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ACCA FM知识点：股东所承受的风险
文章来源：ACCA全球官网
发布时间：2021-11-24 14:18
阅读：499次
财务管理的一个基本部分是投资评估：公司应该将资金投入哪些长期项目？
贴现现金流量技术(DCF)，尤其是净现值(NPV)，被普遍认为是评估项目的最佳方法。在DCF中，对未来现金流量进行贴现，以便计入货币时间价值。
What contributes to the risk suffered by equity shareholders,hence contributing to the beta value?
There are two main components of the risk suffered by equity shareholders:
This shows two companies,one ungeared,one geared,which carry on exactly the same type of business.Between State 1 and State 2,their profits from operations double.The amounts available to equity shareholders in the ungeared company also double,so equity shareholders experience a risk or volatility which arises purely from the company’s operations.However,in the geared company,while amounts available from operations double,the amounts available to equity shareholders increase by a factor of 2.66.The risk faced by those shareholders therefore arises from two sources:risk inherent in the company’s operations,plus risk introduced by gearing.
Therefore,the rate of return required by shareholders(the cost of equity)will also be affected by two factors:
The nature of the company’s operations.
The amount of gearing in the company.
When we talk about,or calculate,the‘cost of equity’we have to be clear what we mean.Is this a cost which reflects only the business risk,or is it a cost which reflects the business risk plus the gearing risk?
When using the dividend growth model,you measure what you measure.In other words,if you use the dividends,dividend growth and share price of a company which has no gearing,you will inevitably measure the ungeared cost of equity.That’s what shareholders are happy with in this environment.If,however,these quantities are derived from a geared company,you will inevitably measure the geared company’s cost of equity.
Similarly,published beta values are derived from observing how specific equity returns vary as market returns vary,to see if a share’s return is more or less volatile than the market.Once again,you measure what you measure.If the company being observed has no gearing in it,the beta value obtained depends only on the type of business being carried on.If,however,the company has gearing within it,the beta value will reflect not only the risk arising from the company,but also the risk arising from gearing.
Ken Garrett is a freelance writer and lecturer
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