WACC - chii nhamba? Pfungwa, wevacheche, muenzaniso, kushandisa nekuongorora kuti pfungwa

To musi, zvose Mapoka nenzira imwe kana mumwe kushandiswa rakumbirwa kupfuma. Saka, havana ishande kwete chete nokuda vayo nhoroondo, asiwo chikwereti. Nokuti kushandiswa ekupedzisira boka anomanikidzwa kubhadhara chikamu. Izvi zvinoreva kuti mari zvakarurama guru haina kuenzana dhisikaundi unodiwa. Saka vanoda nzira yakasiyana. WACC - ichi ndechimwe zvikuru nevanhu nzira vanoongorora inivhesitimendi muzvirongwa. Kunoitawo kuti kufunga kwete chete zvido shareholders uye chikwereti, asi mitero.

muenzaniso

Saka, tinonzwisisa kuti WACC - chiyero avhareji zvibereko inivhesitimendi mari. Asi sei kuverenga uye varipi mitero? Ngatitii boka iri mari ne 60% tichiregeredza shareholders 'mari, 40% - kubva chikwereti. Somuenzaniso, zvainzi zvinofungidzirwa kuti mutengo nokururama zvinofanira kuva 20%. A kambani chikwereti aigona kutora 15% pa annum. Kana isu kutaura nyaya pakuverenga ari weighted avhareji zvakarurama kubva nemaonero nomufungo uye masvomhu, tinowana 18%. Asi zvinhu zvose nyore? Ngatitii boka paakapiwa basa racho muna mubvunzo pane $ 1,000: 60% - shareholders, 40% - Lenders. Kana basa racho nguva ndeimwe gore, pashure-mutero mari aibuda akaenzana 1180 madhora. US. A zviuru zvamadhora inopedzwa pamusoro pamuripo chikuru mubhizimisi. The yasara $ 180. The US anofanira akagovera shareholders uye zvikwereti. Recent vanogamuchira $ 60. Zvino mafaro inotanga. Kufarira kubhadhara zvinogona deducted kubva mutero chawo. Naizvozvo, kambani achakwanisa kudzoka vamwe mari. Kana mutero unodiwa ndiyo 25%, ndiyo 15 madhora. Izvi zvinoreva kuti shareholders hamugamuchiri 120 uye 135 emadhora. US. Naizvozvo, tinogona kugumisa kuti kambani aigona mari shoma pane pakutanga. Uye iwe uchiri havagoni ienzane. uye shareholders, uye zvikwereti. Hatigoni kutaura kuti WACC - chiyero avhareji kudzoka musi rokutengesa, sezvo ane chokuita mugumisiro boka rose. Asi ndiye aibvumirwa kuita zvikuru yakarurama kukarukureta.

pfungwa

Sei zvaibvira kugumisa nomuenzaniso apa, WACC - ndiko nechiidzo unokubvumira kuona zvakakodzera Lenders uye vanoita kuti basa profitability. Uye zvakare anofunga mitero. Munguva yapfuura muenzaniso, zviri pa 18% uye 16.5%. Izvi imhaka nezvokuvapo migumisiro "mutero nhovo chikwereti mari." Ngatitii chimbadzo pamusoro chikwereti akaenzana 15%, sapamazuva yapfuura muenzaniso. Ruzhinji chaiwo Mari chikwereti 15% * (1-mutero unodiwa ave chikamu). Last ari muenzaniso uyu ndiyo 25%. Panyaya iyi, chekambani chikwereti kuchaita mari 11.25%. WACC anongotaurwa kurangarira.

zvinhu

Funga kuti kukanganisa WACC. chiyero uyu zvaida mwero kudzoka inivhesitimendi chirongwa. Uye kukanganiswa nezvinenge zvaitika dzakadai ezvinhu ari pamusika wemari, ngozi-isina mubereko guta mari uye anokosha musika zvazvingava, uyewo mari mutero. Makambani kushanda navo, kuedza kubudirira zvikuru kushandiswa pfuma yaro ezvinhu aripo. Zvinokosha kudzora zvinhu zvakadai Beta coefficient, ngozi shoma wakasiyiwa kambani, nhamba chikwereti guta zvachose uye zvikwereti Rating. On the weighted avhareji mutengo guta iri kukanganiswa zvinofanira dzaona:

• The chimbadzo, mari uye mugove chikwereti guru.
• Risk shoma nokuda zvakarurama pamusika.
• Mari uye mugove zvakarurama.

fomura

Chokutanga, tinofanira kuzozivisa notation. Pakati pavo:

• E - mari zvakarurama.
• RE - kwayo zvakakodzera profitability.
• D - mari chikwereti.
• RD - yechimbadzo chikwereti.
• TR - mutero unodiwa.

Saka, WACC = (E * RE) / (E + D) + (D * RD * (1-TR)) / (E + D). Zvinofanira kucherechedzwa kuti nzira iyi inorangarira muzvikwereti mari chete mhando imwe. Kana boka redu anoshandisa akawanda, vose vanofanira kuisa somunhu pamwe nhengo prices.

Mirayiridzo inokosha nokukwereta

Makambani vanobatsirwa nemari kuburikidza zvikwereti zvedu, kana chikamu kuti kushandiswa yokupedzisira yakaderera, nokuti kunoderedza chekambani weighted avhareji mari guru. Zvisinei, chinangwa chipi kubhengi harisi rudo, asi zvikuru kutengeserana akanaka. Naizvozvo, munhu akatsiga zvikuru makambani kuti kunokosha akachengeteka, kugamuchira yakaderera pane zvikwereti zvavo. Banks vanotsvaka kuwana wakakwana mufananidzo wako anokwereta kuva kwayo pamusoro mamaneja uye vashandi, chamber chinyorwa pamazita uye basa rayo urongwa.

tsoropodzo

WACC - a vakaziva chishandiso dzinoongorora yaidiwa rinodzokera pamusoro inivhesitimendi muzvirongwa. Zvisinei, ine nhamba zvinokosha matambudziko:

• Kuvapo "mutero nhovo chikwereti mari." Pakutanga zvinoita sokuti makuru zvikwereti, nani. Uye zvinoratidza WACC. Asi funga kuwedzera riskiness muzvirongwa pamwe kuwedzera mari yavo mari Lenders?
• The dambudziko Beta coefficient. chakarurama Izvi zvinofanira kuratidza riskiness pakati zvinhu zviripo volatility mumusika. Zvinowanzoshandiswa mumapoka kubva S & P 500. Zvisinei, pamazita mari zhinji havabvumirani pakuti volatility yacho ngozi ndiyo zvakafanana. Uye haina kufunga WACC.