WACC - kodi fanizo? Lingaliro, pakubwezeretsa, Mwachitsanzo, ntchito ndi wunika ndi maganizo

Pakali pano, makampani onse njira imodzi kapena ntchito ina anaitenga chuma. Choncho amagwira ntchito osati chifukwa nkhaniyo yake, komanso ngongole. Ntchito ya kampani yamasika amakakamizidwa kulipira kuchuluka. Izi zikutanthauza kuti mtengo wa likulu chilungamo si wolingana ndi mlingo kuchotsera. Choncho muyenera njira ina. WACC - izi ndi imodzi mwa njira yotchuka kwambiri ya mumayesto ntchito ndalama. Timatha inu kuganizira osati zofuna za ma sheya hoda ndi angongole, komanso misonkho.

Mwachitsanzo

Kotero, ife timvetsetsa kuti WACC - muyeso wa zokolola avareji ndalama ndalama. Koma mmene kuwerengera komanso pamene msonkho? Tiyerekeze kampani zimachokera ndi 60% likuvutika ndalama ma sheya hoda, 40% - wa angongole. Mwachitsanzo, anapeza kuti ndalama chilungamo akhale 20%. A kampani ngongole akhoza kutenga 15% pa annum. Ngati tiyandikira nkhani ya kuwerengetsa pafupifupi zolemeletsedwa wa chilungamo kwa maganizo a logic ndi masamu, timapeza 18%. Koma chirichonse chiri mophweka? Tiyerekeze kuti kampani padera mu polojekiti funso kuposa $ 1,000: 60% - ma sheya hoda, 40% - obwereketsa. Ngati ntchito nthawi ndi chaka chimodzi pambuyo msonkho otaya ndalama ndi wofanana ndi madola 1180. US. madola zikwi A yaikulu pa malipiro a ndalama yaikulu. Otsala $ 180. The US ayenera anagawira ma sheya hoda ndi angongole. Recent kulandira $ 60. Ndiyeno zosangalatsa akuyamba. malipiro chidwi akhoza deducted patsinde msonkho. Choncho, kampani adzatha kubwerera ndalama zina. Ngati mlingo msonkho ndi 25%, ndi madola 15. Izi zikutanthauza kuti ma sheya hoda simulandira 120 ndi 135 dollars. US. Choncho, tinganene kuti kampani akanakhoza kupeza zochepa kuposa poyamba. Ndipo inu simungakhoze kukakomana ndi zofuna ndi ma sheya hoda, ndiponso okongoletsa. Sitingathe kunena kuti WACC - muyeso wa pafupifupi kubwerera pa malonda, monga likuyenera kuchita ndi zotsatira za kampani wonse. Koma iye amene adzaloledwa kuti aziwerenga kwambiri zolondola.

maganizo

Zimatheka bwanji kunena pa chitsanzo pamwamba, WACC - ndi chizindikiro kuti amalola kudziwa obwereketsa yoyenera ndi ndalama za polojekiti profitability. Ndipo izo zimatengera mu misonkho nkhani. Mu Mwachitsanzo mmbuyo, ndi pa 18% ndi 16.5%. Ichi ndi chifukwa kuli zotsatira za "msonkho chishango cha ndalama ngongole." Tiyerekeze kuti chiwongola dzanja pa ngongole ndi wofanana 15%, monga chitsanzo m'mbuyomu. Koma mtengo chenicheni cha ngongole ndi 15% * (mlingo 1 msonkho monga anthu a). Last muchisanzo chimenechi ndi 25%. Pankhaniyi, ngongole kampani ndalama 11,25%. WACC ndi kungotenga nkhani.

zinthu

Taganizirani zimene zimakhudza WACC. Izi muyeso wa mlingo chofunika adzabweranso polojekiti ndalama. Ndipo zimakhudza zinthu zina monga zinthu pa msika katundu, chiopsezo wopanda chidwi ndalama likulu ndi mlingo zikuluzikulu msika, komanso msonkho. Companies ndi kugwira nawo ntchito, kuyesera ndi kugwiritsa ntchito bwino kwambiri zinthu zake mu ziriri pano. Zofunika kulamulira zinthu monga koyefishienti beta, umafunika chiopsezo anapereka kampaniyo, chiŵerengero cha ngongole likulu okwana ndi ngongole mlingo. Pa zolemeletsedwa ndalama pafupifupi likulu ali anakhudzanso ayenera kuchita masamu:

• The chiwongola dzanja, mtengo ndi gawo la likulu ngongole.
• Chiopsezo umafunika kuti kusasiyana msika.
• The mtengo ndi cholowa cha chilungamo.

chilinganizo

Kuyamba, ife anayamba kalembedwe. Pakati pawo:

• E - mtengo wa chilungamo.
• RE - profitability ake kutero.
• D - mtengo wa ngongole.
• Rd - chidwi ngongole ya.
• TR - mlingo msonkho.

Choncho, WACC = (E * RE) / (E + D) + (D * Rd * (1-TR)) / (E + D). Tikumbukenso kuti chilinganizo izi amaganizira mtundu umodzi wokha wa ndalama ngongole. Ngati gulu lathu amagwiritsa angapo, onse ayenera mmalo payekha ndi mitengo ya ziwalo.

Zoyamba za ngongole

Companies kupindula ndalama kudzera zinthu pangongole, ngati kuchuluka kwa ntchito ya masika ndi otsika, chifukwa kumachepetsa kampani zolemeletsedwa pafupifupi mtengo wa likulu. Komabe, cholinga cha banki aliyense si chikondi, koma ndithu m'thumba wabwino. Choncho, makampani wolimba kuti ndi chitetezo kwambiri, kulandira mitengo m'munsi pa ngongole zawo. Banks kufuna kupeza ndingathere chithunzi cha wobwereka maphunziro anu a Mabwana ake pamwamba ndi ogwira, mbiri ya mndandanda ndi chikonzero chake malonda.

kutsutsa

WACC - ndi anazindikira chida potaya akadzabweranso chofunika pa ntchito ndalama. Komabe, angapo mavuto kwambiri:

• Kukhalapo kwa "msonkho chishango cha ndalama ngongole." Koyamba zikuoneka kuti ngongole zazikulu bwino. Ndipo zimasonyeza WACC. Koma taganizirani riskiness kuchuluka kwa ntchito ndi kuwonjezeka mu ndalama zawo ku obwereketsa ndalama?
• Vuto la koyefishienti wa beta. chizindikiro ichi tiyenera kuonetsera riskiness ya chuma cha poyerekeza ndi osakhalitsa a msika. Nthawi zambiri ntchito ndi makampani ku S & P 500. Komabe, mndandanda wa zachuma ambiri samagwirizana ndi chakuti osakhalitsa pa choopsya ndi zofanana. Ndipo zilibe kuganizira WACC.