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ACCA FM知识点：pure equity finance
文章来源：ACCA全球官网
发布时间：2021-11-24 14:22
阅读：402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。
Project appraisal 1–pure equity finance
So now we have two ways of estimating the cost of equity(the return required by shareholders).Can this measurement of a company’s cost of equity be used as the discount rate with which to appraise capital investments?Yes it can,but only if certain conditions are met:
A new investment can be appraised using the cost of equity only if equity alone is being used to fund the new investment.If a mix of funds is being used to fund a new investment,then the investment should be appraised using the cost of the mix of funds,not just the cost of equity.
The gearing does not change.If the gearing changes,the cost of equity will change and its current value would no longer be applicable.
The nature of the business is unchanged.The new project must be‘more of the same’so that the risk arising from business activities is unchanged.If the business risk did change,once again the old cost of equity would no longer be applicable.
These conditions are very restrictive and would apply only when an all-equity company issued more equity to do more of the same type of activity.Our approach needs to be developed if we are going to be able to appraise projects in more general environments.
In particular,we have to be able to deal with more general sources of finance,not just pure equity,and it would also be good if we could deal with projects which have different risk characteristics from existing activities.
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毕业于新加坡管理发展学院商业管理专业，后取得牛津布鲁克斯大学荣誉理学士学位。 现任中博教育全职讲师；曾先后任职于新加坡上市公司，Mary Chia Holdings Limited三年多；立信会计师事务所有限公司（BDO）七年，具有丰富的上市公司审计、咨询、IPO工作经验；希尔顿酒店管理公司（Hilton Worldwide）财务部担任财务副总监一职两年。 爱好旅行和阅读，认为不管是生活还是看书一直都是生活不可或缺的一部分。
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