加权平均资本成本

•9.8%的加权平均资本成本有些高了。

• the WACC of 9.8 % feels high .

EVA取决于税后净经营利润、资本总额、加权平均资本成本率三个因素。

EVA depends on the after-tax net operating profits , capitalization , weighted average cost of capital rate of three factors .

计算EVA，需要估算权益的成本，并由此计算出加权平均资本成本，最终确定资本投入的成本。

Firstly it need to estimate the cost of equity and gets the WACC and the cost of the capital invested .

用DCF方法求企业投资资本价值时，折现率需采用加权平均资本成本（WACC）。

When calculating a company 's investment value , we need the discount rate with WACC .

基于这种方法，并结合加权平均资本成本法和蒙特卡罗模拟，提出了一种风险NPV法。

Based on it , and combined the weighted average cost of capital method and monte carlo simulation , this paper presents a risk NPV method .

一个简单的例子揭示了现有的加权平均资本成本（WACC）计算公式违背了价值的可加性原理。

A simple example reveals that the existing weighted average cost of capital ( WACC ) formula for valuation conflicts with the principle of value additivity .

谈加权平均资本成本法在个别项目评估中的应用

Of WACC in Assessing Individual Project The Estimation of Capital Cost of China

投资项目加权平均资本成本的一种简单估算方法

Simple Estimating Method for Weighted Average Cost of Capital The method was simple . Weighted Sorting

短期财务杠杆与权益资本成本和加权平均资本成本显著正相关；

Short time financial leverage has positive correlation with equity cost and weighted average cost of capital ;

重置资本结构后的加权平均资本成本也比传统的资本结构计量方法要低。

Moreover , The metering method for weighted average cost of capital after replacing capital structure is lower than that of the traditional capital structure .

通过对模型和方法的分析，可知资本资产定价模型β系数反映了风险问题，加权平均资本成本可以解决融资问题，由此作者想到结合两者应用到我国市场中去。

By analyzing , we know the coefficient p of Capital Assets Pricing Model reflects the risk and Weighted Average Cost of Capital can resolve the financing .

最优资本结构是指企业在一段时期内，筹措的资本加权平均资本成本最低，从而使得企业价值最大。

Optimal capital structure is refers to raise the maximum of enterprise value during a certain period of time , while decrease the weighted average capital cost .

最优资本结构指在公司的加权平均资本成本降到最低限度的同时，公司的市场价值和股票价值最大化的资本结构。

Optimal capital structure is the capital structure with which the market and stock value of company can be greatly maximized while the average capital cost is minimized .

修正现值法、权益现金流量法和加权平均资本成本法，是西方主流反映负债融资对投资项目价值正负效应杠杆企业的资本预算方法。

APV , FTE and WACC rules are popular means of capital budgeting for leverage enterprises , they also reflect the positive and negative effects of debt to the investment projects value .

加权平均资本成本与资本资产定价模型相结合的方法在我国市场情况下应用时，关键是确定社会平均投资收益率Im和β系数。

Thus we produce the model of Weighted Average Cost of Capital combining Capital Assets Pricing in our market . It 's important to make certain the social average investment yield I_m and the coefficient p.

他们假设存在公司所得税，发现负债有避税效应，能降低企业加权平均资本成本，提高企业价值。

It assumes there existing a corporate income tax , they found that the liabilities have the effect of tax avoidance . The effect could reduce the weighted average cost of capital , and then improve the value of the corporate .

通过财务杠杆，建立了加权平均资本成本和企业息前税前盈余以及债务资本成本之间的函数关系，得出了企业债务资本成本相对不变时的最优资本结构模型。

In this paper , the functional relation is established among weighted average capital cost , Earnings Before Interest and Tax and due capital cost , and the best capital structure model of enterprises with relative unchangeable due capital cost is obtained .

利用资本资产定价模型、哈莫德公式、风险指数回归计算方法和上市公司公开披露的财务信息，结合一具体项目，介绍一投资项目加权平均资本成本的简单估算方法。

Based on an actual project case , the paper introduces a simple estimating method of weighted average cost of capital ( WACC ) using capital assets pricing model ( CAPM ), Hamada formula , risk index regression calculation method and financial information published by public company .

加权平均的资本成本

Weighted Average Cost of Capita