WACC可以用来当做Discount rate,其实只是一个折现率的选择问题,按理说i的选择应该是WACC,这是基于MM理论而成立的,如果题目中并未用到MM理论,那i的选择便可以直接是货币的时间价值。假设一个项目的钱全是自己的自有资金,即假设不存在融资费用,那么这个项目可行或不可行,其回报率是一定要大于通胀率...
在教科书里,折现率是这样定义的:折现率(discount rate)是按照复利计息原理,将未来的预期收益折合成现值的一种比率,它反映了资金具有时间价值的特性。 说的通俗点,现值(present value)是结果,分母端是折现率,分子端是投资所得的现金流。 举个简单的例子,你年初投资了100元,1年后获得收益20元,那么一年后的总现金...
WACC是企业维持其价值(基于企业现有资产结构)的必需回报率,反映的是企业当前资产的资本结构及其风险,不...
其实这只是个折现率的选择问题,按理说i的选择应该是WACC,这是基于MM理论而成立的,如果题目中并未用到MM理论,那i的选择便可以直接是货币的时间价值,就这样说,假设投资一个项目的钱全是自己的自有资金,即假设不存在融资费用,那么这个项目可行或不可行,其回报率是一定要大于通胀率的,看做通胀...
计算NPV的时候,为什么WACC和Rate of Return可以被看做成Discount rate说起NPV 挺容易的 但是就是有一点不能懂计算NPV的时候 有一个i 就是所谓的折扣率,这个折扣率是为了计算现金流在未来某年的价
WACC = (1 − 0.52) × 8.07% + 0.52 × 3.5% = 5.69%If we use Apple’s WACC to determine the processor project we would be overstating the NPV because the WACC is understating the project risk. The risk-adjusted discount rate approach based on the pure play method is a theoretically...
Basically, the term discount rate is the rate of return that’s used when you discount future cash flows back to their present value. Your discounted rate can often be your Weighted Average Cost of Capital (WACC). Or, it can be the required rate of return or the hurdle rate that a pot...
The discount rate should at a minimum reflect the weighted costs of capital (WACC) or financing costs of the underlying VRE investment. Therefore, the discount rate increases with the WACC. Companies commonly determine WACC based on the capital asset pricing model (CAPM), which adjusts the risk...
On the other hand, if a business is assessing the viability of a potential project, theweighted average cost of capital (WACC)may be used as a discount rate. This is the average cost the company pays for capital from borrowing or selling equity. ...
The WACC discount formula is WACC = E/V × Ce × D/V × Cd × (1-T), where: E = Value of equity D = Value of debt Ce = Cost of equity Cd = Cost of debt V = D + E T = Tax rate The APV discount formula is APV = NPV + PV of the impact of financing, where: ...