问题已解决
老師,注會資本結(jié)構(gòu)那章MM理論,有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,說明不管有無負(fù)債債務(wù)資本成本都是等于權(quán)益資本,那么為什么會有有負(fù)債企業(yè)的權(quán)益資本成本=無負(fù)債企業(yè)的權(quán)益資本成本+風(fēng)險溢價這個結(jié)論呢?
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你好!有負(fù)債企業(yè)的權(quán)益資本成本=無負(fù)債企業(yè)的權(quán)益資本成本+風(fēng)險溢價
有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本
你看這2個,其實第二個也是有風(fēng)險的。就相當(dāng)于是無負(fù)債的資本成本+風(fēng)險
2022 05/16 12:01
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2022 05/16 13:10
感覺這兩個結(jié)論有沖突,第二個說明不管有無負(fù)債債務(wù)資本成本都等于權(quán)益資本成本,第一個是無負(fù)債的權(quán)益資本成本要加上風(fēng)險溢價才和有負(fù)債的相等,不是沖突了嗎
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2022 05/16 13:11
你好!有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,說明不管有無負(fù)債債務(wù)資本成本都是等于權(quán)益資本
他上面是經(jīng)營風(fēng)險等級相同啊,不是無風(fēng)險啊,而是有風(fēng)險溢價的
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2022 05/16 13:18
有負(fù)債企業(yè)的權(quán)益資本成本=無負(fù)債企業(yè)的權(quán)益資本成本+風(fēng)險溢價,這個是針對風(fēng)險等級不同時的結(jié)論是吧
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2022 05/16 13:20
經(jīng)營風(fēng)險等級不同的話有負(fù)債的加權(quán)平均成本與無負(fù)債的權(quán)益成本就不相等了是吧
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2022 05/16 13:30
您好!是的??梢赃@樣理解
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2022 05/16 13:33
有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,這句話是有負(fù)債企業(yè)的債務(wù)資本成本=有負(fù)債企業(yè)的權(quán)益資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,對嗎?
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2022 05/16 13:37
您好!中間這個等于老師不太認(rèn)可。
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2022 05/16 13:48
為什么不認(rèn)可呢,如果不相等,有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,這句話也不會成立吧
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2022 05/16 13:52
你好!因為你這句話就是說債務(wù)成本等于權(quán)益成本。實際上這種相等的時候很少
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2022 05/16 14:01
如果經(jīng)營風(fēng)險等級不同,有負(fù)債企業(yè)的加權(quán)平均資本成本=無負(fù)債企業(yè)的權(quán)益資本成本%2b風(fēng)險溢價,對吧
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2022 05/16 14:02
您好!是的。這個是沒問題
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2022 05/16 14:51
有負(fù)債企業(yè)的加權(quán)平均資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,這句話是有負(fù)債企業(yè)的債務(wù)資本成本=有負(fù)債企業(yè)的權(quán)益資本成本=經(jīng)營風(fēng)險等級相同的無負(fù)債企業(yè)的權(quán)益資本成本,老師,剛問你的這個問題,聽老師講課是說不考慮所得稅時,債務(wù)資本成本就等于權(quán)益資本成本,這個等式應(yīng)該沒問題吧?
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2022 05/16 14:58
你好!恩最終說起來都是企業(yè)的成本。不管怎么來的
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2022 05/16 15:45
可以說明這個公司沒問題吧
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2022 05/16 15:48
你好!嗯。應(yīng)該沒什么問題
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