Cost of Capital: Estimation and Applications
Cost of Capital: Estimation and Applications
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资本成本：估算和应用
DOI：
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发表时间：
1998
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影响因子：
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通讯作者：
S. Pratt
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作者：
S. Pratt
展品清单。前言。序言。致谢。介绍。本书使用的符号系统。第一部分：资本成本基础。定义资本成本。公司资本结构的组成部分。资金成本是投资的函数。资金成本是前瞻性的。资本成本是基于市场价值，而不是账面价值。资金成本通常以名义价格表示。资本成本等于贴现率。折现率和资本化率不一样。资本成本应用导论：估价与项目选择。净现金流量是首选的经济收入衡量标准。资本成本是适当的贴现率。现值公式。例子：评估债券。折现率与资本化率的关系。应用于商业、商业利益、项目和部门。净现金流量：首选的回报衡量标准。定义净现金流量。净现金流量应该是概率加权期望值。为什么净现金流量是衡量经济收入的首选指标？贴现与资本化。资本化的公式。示例：对优先股进行估值。贴现率与资本化率的函数关系。折现与资本化的主要区别戈登增长模型折现与资本化相结合（两阶段模型）贴现和资本化模型的等价性。年中大会。从税后税率转换为税前税率。风险与资金成本的关系。定义风险。风险类型。风险如何影响资本成本。权益资本成本。传统债务和优先股资本的成本。5 .总投资成本。汇总。公司资本结构的成本组成部分、债务、优先股。可转换债务或优先股。普通股或合伙权益。加权平均资本成本。何时使用加权平均资金成本。加权平均资本成本公式。计算上市公司的WACC。为私人公司计算WACC。应该使用实际的还是假设的资本结构？总结。第二部分：股权资本成本估算。累积模型。资本积累模型的权益成本公式。无风险利率。股票风险溢价。小股溢价。公司特有的风险溢价。一个构建模型的例子。资本资产定价模型。系统风险的概念。资本资产定价模型的背景。系统性和非系统性风险。用Beta来估计预期收益率。扩大CAPM以纳入规模溢价和特定风险。扩展CAPM资本成本公式。资本资产定价模型的基本假设。股权风险溢价研究进展[j]。正确使用beta版本。估计。β估计的差异。杠杆贝塔和非杠杆贝塔。修改后的beta版：缩水和滞后。尺寸效应。Ibbotson Associates研究。标准普尔公司价值咨询研究（原普华永道研究）。将数据扩展到较小的类别：来自Pratt‘s StatsA’数据库的结果。估算资金成本的DCF法。DCF方法的理论。DCF方法的机制。单级DCF模型。多级DCF模型。信息来源。摘要。使用Ibbotson Associates的资本成本数据（Michael W. Barad和Tara McDowell）。股票、债券、票据和通货膨胀。资本成本年鉴。Ibbotson Beta Book。资本中心的成本。套利定价模型。APT模型的解释。APM公式。摘要。第三部分：与资本成本相关的其他主题。资本数据成本的少数与控制含义。少数股权与控股对资本成本影响很小或没有影响。公司效率vs股东剥削。价值标准的影响。在什么情况下应支付控制保费？《两个市场的故事》许多收购案的价格低于公开交易价格。处理缺乏适销性的折扣。缺乏适销性的离散百分比折扣。将缺乏适销性的折扣纳入折现率。资本成本与超额收益估值法的关系。基本的“超额收益”评估方法。资金成本合理性检查。超额收益法的变幻莫测。摘要。18。资本成本估算与使用中的常见错误。混淆折现率和资本化率。用公司的资本成本来评估风险较高或较低的收购或项目。将历史回报率误认为预期回报率。贴现率与经济收入措施不匹配。执行超额收益法估值，导致不现实的资本成本。预测超出被估值资本所能支持的增长。内部不一致的资本结构预测。产生的价值标准不同于评估业务中规定的价值标准的假设。在估计股权成本时不正确或不充分的支持数据。法院的资本成本。股东纠纷中的资本成本。税务法庭的资本成本。家庭法中的资本成本。破产重整中的资金成本。包括在损害赔偿金中的资本成本。公用事业费率设定中的资本成本。出租汽车租赁费。从价税中的资本成本（卡尔R.E.霍姆克）。从价税导论。公布贴现收益定义的几个法律例子。需要调整资本成本的立法约束的一般类别。固定、永续现金流情景下的资本成本。不同类型的调整。资本成本的其他调整。摘要。资本预算及可行性研究。投资回报高于资本成本。DCF是最好的企业决策模型。关注净现金流。调整后现值分析。使用项目全生命周期的目标资金成本。资本成本在经济增值中的核心作用（Joel M. Stern， G. Bennett Stewart III, and Donald H. Chew Jr.）。EVA财务管理系统。EVA与企业奖励制度。摘要。附录。附录A：参考文献。附录B：课程和会议。附录C：数据资源。附录D：使用ValuSource PROSoftware开发资本成本（资本化率和贴现率）（Z. Christopher Mercer， ASA， CFA）。附录E：使用CAPM计算加权平均资本成本的股权部分成本的迭代过程（Harold G. Martin, Jr.， MBA, CPA/ABV， ASA， CFE）。附录F：国际企业估值术语表。附录G：将税后贴现率转换为税前贴现率。CPE自学考试。
List of Exhibits.Foreword.Preface.Acknowledgments.Introduction.Notation System Used in This Book.Part I: Cost of Capital Basics.1. Defining Cost of Capital.Components of a Company's Capital Structure.Cost of Capital Is a Function of the Investment.Cost of Capital Is Forward Looking.Cost of Capital Is Based on Market Value, Not Book Value.Cost of Capital Is Usually Stated in Nominal Terms.Cost of Capital Equals Discount Rate.Discount Rate Is Not the Same as Capitalization Rate.Summary.2. Introduction to Cost of Capital Applications: Valuation andProject Selection.Net Cash Flow Is the Preferred Economic Income Measure.Cost of Capital Is the Proper Discount Rate.Present Value Formula.Example: Valuing a Bond.Relationship of Discount Rate to Capitalization Rate.Applications to Businesses, Business Interests, Projects, andDivisions.Summary.3. Net Cash Flow: The Preferred Measure of Return.Defining Net Cash Flow.Net Cash Flows Should Be Probability-Weighted ExpectedValues.Why Net Cash Flow Is the Preferred Measure of EconomicIncome.Summary.4. Discounting versus Capitalizing.Capitalization Formula.Example: Valuing a Preferred Stock.Functional Relationship between Discount Rate andCapitalization Rate.Major Difference between Discounting and Capitalizing 25Gordon Growth Model 25Combining Discounting and Capitalizing (Two-stage Model).Equivalency of Discounting and Capitalizing Models.Midyear Convention.Converting from After-tax Rate to Pretax Rate.Summary.5. Relationship between Risk and the Cost of Capital.Defining Risk.Types of Risk.How Risk Impacts the Cost of Capital.Cost of Equity Capital.Cost of Conventional Debt and Preferred Equity Capital.Cost of Overall Invested Capital.Summary.6. Cost Components of a Company's Capital Structure.Debt.Preferred Equity.Convertible Debt or Preferred Stock.Common Stock or Partnership Interests.Summary.7. Weighted Average Cost of Capital.When to Use Weighted Average Cost of Capital.Weighted Average Cost of Capital Formula.Computing WACC for a Public Company.Computing WACC for a Private Company.Should an Actual or a Hypothetical Capital Structure Be Used? Summary.Part II: Estimating the Cost of Equity Capital.8. Build-up Models.Formula for the Equity Cost of Capital Build-up Model.Risk-free Rate.Equity Risk Premium.Small Stock Premium.Company-specific Risk Premium.Example of a Build-up Model.Summary.9. Capital Asset Pricing Model.Concept of Systematic Risk.Background of the Capital Asset Pricing Model.Systematic and Unsystematic Risk.Using Beta to Estimate Expected Rate of Return.Expanding CAPM to Incorporate Size Premium and Specific Risk.Expanded CAPM Cost of Capital Formula.Assumptions Underlying the Capital Asset Pricing Model.Recent Research on the Equity Risk Premium.Summary.10. Proper Use of Betas.Estimation of Beta.Differences in Estimation of Beta.Levered and Unlevered Betas.Modified Betas: Shrunk and Lagged.Summary.11. Size Effect.Ibbotson Associates Studies.Standard & Poor's Corporate Value Consulting Studies(formerly the PricewaterhouseCoopers Studies).Extension of Data to Smaller Size Categories:Results from the Pratt's StatsA' Database.Summary.12. DCF Method of Estimating Cost of Capital.Theory of the DCF Method.Mechanics of the DCF Method.Single-stage DCF Model.Multistage DCF Models.Sources of Information.Summary.13. Using Ibbotson Associates Cost of Capital Data (Michael W. Barad and Tara McDowell).Stocks, Bonds, Bills and Inflation.Cost of Capital Yearbook.Ibbotson Beta Book.Cost of Capital Center.14. Arbitrage Pricing Model.Explanation of the APT Model.APM Formula.Summary.Part III: Other Topics Related to Cost of Capital.15. Minority versus Control Implications of Cost of Capital Data.Minority versus Control Has Little or No Impact onCost of Capital.Company Efficiency versus Shareholder Exploitation.Impact of the Standard of Value.Under What Circumstances Should a Control PremiumBe Applied? A Tale of Two Markets.Many Takeovers at Less Than Public Trading Price.Summary.16. Handling the Discount for Lack of Marketability.Discrete Percentage Discount for Lack of Marketability.Building the Discount for Lack of Marketability into theDiscount Rate.Summary.17. How Cost of Capital Relates to the Excess EarningsMethod of Valuation.Basic A"Excess EarningsA" Valuation Method.Cost of Capital Reasonableness Check.Vagaries of the Excess Earnings Method.Summary.18. Common Errors in Estimation and Use of Cost of Capital.Confusing Discount Rates with Capitalization Rates.Using the Firm's Cost of Capital to Evaluate a More or LessRisky Acquisition or Project.Mistaking Historical Rates of Return for Expected Rates ofReturn.Mismatching the Discount Rate with the Economic IncomeMeasure.Performing an Excess Earnings Method Valuation That Resultsin an Unrealistic Cost of Capital.Projecting Growth beyond That Which the Capital BeingValued Will Support.Internally Inconsistent Capital Structure Projection.Assumptions That Produce a Standard of Value Other ThanThat Specified in the Valuation Engagement.Incorrect or Inadequately Supported Data in Estimating theCost of Equity.Summary.19. Cost of Capital in the Courts.Cost of Capital in Shareholder Disputes.Cost of Capital in the Tax Court.Cost of Capital in Family Law.Cost of Capital in Bankruptcy Reorganizations.Cost of Capital Included in Damages.Cost of Capital in Utility Rate-setting.Taxicab Lease Rates.Summary.20. Cost of Capital in Ad Valorem Taxation (Carl R.E. Hoemke).Introduction to Ad Valorem Taxation.Some Examples of Law That Promulgates the Definition ofIncome to Discount.General Categories of Legislative Constraints WhereAdjustments to the Cost of Capital Are Necessary.Cost of Capital in a Constant, Perpetual Cash Flow Scenario.Different Types of Adjustments.Other Adjustments to the Cost of Capital.Summary.21. Capital Budgeting and Feasibility Studies.Invest for Returns above Cost of Capital.DCF Is Best Corporate Decision Model.Focus on Net Cash Flow.Adjusted Present Value Analysis.Use Target Cost of Capital over Life of Project.Summary.22. Central Role of Cost of Capital in Economic Value Added (Joel M. Stern, G. Bennett Stewart III, and Donald H. Chew Jr.).EVA Financial Management System.EVA and the Corporate Reward System.Summary.Appendixes.Appendix A: Bibliography.Appendix B: Courses and Conferences.Appendix C: Data Resources.Appendix D: Developing Cost of Capital (Capitalization Ratesand Discount Rates) Using ValuSource PROSoftware (Z. Christopher Mercer, ASA, CFA).Appendix E: Iterative Process Using CAPM to Calculate theCost of Equity Component of the WeightedAverage Cost of Capital (Harold G. Martin, Jr., MBA, CPA/ABV, ASA, CFE).Appendix F: International Glossary of Business Valuation Terms.Appendix G: Converting After-tax Discount Rates to PretaxDiscount Rates.CPE Self-study Examination.Index.
DOI：
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发表时间：
1997
期刊：
Accounting review: A quarterly journal of the American Accounting Association
影响因子：
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作者：
Christine Botosan
通讯作者：
Christine Botosan