Verenga Weighted Average Cost of Capital

Avhareji mari yekambani yekambani: Inobhadhara chikwereti nekuenzanisa chii?

Apo makambani anomutsa mari yekuwedzera uye mamwe mapurogiramu, vanofanira kubhadhara kushandiswa kwemari iyi. Kana iyo kambani inokwidza mari kubva kune vagoveri kana inogamuchira mari yemari kubva kuvarimi vemabhizimisi voga, iyi inonzi inofanirwa. Kurera mari nekukweretesa kubva kubhangi kana kubhadhara zvikwereti kunokodzera sechikwereti. Imwe neimwe nzira idzi dzine mari yake, iyo inogona kutaurwa maererano nemutengo wekuda.

Kutsanangura WACC

Imwe yekambani inorema muvhareji yemari yemari (WACC) inowanikwa muhomwe yekutambira inofanira kubhadhara kutenga mari yayo, kukura uye kushanda kwemari.

IWACC ihwowo ndiyo inoshandiswa muhomwe yemari yekudzorera iyo inofanira kuwana pane zvayo zvemazuva ano kugutsa vashandi vayo kana vadzidzisi, varairi vayo, nevatengi vayo.

IWACC inobva pakuronga kwekambani uye inosanganisira chikwereti chekubhadhara chikwereti nekubhadhara mari . Mutengo wemari ndeye pfungwa yakawanda pamusoro pesimba iyo inokweretesa kubhadhara mari yekubasa kwayo isina kunyatsotaura nezvekugadzirisa kwehupfumi hwayo (chikwereti nehutano).

Mamwe mabhizimisi mashomanana chete anoshandisa chikwereti mari yekuita mabasa avo. Zvimwe zvidzidzo zviduku zvinoshandisa kushandisa mari yekuenzanisa , kunyanya kana dzakabhadharwa nevatengesi vemari vakadai sevashandi vemari. Sezvo mapeji aya maduku ari kukura, zvingangove kuti ivo vachashandisa kusanganiswa kwekwereti uye mari yekuenzanisa .

Chikwereti uye kuenzanisa kunoumba chimiro chikuru chekambani, pamwe chete nedzimwe nhoroondo dziri kurudyi-rutivi rwekodhi yemari yefirati yakafanana neyakasarudza mashizha.

Sezvo kambani dzichikura, dzinogona kuwana mari kubva kune zvikwereti, inowanzobatanidzwa (yakachengetwa kuwanikwa kana itsva inoshandiswa) nzvimbo, uye kunyange inoshandiswa zviwanikwa.

Kuti uverenge mari yakareruka yemari yekambani, chekutanga uongorore iyo yakagadziriswa yehutano huripo uye kuverenga chikamu chayo chikwereti uye kuenzana.

Zvadaro kuyerwa mutengo wemari chikwereti uye mari yehutano nehuwandu hwehuwandu hwehuwandu hwehuwandu kana uchitora mari yemari. Zvadaro, chengetedza mari inorema yemari uye chikwereti kuwana WACC.

Kuverenga Mari Yezvokutora chikwereti

Mutengo wekwereti yekambani yebhizimisi kazhinji inodhura kudarika mari yekutengesa mari. Izvi ndezvokuti mari yekufarira inokwereta iri mutero-deductible yebhizimisi firm. Ichi ndicho chikonzero mabhizimisi maduku akawanda emabhizimisi kunze kwekuti vane varimi, vanoshandisa chikwereti mari.

Zviduku pane zvemabhizimisi zvingashandisa chikwereti kwenguva pfupi chete kutenga zvigaro zvavo. Somuenzaniso, vangashandisa zvikwereti zvinowanikwa mune zvekubhadhara. Vangagonawo kushandisa zvishoma zvikwereti zvikwereti zvebhizimisi , zvichibva kubhangi kana imwe nzvimbo inogona kuwana mari .

Mabhizimisi makuru anogona kushandisa zvikwereti zvebhizimisi zvenguva refu kana kwenguva refu kana kuti anogona kutora zvibvumirano kuti awane mari yekubhadhara mari.

Shandisa iri rinotevera maitiro kuti uone mari yekambani yemari chikwereti :

Mutengo wekwereti = Kubhadhara mutengo wezvisungo zvakasimba kana chikwereti kwenguva pfupi * (1 - marginal tax rate)

Somuenzaniso, XYZ, Inc. inoshandisa chikwereti kwenguva pfupi mumabasa ayo kuburikidza nemutsara wechikwereti kubhangi. Mutsara wechikwereti ane shanduko inowirirana inotarisa inobva pamusika mamiriro asi huwandu hwekuda kwehuwandu pamusoro pegore rapfuura hwave 9.0 muzana.

Iyo ikambani yakaita purogiramu inenge madhora makumi maviri emadhora gore rapera. Tichitarisa pamatafura ematare ehurumende , shandisa marginal tax rate ye 35 muzana.

Kushandisa mari yekukwereta chikwata, kuverenga sezvinotevera:

Mari yekwereti = 9,0 muzana * (1 - .35) = 5.85 muzana

Mari yeXYZ yemari chikwereti ndeye 5,85 muzana.

Iko kazhinji hakusi kunyora pasi kana kutengesa mari inobatanidza nekwereta mari yekambani.

Kuverenga Mazano Equity Capital

Iko mari yekutengesa mari inogona kunge yakanyanya kuoma kunzwisisa kwayo kupfuura mari yekubhadhara chikwereti. Zvinogoneka kuti iyo yakasimba ingashandisa zvose zviri zviviri zviyo uye inoshandiswa mashizha kuti ipe mari yekuita kwayo. Kazhinji makambani haashandisi soro yakasarudzwa. Uyu mufananidzo unofunga nezvekudhura kwezvikwata zvinowanikwa chete.

Yakawanda hutsva hutano hunoenda kumabhizimisi hunokurudzirwa nekudzorerazve kubhadhara mari .

Kunyange kubhadharwa kubhadharwa kune mari, inonzi mari yekuwana mukana. Iyi mibairo ingadai yakashandiswa neimwe nzira. Somuenzaniso, vangadai vakabhadharwa sezvikamu kune vagovana.

Zvakanyanya kuoma kuenzanisa mutengo wezvikwata zvinowanikwa (zvakachengetwa kuwana) kune mari yekukwereta. Zvizhinji zvebhizimisi zvinoshandisa Capital Asset Pricing Model (CAPM) kuenzanisa mari yehutano. Heano matanho ekufungidzira mari yekuchengetwa mari:

1. Ongorora huwandu hwehupfumi husingabhadhari.

   Dambudziko risina ngozi rinowanzowedzera mukana wekudzoka kumabhiridha eUnited States.

2. Verengai misika yematengesi yemari yekudzoka ikozvino.

   Iwe unogona kazhinji kutarisa boka rakazara rekutsvaga mabhizimusi, kufanana neWilshire 5000 uye kushandisa chiyero chekudzoka kweyo index sekutsvaga pamutengo wemari yekudzoka.

3. Ongorora ngozi yechaka chekambani kana ichienzaniswa nemusika. Izvi zvinonzi beta.

   I beta (ngozi) yemusika inotsanangurwa se 1.0. Kana kambani yekambani ikuru kupfuura yemusika, beta yayo inopfuura 1.0 uye pamwe chete. Iwe unogona kushandisa nhoroondo yematengo emari kuti uone beta. Iwe unogona kugadzirisa bheta yezvakanyorwa nezvezvinhu zvinokosha zvakananga kune kambani. Kazhinji, iyo inoshevedzera kutonga kune chikamu chevatungamiri vekambani.

4. Isa zvinyorwa muAAPM equation.

   Mutengo weEquity = Dambudziko risina purogiramu + Beta (Mutengo Wemari Yekudzoka - Mutengo Wakaipa)

Semuenzaniso: Kana mukana usingabhadharwi nehuwandu hwehupfumi huri 2 muzana uye ikozvino mari yekutengeswa yebhadho iri 5 muzana uye beta yeyoyo yekambani inofungidzirwa kuva 1.5, kuverenga mari yekambani yehutano (yakachengetwa kuwanikwa)

Mutengo weEquity = 2 muzana + 1.5 (5 muzana - 2 muzana) = 6.5 muzana

Verengai Mareji Avhareji Avhareji Yezvokushandisa

Mushure mekunge maverenga mari yekubhadhara mari yese yezvikwereti uye nekuenzanisa kwaunoshandisa, zvino ndiyo nguva yekuverenga WACC yekambani yako. Iwe unorema hurongwa hwekushandisa huwandu hwehuwandu hwemweya wega wega wekwereti uye yekutengesa mari.

Mutengo wemari chikwereti chaive 5,85 muzana uye mari yekutengesa mari yakaita 6.5 muzana. Kana chimwe nechimwe chakagadzirwa makumi mashanu kubva muzana chemakamuri makuru ekambani, kuverengwa kweWACC kunotevera se:

WACC = .50 (5.85) + .50 (6.5) = 6.175 muzana

Kana kambani yako inoshandisa chikwereti uye mari yehutano nenzira yakataurwa pamusoro apa, WACC yekambani ichava 6.175 muzana. Kana iwe uchiwedzera mamwe mavhesi ekubhadhara mari, iwe unoda kuwedzera zvikamu zvezvinoshandiswa, zvakadai sezviyero zvitsva kana shanduro yakasarudzwa .

Iyi inowanzoverengwa yeWACC achishandisa chete zviyero zvinowanzodiwa zvekwereti uye kubhadhara mari. Nzira yeWACC inogona kuwedzerwa kunosanganisira mamwe mamiriro ekubhadhara sezvakataurwa pamusoro apa.