什么是加权平均资本成本

什么是加权平均资本成本 加权平均资本成本(Weighted Average Cost of Capital，WACC) ，是指企业以各种资本在企业全部资本中所占的比重为权数，对各种长期资金的资本成本加权平均计算出来的资本总成本。加权平均资本成本可用来确定具有平均风险投资项目所要求收益率。 计算个别资金占全部资金的比重时，可分别选用账面价值、市场价值、目标价值权数来计算。 市场价值权数指债券、股票以市场价格确定权数。这样计算的加权平均资本成本能反映企业目前的实际情况。同时，为弥补证券市场价格变动频繁的不便，也可以用平均价格。 目标价值权数是指债券、股票以未来预计的目标市场价值确定权数。这种能体现期望的资本结构，而不是像账面价值权数和市场价值权数那样只反映过去和现在的资本成本结构，所以按目标价值权数计算的加权平均资本成本更适用于企业筹措新资金。然而，企业很难客观合理地确定证券的目标价值，又使这种不易推广。 [编辑] 加权平均资本成本的计算 加权平均资本成本的为: 举例说明: 某企业共有资金100万元，其中债券(W)30万元，优先股(W)10万元，普通股(W)40万元，bps留存收益(W)20万元，各种资金的成本分别为:6,、12,、15.5,和15,。试计算该企业加e 权平均资金成本。 1、计算各种资金所占的比重 2、计算加权平均资本成本 requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause [编辑] [1]加权平均资本成本的假设条件 , 企业的经营风险可以用息税前收益X的标准差来表示，并 据此将企业分成不同的组。若不同企业的经营风险程度相 同，则它们的风险等级也相同，因而应属于同一组。 , 资本市场是完全的。其表现主要方第一，不存在交易费用; 第二，对于任何投资者，无论是个人投资者还是机构投资 者，其借款利率与贷款利率完全相同。 , 企业的负债属于无风险型，且永久不变，其利率等于无风险 的市场基准利率。 , 企业所承担的财务风险不随筹资数量与结构的变动而变 动，且不存在破产的可能性。 , 企业新的投资项目的风险与企业原有水平一致。即新项目的 投入不会改变企业整体的经营风险水平。 , 企业的息税前收益X是个恒定的常量。 [编辑] 加权平均资本成本的应用 随着收益法的应用在我国评估实践中的逐步增多，新的问题也在逐步增多。因为收益法不像以前大部分评估师所能轻车熟路的资产加和法那样有历史成本作为依据，而是需要更多的与判断，有着更多的变化和不确定性。这也正是要求我们的评估师提高业务素质，力争尽快与国际接轨的一个动力。收益法中最常用的就是折现现金流量法，也叫DCF法。 [编辑] 加权平均资本成本的评估方法 requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause 采用收益途径评估公司价值时，评估师广泛使用的有两种方法——即权益法和投资资本法(有时候也叫直接法和间接法)。权益法是通过折现公司的红利或股权现金流来评估公司股权的价值，这个折现率应该是反映权益投资者所要求 的回报率。而投资资本法主要是关注并评估出公司整体的价值，不像权益法只评估权益。投资资本法的评估结果就是所有权利要求者所要求的价值，包括债权人和股东。此时要求权益的价值就只能是把公司整体价值减去债权的价值(所以被称为间接法)。求取公司价值最普通的做法就是把公司所有投资者的现金流，包括债权人 和股权投资者的现金流折现，而折现率则是加权平均资本成本——即权益成本和债务成本的加权平均值，英文简写为WACC.所以，WACC是投资资本价值评估(直接)或公司权益价值评估(间接)的一个重要的计算参数。 [编辑] 加权平均资本成本求算的基本公式 计算税后WACC的基本公式如下: , WACC:加权平均资本成本; , K:公司普通权益资本成本; e , K:公司债务资本成本; d , W:权益资本在资本结构中的百分比; e , W:债务资本在资本结构中的百分比; d , T:公司有效的所得税税率。 如果设定: , 权益资本成本为:0.25 , 债务资本成本为:0.10 , 权益在资本结构中的比例:0.70 , 负债在资本结构中的比例:0.30 , 所得税率:0.40 把上面的数据代入到公式之中，得出: requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause 这样，上面例子中全部资本的成本就是19.3%. 在很多情况下，资本结构更加复杂。也许还有优先股或有几种不同级别的债务。上面的公式可以简单地扩大到包括每一种不同级别的资本。 [编辑] [2]加权平均资本成本法在个别项目评估中的应用 运用WACC 方法对个别项目价值进行评估时值得注意的地方就是要根据具体情况对个别项目的风险进行调整，因为资本加权平均成本是就企业总体而言的，一般用于公司整体资产价值的评估。然而在现实当中，绝大部分企业进行的都是多角化经营，如一个生产型企业可能同时兼营商业或房地产,因而不同类型的投资项目就有着不同的风险。如果简单的将公司平均资本成本用于公司所有部门和所有投资项目的评估,显然是不妥的。因此在运用WACC方法对个别风险项目进行价值评估时需要对加权平均资本成本进行调整,对于不同风险的项目,要用不同的加权平均资本成本去衡量,为有关特定项目确定一个具体的接受标准。 根据公式r= (S/B+S)×r+(B/B+S)×r×(1-T)可以看出,要用加权平均资本成本法计算项目WACCsBC 的资本成本,需要确定的因素有: (1)权益融资比例:S/B+S; (2)债务融资比例:B/B+S; (3)税后债务融资成本:r×(1-T); (4)有杠杆(债务)下的权益资本成本r。如果这四个要素分别确定了,即可用BCs WACC法对采用混合融资的个别项目进行价值评估。 1、一个具体特定项目的债务和权益融资比例是如何确定的?值得注意的是,此处债务融资和权益融资的比例必须基于项目的现值而不是公司的现值来确定。在具体操作时,有两种方法可供选择使用: (1)假设个别项目和企业整体的债务融资比例相同; (2)为具体项目估计一个不同的债务融资比例。 2、个别项目的税后债务融资成本一般比较好确定,等于借款利率×(1-公司所得税率)。 3、使用加权平均成本法进行项目评估时的重点和难点所在,也就是有杠杆(债务)下的项目的权益资本成本(r)该如何确定。即使存在一个公开有效的资本市场,由于企业通常没有针对个别项s 目公开上市的股票,权益资本成本也无法直接获得,只能通过间接途径转换后取得。而根据资本资产定价模型可知,确定r的关键是要求出权益资本的有杠杆的贝塔系数β,所以r的确定可以通过sLs三个步骤得出:首先求出单个项目无杠杆的贝塔系数 运用WACC 方法对个别项目价值进行评估时值得注意的地方就是要根据具体情况对个别项目的风险进行调整，因为资本加权平均成本是就企业总体而言的，一般用于公司整体资产价值的评估。然而在现实当中，绝大部分企业进行的都是多角化经营，如一个生产型企业可能同时兼营商业或房地产,因而不同类型的投资项目就有着不同的风险。如果简单的将公司平均资本成本用于公司所有部门和所有投资项目的评估,显然是不妥的。因此在运用WACC方法对个别风险项目进行价值评估时需要对加权平均资本成本进行调整,对于不同风险的项目,要用不同的加权平均资本成本去衡量,为有关特定项目确定一个具体的接受标准。 requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause 根据公式r= (S/B+S)×r+(B/B+S)×r×(1-T)可以看出,要用加权平均资本成本法计算项目WACCsBC 的资本成本,需要确定的因素有: (1)权益融资比例:S/B+S; (2)债务融资比例:B/B+S; (3)税后债务融资成本:r×(1-T); (4)有杠杆(债务)下的权益资本成本r。如果这四个要素分别确定了,即可用BCs WACC法对采用混合融资的个别项目进行价值评估。 1、一个具体特定项目的债务和权益融资比例是如何确定的?值得注意的是,此处债务融资和权益融资的比例必须基于项目的现值而不是公司的现值来确定。在具体操作时,有两种方法可供选择使用: (1)假设个别项目和企业整体的债务融资比例相同; (2)为具体项目估计一个不同的债务融资比例。 2、个别项目的税后债务融资成本一般比较好确定,等于借款利率×(1-公司所得税率)。 3、使用加权平均成本法进行项目评估时的重点和难点所在,也就是有杠杆(债务)下的项目的权益资本成本(r)该如何确定。即使存在一个公开有效的资本市场,由于企业通常没有针对个别项s 目公开上市的股票,权益资本成本也无法直接获得,只能通过间接途径转换后取得。而根据资本资产定价模型可知,确定r的关键是要求出权益资本的有杠杆的贝塔系数β,所以r的确定可以通过sLs三个步骤得出:首先求出单个项目无杠杆的贝塔系数^U;然后运用公式将β转换为β;最后将β代ULL入资本资产定价模型(CAPM)求出有杠杆的权益资本成本。 (1)对于单个项目无杠杆的权益资本成本计算而言,β通常可以由两种方式计算得出:?定性U 分析:即由有经验的财务人员和专家根据项目的销售收入敏感度和经营杠杆度对项目风险做出估计,在企业资本加权平均成本的基础上适当加以调低或调高。实务操作当中,由于企业项目数量庞大、种类繁多,而且有的投资项目不会对企业经济价值产生重大影响,没有必要花费大量的人力物力逐一进行项目风险评估。因此可以近似采用划分项目风险等级的方法,将企业所有项目可能具有的风险大致划分为四个风险等级:即低度风险;中度(平均)风险;高度风险和超高度风险。在每一个划分的风险等级中,由无风险利率加上与各个风险等级相对应的风险溢价来确定项目的资本成本。四个风险等级的划分如图1所示: requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause 图中所代表四个风险等级的风险程度依次增加。B等级代表了企业项目投资的平均风险程度。个别投资项目风险程度的大小是根据其投资后的目的来判断的,项目在具有下述四种投资目的时的风险依次增大:用于增加经营支出;现有资产重置;用于企业扩张或兼并收购;进行新产品、新项目的研制开发。随着投资风险的增大,相应地各个项目也应被划分到更高的风险等级。 ?定量计算:项目的β值=企业总资产的β值×项目相对风险系数。其中的项目相对风险系数=被评估项目的风险/标准项目的风险;进一步等于项目销售收入敏感度×项目经营杠杆度/标准项目销售收入敏感度×标准项目经营杠杆度。然后将计算得出的项目的β值代入CAPM模型,就可以确定无杠杆项目的权益资本成本β。 U (2)β求出后,有杠杆(债务)项目的贝塔系数β可用如下公式推出:因为β=β×[S/B(1-t) +S] ULUL+β×(B/B+S),其中债务融资的贝塔系数β等于零,所以BB 有:β=β?[S/B(1-t)+S]。得出β后,再次运LLU 用CAPM模型就可以求出采用混合融资方式下个别项目的权益资本成本r。 s 综上所述,当使用加权平均成本资本法所需要的各个构成要件分别被确定后,将其逐个代入r=(S/B+S)×r+ (B/B+S)×r×(1-T),就可以计算得出具体投资项目的资本成本以进行筹资决策:WACCsBC 即根据项目资本成本规划项目筹资总额;选择资金来源;拟定筹资;确定最优资本结构。 另外,根据加权平均资本成本也可对项目进行投资决策以决定项目整体的取舍。具体来说,当采用净现值指标决策时,就是将项目投资后预计所能产生的现金流(CF)按加权平均资本成本(r)WACC折现,然后减去初始投资额以求出项目投资的净现值(NPV),项目投资后的净现值可计算如 t:NPV=?CF下/(1 + r)-初始投资额,净现值为正则投资项目可行;否则不可行。当以内部收益率tWACC requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause (IRR)指标决策时,加权平均资本成本是决定项目取舍的一个重要标准。只有当项目的内部收益率高于资金成本时,项目才可能被接受,否则就必须弃。 然后运用公式将β转换为β;最后将β代入资本资产定价模型(CAPM)求出有杠杆的权益资本成ULL 本。 (1)对于单个项目无杠杆的权益资本成本计算而言,β通常可以由两种方式计算得出:?定性U 分析:即由有经验的财务人员和专家根据项目的销售收入敏感度和经营杠杆度对项目风险做出估计,在企业资本加权平均成本的基础上适当加以调低或调高。实务操作当中,由于企业项目数量庞大、种类繁多,而且有的投资项目不会对企业经济价值产生重大影响,没有必要花费大量的人力物力逐一进行项目风险评估。因此可以近似采用划分项目风险等级的方法,将企业所有项目可能具有的风险大致划分为四个风险等级:即低度风险;中度(平均)风险;高度风险和超高度风险。在每一个划分的风险等级中,由无风险利率加上与各个风险等级相对应的风险溢价来确定项目的资本成本。四个风险等级的划分如图1所示: 图中所代表四个风险等级的风险程度依次增加。B等级代表了企业项目投资的平均风险程度。个别投资项目风险程度的大小是根据其投资后的目的来判断的,项目在具有下述四种投资目的时的风险依次增大:用于增加经营支出;现有资产重置;用于企业扩张或兼并收购;进行新产品、新项目的研制开发。随着投资风险的增大,相应地各个项目也应被划分到更高的风险等级。 ?定量计算:项目的β值=企业总资产的β值×项目相对风险系数。其中的项目相对风险系数=被评估项目的风险/标准项目的风险;进一步等于项目销售收入敏感度×项目经营杠杆度/标准项目销售收入敏感度×标准项目经营杠杆度。然后将计算得出的项目的β值代入CAPM模型,就可以确定无杠杆项目的权益资本成本β。 U requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause (2)β求出后,有杠杆(债务)项目的贝塔系数β可用如下公式推出:因为β=β×[S/B(1-t) +S] ULUL+β×(B/B+S),其中债务融资的贝塔系数β等于零,所以有:β=β?[S/B(1-t)+S]。得出β后,再次运用BBLULCAPM模型就可以求出采用混合融资方式下个别项目的权益资本成本r。 s 综上所述,当使用加权平均成本资本法所需要的各个构成要件分别被确定后,将其逐个代入r=(S/B+S)×r+ (B/B+S)×r×(1-T),就可以计算得出具体投资项目的资本成本以进行筹资决策:WACCsBC 即根据项目资本成本规划项目筹资总额;选择资金来源;拟定筹资方案;确定最优资本结构。 另外,根据加权平均资本成本也可对项目进行投资决策以决定项目整体的取舍。具体来说,当采用净现值指标决策时,就是将项目投资后预计所能产生的现金流(CF)按加权平均资本成本(r)WACC折现,然后减去初始投资额以求出项目投资的净现值(NPV),项目投资后的净现值可计算如 t下:NPV=?CF/(1 + r)-初始投资额,净现值为正则投资项目可行;否则不可行。当以内部收益率tWACC (IRR)指标决策时,加权平均资本成本是决定项目取舍的一个重要标准。只有当项目的内部收益率高于资金成本时,项目才可能被接受,否则就必须弃。 WACC方法在项目评估中的重要作用及其局限性 1.WACC方法作为在现实当中进行项目评估的一种操作方法,具有十分重要的参考价值和实际作用,具体体现为: (1)可作为企业取舍项目投资机会的财务基准,只有当投资机会的预期收益率超过资本成本,才应进行该投资。 (2)可以用于企业评估内部正在经营的项目单元资本经营绩效,为项目资产重组或继续追加资金提供决策的依据。只有当投资收益率高于资本成本,项目单元继续经营才有经济价值。 (3)是企业根据预期收益风险变化,动态调整资本结构的依据。预期收益稳定的企业可以通过增加长期债务,减少高成本的股权资本来降低加权平均资本成本。 2.在某些特定的情形下, WACC方法对单个项目进行价值评估时具有一定的局限性而不再适用: (1)由于企业具有暂时不需要纳税的优惠,比如采用债务融资所支付的借款利息可以在税前抵扣或者由于企业亏损延迟缴纳税款等,此时如果使用WACC方法,这种由于税收避护所产生的价值增加就无法清晰明了地揭示出来,不利于管理层对价值创造过程的管理和监督。 (2)项目资本结构中的债务比例在项目的整个寿命期内是动态调整的,并没有保持相对稳定。例如在杠杆收购(LBO)中,企业开始有大量的负债,但数年后很快得到清偿使债务比重迅速下降。由于负债—权益比的不固定, WACC法就难以运用。 (3)新的投资项目与企业现有项目在风险方面的差异很大。如果无视个别项目的风险将加权平均资本成本作为唯一的贴现率应用于所有项目的投资决策,有可能误导企业放弃获利性的投资机会而采纳非盈利性投资项目。 requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause [编辑] 参考文献 1. ? 宋常,吕兆德.加权平均资本成本的现实思考与理性分 析.中国人民大学. 电力技术经济2001年4期 2. ? 单美姣.谈加权平均资本成本法在个别项目评估中的应 用.华东师范大学商学院.商业研究2005年12期 requirements is formulated with site construction production safety accident and rescue measures. 8.8.1 accident emergency rescue leading group: Ke Xinhua Deputy head: duruilongpeiwenfu members: spar Zhao Gu Songwei Li Deping Zhang Baohai Xu Dong of emergency rescue leading group responsible for: production safety accidents timely rescue people and property, protect the scene of the accident, with the company and the higher authorities of the accident investigation process. Division of labour are: escort the wounded spar Zhao Gu Songwei is responsible for, is accountable to the company report by Li ping Zhang Baohai, Xu Dong is responsible for the site, and others organized the rescue. 8.8.2 emergency program site located commuter car, communication cell phone 8 and fire-fighting equipment, first aid kits and other configuration is required. 8.8.2.1 accident report after the accident, project a free prompt escalation to corporate security section of the Department, the Department of safety, while reporting to the competent, not later than reported and concealed. 8.8.2.2 accident emergency rescue measures and rescue leading group after receiving the report, immediately organized rescue teams, and take effective measures to rescue the injured and property, prevent accidents expanded, and to protect the construction site, so much more moving scene, make a mark and a written record, keep relevant material evidences. Checking the injured injury and degree, injured people sent to hospitals for emergency treatment and treatment in a timely manner. 8.8.2.3 project staff actively support and higher authorities on the investigation and handling of accidents. 8.8.2.4, after the accident, organizes the concerned personnel for the cause