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3 Pages
weighted average cost of capital
Course: BUS M 301, Summer 2011School: BYU
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Word Count: 116
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Tocalculatethefirmsweighted averagecostofcapital(WACC),we mustfirstcalculatethecostsofthe individualfinancingsources. LetsConsider: 1)CostofDebt 2)CostofCommonStock CostofDebtforafirmistherateof returnrequiredbythelender,adjusted fortwothings: 1)FlotationCosts:anycostsassociated withobtainingnewdebtsuchas transactionfees,governmentfees,costs ofprintingcertificates,paying underwriters,etc....
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Tocalculatethefirmsweighted
averagecostofcapital(WACC),we
mustfirstcalculatethecostsofthe
individualfinancingsources.
LetsConsider:
1)CostofDebt
2)CostofCommonStock
CostofDebtforafirmistherateof
returnrequiredbythelender,adjusted
fortwothings:
1)FlotationCosts:anycostsassociated
withobtainingnewdebtsuchas
transactionfees,governmentfees,costs
ofprintingcertificates,paying
underwriters,etc.
2)Taxes:positiveimpactondebt
financingsourcesduetointerestexpense
andsubsequenttaxshield.Noeffecton
commonstock.
WithStock
400,000
InterestExpense WithDebt
EBIT
400,000 0
(50,000)
EBT
400,000
350,000
Taxes(34%)
(136,000)
(119,000)
EAT
264,000
231,000
WithStock WithDebt
EBIT
400,000
400,000
InterestExpense 0
(50,000)
EBT
400,000
350,000
Taxes(34%)
(136,000)
(119,000)
EAT
264,000
231,000
Dividends (50,000)
0
RetainedEarnings214,000
231,000
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Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
Shanghai Jiao Tong University - EE - Sensor
? 2 ? ? ? ? ? ? ?2.1?2.2?2.3?2.4 ? ? ? ? ? ? ? ? ??2.5?2.6?2.7?2.1 ? ? ? ? ? ? ??? ?? , ?? ,????????????,????????????? ? ? ?? , ????????????????????????????,??????????
Shanghai Jiao Tong University - EE - Sensor
2.1.2 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? : ? ? ? ? ? , ? ? ? ? ? mm, ? ? ? 0.2mm; ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ; ? ?? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ; ? ? ? ? ? , ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ?
Shanghai Jiao Tong University - EE - Sensor
? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? :(1) k0 ? , ? ? ? ? ? ? ? ? ??(2) ? ? ? ? ? ? ? , ? ? ?? , ? , ??(3) ? ? ? ? ? ? ? ? ? ? ? ?? , ? ? ? ? ? ? ? ? ? ? ? ? (4) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ( ? ? ? ? ) ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
2.2?? ,?? ; ? , ? , ?? ,? ,? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? , ? ? ? ? ? ? ? ? ? ? :(1) ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? 1 ~ 2 ? ? ? ( 110-6mm/mm ) ? ? ? ? ? ? ? ? ? ? ?1% ? ? ? ? ? 0.015%FS ( ? ? ? ?? ? 0.05%FS ) ? (2) ? ? ? ? ? ? ? ? ? ? ? ??
Shanghai Jiao Tong University - EE - Sensor
? ? ? ? ? ? =/2 ? ? ? ?? ? ? , ? ? ? ? ? ? ? ? ? ? ? -y ?? , ?? , ?+x ? ? ? - y ? ? ? ? , ? ? ? ? ?? ? ? , ? ? ? ? ? ? ? ? ? ? x? ?? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? , ? ? ? ? ?? ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
? 2.7(a) ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ?? , ? , ?? ? ? ? ? ? ? ? ? ? ? ? 2.7(b) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ,? ? ? ? ? ? 2.7(c) ? ? ? ? ? ? ? ? ? ? ? ? 10% ? ? ?90% ? ? ? ? ? ? ? ? ? ? , ?? ? ? ? 0.35f=,tkLtk
Shanghai Jiao Tong University - EE - Sensor
e%2520151050510 ? 2.91520L2.2.4 ? ? ? ? ? ?1. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? R/R, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ,? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 0.05% ? 1%? ? ? 2. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
2.4 ? ? ? ? ? ? ? ? ? ? ? ?2.4.1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2.11 ? ? ? ? R1 ? R2 ? R3 ? R4 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? If ? ? ? ? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ab ? ? ? ? ? ? ? ? ? ? ? ? ?R4 R1 R2 R3e =U(
Shanghai Jiao Tong University - EE - Sensor
1 R11U sc = U4 R1 (1 + 1 R )2 R11 RU sc = U4 R11Ku = U4 ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2.4.3 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
lst=l0(1+st)=l0+l0s tls= lst -l0=sl0tlst=l0(1+gt)=l0+l0g tlg=l0gt ? ? , l0 ? ? ? ? t0 ? ? ? ? ? ? ? ; lst ? ? ? ? t ? ? ? ? ? ?? ? ? ; lst ? ? ? ? t ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ; s ? g ?? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? 1 ? ? ? ? ? ? ? ? ; ls ??
Shanghai Jiao Tong University - EE - Sensor
? ? ? ? ? ? ? ? ? ? ? ? ? ??? ? ? ? ? , ? ? I/O ? ? ? ? ? ? ??,? ,?? ? ? ? ? ? , A/D ? ? , ? ?? ? ? ? ? ? ? ? ? ? ? ? ?? , ? ? ? , ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Yc=Y(1+ 0 t)+ 1 t??,?????????????3. ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
R1tR2 t=R1R2 + RB ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ?? ? R2 ? ? ? ? ? ? ? ? R2t ? ? ? ? ? ? R1 ? R1t,??? , ? , ?? ? ? ? ? ? ? ? ? ? ? ? ? RB, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? , ? ? ? ? ? ? , ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ,? ? ? ? ? ? ? ? ? ,?? e1 ? e2 ? ? ? ? ? ? ? ? ? , ? ?? ? ? ? ? ? ? ? ? ? ? ,? ? ? ? ?? ,? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ,? ? ? ? ? ? ? ? ? ? ? ? ,? ? ???? ? ? ? ? ? ? ,? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ,? ? ?
Shanghai Jiao Tong University - EE - Sensor
??????????????????????(3) ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? 10-7 s, ? ? ? ?? 10-11 s ? ? ? ? ? ? ? ? ? ?,? ? ? ? ? ? ? ? ? ? ? ? ? ??(4) ? ? ? ? ? ? ? ? ? ? ? ? ??,? ? ? ? ? ? ? ? ? (? )? ? ???(5) ? ? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
(a )(b )? 2.25?(c )2. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? 2.26 ? ? , ? ?? 1? ? ? 2? ? ? ? 3? ? ? ? ? ?4? ? ? ? ? ? 5? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? ? ,? ? ? ? ? ?? (? ? ? ? ? )? ? ? ? ? ? ? ? ? ,?? ? ? ? ? 2.27 ? ?
Shanghai Jiao Tong University - EE - Sensor
3. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ???? ? ? ? ? ? ,? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? ? ? ? ,? ? ? ?? ? ? ? ? ? ? ? ? ? ? ,? ? ? ? ? ?? ? ? ? ? ? ? ? ,? ? ? ? ? ? ? ? ?? ? (? ? ? )? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ,? ? ? ? ? ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
? 2.1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2.7.3 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ???? ? ? ? ? ? ? ? ,? ? ? ? ? ? ? ? ,? ? ? ? ? ? ? ,? ? ? ? ? ? ? ? ? ?? ? ? ? ,? ? ? ? ? ? ? ? ? ? ? ??1. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2.32 ? ? , ?
Shanghai Jiao Tong University - EE - Sensor
2.7.4 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2.36? ? ? ? ? ? ? ? 1? ? ? ? ? ? ? ?? ? 3? ? ? ? 4? ? ? ? ? ? ? ? ?? ? ? ,? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ,? ? ? ? ? ? ? ? ? ? 2? ? ??? ? ? ? ? ,5 ? ? ? ? ,6 ? ? ? ? ? ?5122316443 ? 2.36 ? ?
Shanghai Jiao Tong University - EE - Sensor
2.8.2 ? ? ? ? ? ? ? ? ?1. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? , ??( CVD ) ? ? ? ? ? ? ? ? ? ? ? ? ???? ? ? ? ? ? ? ? ? ? ,? ? ? ? ? ? ?? ? ,? ? ? ? ? ? ? ? ,? ? ? ? ? ?? ? ? ? ? ? ? ,? ? ? ? ? ? ? ? ? ??1) ? ? ? ? ? ? ? ? ? , ? ? ? ? ? ? ? ? ?? ?
Shanghai Jiao Tong University - EE - Sensor
2. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ,? ???1) ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?( ?) ?( ?) ???? ,? ? ? ? ? ? ? ? ? ? ? 2.40 ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? ? ? ? ? (a) ? (b) ? ? ,? ? ? ? ? ? ( 110
Shanghai Jiao Tong University - EE - Sensor
2.8.4 X ? ? ? ? ? ? ?1. ? ? ? ? ? ? P ? ? ? ? ? ? ? ? ?? 44, ? ? ? ? ? ? ? ? ? X ? ? ? ?E? ? ? ? ? 1 (2.14) 12 =?i1 ? i3 =(2.15) ?0,= 44T?i2E1 = 44i2T12(2.16)Uou tU? 2.44 X ? ? ? ? ? ? ? ? ? ? ?s ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ? X ? ? ? ?
Shanghai Jiao Tong University - EE - Sensor
? 3 ? ? ? ? ? ? ? 3.1 ? ? ? ? 3.2 ? ? ? ? ? 3.3 ? ? ? ? ? ? 3.4 ? ? ? ? ? ? ? ? ? ? 3.5 ? ? ? ? ? ?3.13.1.1 ? ? ? ? ? ?????????????????????????Q = h,? ? ? ? ? ? ? ?? ? ? ? ? ,? ? ?1887 ? ? ? ? ? ??? ? ? ? ? , ? ? ?