertheissuanceexpenses,andthecapitalcostandweightaremeasured

separately.

D.Whencalculatingtheweightedaveragecapitalcost,ifthefundraisingcompanyisinfinancial

difficulties,itisnecessarytousethepromisedyieldofthedebtinsteadoftheexpectedyieldasthedebtcost.

【Answer】ABC

【解析】加权平均资本成本是各种资本要素成本的加权平均数，有三种加权方案可供选

择，即账面价值加权、实际市场价值加权和目标资本结构加权。账面价值会资本成本，

市场价值不断变动，所以，账面价值加权和实际市场价值加权都不理想。目标资本结构加权是

指根据按市场价值计量的目标资本结构衡量每种资本要素的比例，这种方法可以选用平均市场价

格，回避