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ACCA FM知识点：不同业务资金组合

文章来源：ACCA全球官网

发布时间：2021-11-24 14:37

阅读：590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 2–same business activities,a mix of funds and constant gearing，本文我们详细讲解Project appraisal 3-different business activities,a mix of funds and changing gearing。

Project appraisal 3-different business activities,a mix of funds and changing gearing

Let’s deal with different business activities first.Different activities will have different risk characteristics and hence any business carrying on those activities will have a different beta factor.The new funds being put into the new project are subject to the risk inherent in that project,and so should be discounted at a rate which reflects that risk.The formula:

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predicts the return that equity holders should require from a project with a given risk,as measured by the beta factor of that activity.

Note that we are doing something quite radical here:CAPM is allowing us to calculate a risk adjusted return on equity,tailor-made to fit the characteristics of the project being funded.All projects consist of capital being supplied,being invested and therefore being subject to risk,but the risk is determined by the nature of the project,not the company undertaking the project.The existing return on equity of the company that happens to be the vehicle for the project has become irrelevant.

We can extend this argument as follows.If the company doing the project is irrelevant there’s no reason why you can’t view the project as being undertaken by a new company specially set up for that project.The way the project is funded is the way the company is funded and,in particular,the appropriate discount rate to apply to the project is the WACC of the company/project,not its cost of equity–which would take into account only one component of the funding.

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So we can calculate the cost of equity component which reflects project risk by using a beta value appropriate to that risk.The final steps are to adjust the cost of equity to reflect the gearing and then to calculate the appropriate discount rate,the WACC.The diagrams shown in Example 1 show(qualitatively)how the rates might move.No matter how reasonable the conventional theory seems,its big drawback is that it makes no quantitative predictions.However,the Modigliani and Miller theory does make quantitative predictions,and when combined with CAPM theory it allows the beta factor to be adjusted so that it takes into account not only business risk but also financial(gearing)risk.The formula you need is provided in the exam formula sheet:

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Note that the formula shows that if Vd=0(ie there is no debt),then the two betas are the same.If there is debt,the asset beta will always be less than the equity beta because the latter contains an additional component to account for gearing risk.

The formula is extremely useful as it allows us to predict the beta,and hence the cost of equity,for any level of gearing.Once you have the cost of equity,it is a straightforward process to calculate the WACC and hence discount the project.

To illustrate the use of CAPM in determining a discount rate,we will work through the following example,Example 2.

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