WACC - yintoni loo mzobo? Ingcinga, ifomula, umzekelo, ukusetyenziswa kunye amadlala ingqikelelo

Ukuza kuthi ga ngoku, zonke iinkampani ngendlela enye okanye enye ukusetyenziswa kwemithombo abolekiweyo. Ngenxa yoko, asebenza nje kuphela akhawunti wayo; kodwa ngetyala. Ukuba ukusetyenziswa kwe nkampani yokugqibela kunyanzeleka ukuba uhlawule ipesenti. Oku kuthetha ukuba ixabiso capital equity akalingani izinga isaphulelo. Ngoko ke kufuneka indlela eyahlukileyo. WACC - le yenye yeendlela uthandwayo zokuhlola iiprojekthi zotyalo-mali. It ikuvumela ukuba uthathe ingqalelo kungekuphela nje izilangazelelo abanezabelo kunye amatyala, kodwa irhafu.

umzekelo

Ngoko ke, siyaqonda ukuba WACC - umlinganiselo yemveliso avareji yeendleko zotyalo-mali. Kodwa bona ubala njani yaye phi na irhafu? Masithi inkampani ngemali yi-60% kwi ngeendleko imali zabelo ',-40% - of amatyala. Ngokomzekelo, kuqikelelwa ukuba iindleko equity kufuneka-20%. A Inkampani mboleko singathatha-15% ngonyaka. Ukuba sisondela umba yokubala umyinge elilinganiswe ngokomyinge equity ukusuka kwindawo imbono ekuqiqeni nemathematika, sifumana-18%. Kodwa yonke into ilula kangaka? Masithi le nkampani imali kule projekthi umbuzo kwe $ 1,000: 60% - zabelo, 40% - ngemali. Ukuba ixesha iprojekthi unyaka omnye, emva kwerhafu cash flow ilingana 1180 eerandi. US. amawaka A eerandi ichithwa intlawulo mali oyintloko. Esiseleyo $ 180. I-US kufuneka isasazwe-zabelo kunye amatyala. Zakutshanje wamkela $ 60. Kwaye ngoko ke fun iqala. Iintlawulo Inzala nga kuxhuzulwa ukusuka kwisiseko werhafu. Ngoko ke, le nkampani ziya kuba nako ukubuyela ezinye imali. Ukuba izinga werhafu yi-25%, oko iirandi-15. Oku kuthetha ukuba zabelo abafumani 120 no-135 zeerandi. US. Ngoko ke, sinokugqiba ukuba inkampani wayengase ngaphantsi kwe ekuqaleni. Kwaye awukwazi ukuhlangabezana neemfuno kunye zabelo, kunye amatyala. Asikwazi athi WACC - umlinganiselo imbuyekezo avareji kwiintengiso, njengoko inento yokwenza isiphumo kwinkampani xa iyonke. Kodwa lowo ibinguye obeza kuvunyelwa ukwenza ubalo kude yechaneke ngaphezulu.

ukuba nombono

ukuba njani kunokwenzeka ukuba sinokugqiba mzekelo ungentla, WACC - sisalathisi ekuvumela ukuba ababolekisi efanelekileyo kunye nabatyali-mali ka inzuzo projekthi. Kwaye ikwaqwalasela irhafu akhawunti. Kulo mzekelo elidlulileyo, kunjalo 18% kunye 16.5%. Oku kungenxa ubukho kwesiphumo 'ikhaka yerhafu lwemali kwetyala. " Masithi umyinge wenzala kwi mboleko ilingana-15%, njengoko bekunjalo kumzekelo wokuqala. Nangona kwezi ndleko sezibhaliwe mboleko yi-15% * (rate irhafu-1 njengepesenti). Last kulo mzekelo yi-25%. Kulo mzekelo, mboleko nkampani iya kuxabisa 11.25%. WACC thatha nje ingqalelo.

izinto

Cinga nezichaphazela WACC. Lo umlinganiselo izinga efunekayo lokubuya iprojekthi zotyalo-mali. Kwaye iphenjelelwa yimiba yangaphandle njengoko imeko kwimarike stock, umngcipheko-free inzala kutyalo-mali eyinkunzi kunye neqondo ezingundoqo zorhwebo, kwakunye yerhafu yengeniso. Iinkampani kufuneka asebenze nawo, ukuzama ukusetyenziswa kakhulu ngempumelelo izibonelelo zalo imeko yangoku. Kubalulekile ukulawula izinto ezifana 'ngumlingani beta, ipremiyamu lomngcipheko ebekwe yinkampani, umlinganiselo kwamatyala ukuya eyinkunzi iyonke kunye rating ngetyala. Kwi-avareji yeendleko elilinganiswe ngokomyinge ezinkulu nayo ochaphazelekayo kufuneka ibalwe:

• Izinga lenzala, iindleko kunye nesabelo Ukuhlawulwa kwetyala.
• Risk ekhokhelwa kwimarike yobulungisa.
• Iindleko kunye nesabelo equity.

ifomula

Okokuqala, sisithi thaca le nobhalo. Phakathi kwabo:

• E - iindleko equity.
• RE - nenzuzo yayo kuyimfuneko.
• D - ixabiso letyala.
• RD - inzala mali-mboleko.
• TR - izinga lerhafu.

Ngenxa yoko, WACC = (E * RE) / (E + D) + (D * RD * (1-TR)) / (E + D). Kufuneka kuqatshelwe ukuba le fomyula sithabathela ingqalelo uhlobo olunye kuphela imali yetyala. Ukuba inkampani yethu isebenzisa eziliqela, sonke ke kufuneka ukuba kufakwe endaweni ngabanye kunye amazinga achaphazelekayo.

Imigaqo esisiseko yokuboleka

Iinkampani kuzuza imali ngezibonelelo yamatyala, ukuba ipesenti yokusetyenziswa yokugqibela iphantsi, kuba lunciphisa avareji yeendleko yenkampani lazo eyinkunzi. Noko ke, injongo nayiphi na ibhanki ayisiso ke ndingenalo, kodwa beliqela ukulivuma elungileyo. Ngoko ke, i nkampani ozinzileyo ngakumbi ukuba abe ukhuseleko ezibalulekileyo, bafumana amaxabiso aphantsi-mboleko zazo. Iibhanki bafune ukufumana umfanekiso ngokupheleleyo kwamabanga emfundo zakho umboleki abaphathi zayo ngaphezulu kunye nabasebenzi, irekhodi loluhlu kunye nesicwangciso zayo zoshishino.

ukugxekwa

WACC - sisixhobo elaziwayo lokuhlola imbuyekezo efunekayo iiprojekthi zotyalo-mali. Nangona kunjalo, ukuba kukho inani lemingeni ezibalulekileyo:

• Ubukho 'ikhaka yerhafu lwemali kwetyala. " Ngophanya nje lweliso, kubonakala ukuba mboleko ezinkulu, ngcono. Yaye eneneni ibonakalisa WACC. Kodwa cinga Umngcipheko ukwanda kweeprojekthi kunye nokwanda mali yabo ababolekisi ngemali?
• Ingxaki ingumlingani beta. Esi salathisi kufuneka zibonise Umngcipheko-asethi kuthelekiswa kozinzo imarike. Kakhulu isoloko isetyenziswa ziinkampani kwi-S & P 500 Nangona kunjalo, uluhlu bezimali, abaninzi abavumelani nento yokuba ukungabikho kozinzo lwengozi efanayo. Kwaye oko akuthethi ithathele ingqalelo WACC.