[請益] 貼現率 (discount rate)

看板money (賺錢)作者doubleE (想要改變)時間19年前 (2006/01/09 06:49)推噓2(2推 0噓 0→)

留言2則, 2人參與討論串1/1

請問各位大大貼現率是不是有很多種算法? 我查了一下書發現有許多種算法可是不確定他們是不是一樣的 1. 假設某公司的after tax cost of debt is 6％ an estimated cost of equity of 16% and future gearing comprising 20% debt and 80% equity 那麼貼現率的算法為 --------------------------------------- Weight Cost Weighted cost A B A x B % % % % Debt 20 6 1.2 Equity 80 16 12.8 --------------------------------------- Discount Rate 14% (Source:Mills and Robertson, Fundatmentals of Managerial Acoounting and Finance) 2. WACC (weighted average cost of capital) debt/Total Financing (Cost of debt)(1-Tax) + equity/Total Financeing (cost of equity) ------------------------------------------ WACC Example The market value of debt = $300 million The market value of equity = $400 million The cost of debt = 8% The corporate tax rate = 35% The ocst of equity is 18% WACC = 12.5% (Source: http://www.valuebasedmanagement.net/methods_wacc.html) 以上數字都為假設只是想請問這兩種算法是一同一種嗎? 某公司用這兩種算法會出來同樣的貼現率嗎? 看半天看不出各所以然來在網路搜尋還搜尋到其他種算法(很明顯是跟這兩種有差異的) 所以想請大家幫忙指點一下謝謝^^ -- ※ 發信站: 批踢踢實業坊(ptt.cc) ◆ From: 82.44.156.57