免费咨询热线：400-699-1716 
微信
APP
ACCA FM知识点：相同业务资金组合
文章来源：ACCA全球官网
发布时间：2021-11-24 14:30
阅读：572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。
上文我们介绍了Project appraisal 1–pure equity finance，本文我们详细讲解Project appraisal 2–same business activities,a mix of funds and constant gearing。
Project appraisal 2–same business activities,a mix of funds and constant gearing
Let us look at appraising a project which uses a mix of funds,but where those funds are raised so as to maintain the company’s gearing ratio.Remember,where there is a mix of funds,the funds are regarded as going into a pool of finance and a project is appraised with reference to the cost of that pool of finance.That cost is the weighted average cost of capital(WACC).As a preliminary to this discussion,we need briefly to revise how gearing can affect the various costs of capital,particularly the WACC.The three possibilities are set out in Example 1.
Conventional theory
When there is only equity,the WACC starts at the cost of equity.As the more expensive equity finance is replaced by cheaper debt finance,the WACC decreases.However,as gearing increases further,both debt holders and equity shareholders will perceive more risk,and their required returns both increase.Inevitably,WACC must increase at some point.This theory predicts that there is an optimum gearing ratio at which WACC is minimised.
Modigliani and Miller(M&M)without tax
M&M were able to demonstrate that as gearing increases,the increase in the cost of equity precisely offsets the effect of more cheap debt so that the WACC remains constant.
Modigliani and Miller(M&M)with tax
Debt,because of tax relief on interest,becomes unassailably cheap as a source of finance.It becomes so cheap that even though the cost of equity increases,the balance of the effects is to keep reducing the WACC.
(Note:the M&M diagrams shown in Example 1 hold only for moderate levels of gearing.At very high levels of gearing,other costs come into play and the WACC can be shown to increase again–looking rather like the conventional theory.)
Whichever theory you believe,whether there is or isn’t tax,provided the gearing ratio does not change the WACC will not change.Therefore,if a new project consisting of more business activities of the same type is to be funded so as to maintain the present gearing ratio,the current WACC is the appropriate discount rate to use.In the special case of M&M without tax,you can do anything you like with the gearing ratio as the WACC will remain constant and will be equal to the ungeared cost of equity.
The condition that gearing is constant does not have to mean that upon every issue of capital both debt and equity also have to be issued.That would be very expensive in terms of transaction costs.What it means is that over the long term the gearing ratio will not change.That would certainly be the company’s ambition if it believed it was already at the optimum gearing ratio and minimum WACC.Therefore,this year,it might issue equity,the next debt and so on,so that the gearing and WACC hover around a constant position.
2022年ACCA最新学习资料包
请大家认真填写以下信息，获取2025年ACCA学习资料包，会以网盘链接的形式给到大家，点击免费领取后请尽快保存。
*姓名不能为空
*手机号错误
*验证码错误
考试问答
Sally
讲师认证：CMA中文考试全球高分金奖
CICPA会员，CMA会员，新三板公司副总经理兼财务总监; 15年财务管理经验。4年+财经教学经验，秉持“教其知识，育其智慧，授人以渔，知行合一”的教学理念，倾己所有教学，不仅讲解细致，逻辑清楚，更能结合案例及实战经验，帮助学员学员轻松理解。温柔耐心，知识丰富，是被学生誉为“指路明灯”的实战派讲师，
免费下载老师推荐的学习资料
免费直播
