WACC - yini ukuthi sibalo? Umqondo, ifomula, isibonelo, ukusetshenziswa kanye critique ngemcondvo

Kuze kube manje, onke izinkampani e ngandlela-thile ukusetshenziswa izinsiza waboleka. Ngakho, asebenza hhayi kuphela ku-akhawunti ayo, kodwa futhi ikhredithi. Ukuze ukusetshenziswa inkampani yokugcina uphoqelekile ukuba bakhokhe iphesenti. Lokhu kusho ukuthi izindleko nokulingana dolobha akulingani rate isaphulelo. Ngakho-ke kudingeka indlela ehlukile. WACC - lena ngenye yezindlela ethandwa kakhulu yokuhlaziya amaphrojekthi utshalomali. It ikuvumela ukuba acabangele hhayi kuphela nezithakazelo bamasheya nabantu abakweletwayo, kodwa futhi intela.

Ngokwesibonelo

Ngakho-ke, siyaqonda ukuthi WACC - ngezinga elithile isivuno isilinganiso izindleko utshalomali. Kodwa kanjani ukubala futhi ukuphi izintela? Ake sithi inkampani usekelwa yi-60% ngezithukuthuku imali masheya, 40% - of abakweletwayo ngalesi simo. Ngokwesibonelo, kwakulinganiselwa ukuthi abantu abangamaphesenti izindleko nokulingana kufanele kube ngu-20%. Inkampani loan kungathatha 15% ngonyaka. Uma sisondela udaba kokubala kwesamba nokulingana kusukela umbono logic nezibalo ezingamaGreki, imfundo sithola u-18%. Kodwa konke so simple? Ake sithi inkampani etshaliwe kuphrojekthi okukhulunywa kuka $ 1,000: 60% - bamasheya, 40% - ababolekisi. Uma isikhathi phrojekthi unyaka owodwa, emva kwentela kwemali ilingana 1180 zamadola. US. Kwakukhona izinkulungwane zamaRandi ichithwa yokukhokha ye-investimenti oyinhloko. Asele $ 180. I-US kufanele sezithunyelwa bamasheya nabantu abakweletwayo. Kwakamuva ukuthola $ 60. Bese kuthi-ke kumnandi iqala. Isithakazelo zokukhokha emalini base yentela. Ngakho-ke, inkampani uzokwazi ukubuyela ezinye imali. Uma kwesilinganiso sentela 25%, kuba amadola 15. Lokhu kusho ukuthi bamasheya ungatholi 120 kanye 135 zamaRandi. US. Ngakho-ke, singaphetha ngokuthi inkampani angazuza esingaphansi ekuqaleni. Futhi ungakwazi ukuhlangabezana nezidingo kanye bamasheya, nabantu abakweletwayo. Asinakusho ukuthi WACC - elithile ukubuya isilinganiso ekuthengisweni, njengoba ihlobene umphumela inkampani iyonke. Kodwa nguye ezovunyelwa ukwenza ukubala olunembile kakhulu.

Umcabango

Indlela kwakunokwenzeka ukuphetha esibonelweni ngenhla, WACC - kuyinto inkomba elikuvumela ukucacisa ababolekisi ezifanele kanye zimali we nenzuzo phrojekthi. Futhi kuthatha ku izintela akhawunti. Esikhathini esidlule, kuba at 18% futhi 16.5%. Lokhu kungenxa khona umphumela "intela isihlangu izikweletu ngezimali." Ake sithi intela yemali loan ilingana u-15%, njengoba esikhathini esidlule. Nakuba izindleko langempela loan 15% * (1 sentela njengoba amaphesenti). Kugcine kule isibonelo 25%. Kulokhu, loan yenkampani izobiza 11,25%. WACC thatha nje ku-akhawunti.

izici

Cabanga ukuthi kuthinte WACC. Lokhu elithile izinga edingekayo ukubuya yephrojekthi utshalomali. Futhi lokhu kuthonywa izici zangaphandle ezifana isimo e stock market, isithakazelo engozini-free ku ukutshalwa kwezimali kanye eziyisisekelo emakethe isilinganiso, kanye yentela ngemali engenayo. Izinkampani kufanele sisebenze nabo, uzama ukusetshenziswa ngempumelelo kakhulu imithombo yayo isimo samanje. Okubalulekile ukulawula izinto ezifana Coefficient beta, ingozi premium esabekwa inkampani, isilinganiso onecala dolobha inani lesikweletu isilinganiso. On the kwesamba izindleko isilinganiso capital kwathinta kufanele ibalwe:

• Izinga lenzalo yemali mboleko, izindleko kanye isabelo izikweletu dolobha.
• Ubungozi aphambili emakethe nokulingana.
• Izindleko kanye isabelo nokulingana.

ifomula

Ukuze uqale, sethula notation. Phakathi kwabo:

• E - izindleko nokulingana.
• RE - nenzuzo yayo kunesidingo.
• D - izindleko zesikweletu.
• RD - inzalo loan.
• TR - kwesilinganiso sentela.

Ngakho, WACC = (E * RE) / (E + D) + (D * RD * (1-TR)) / (E + D). Kumele kuqashelwe ukuthi le ifomula uyakucabangela kuphela uhlobo omunye izikweletu ngezimali. Uma inkampani yethu isebenzisa eziningana, konke abakudingayo ukuze kufakwe ngamunye nge amazinga abafanele.

Izimiso eziyisisekelo wokuboleka

Izinkampani bazuze imali ngokusebenzisa credit imithombo, uma iphesenti ngoba ukusetshenziswa yokugcina uphansi, ngoba kunciphisa kwesamba izindleko yenkampani isilinganiso dolobha. Nokho, injongo yiliphi ibhangi akuyona esiza abantulayo, kodwa umtitilizo ngempela okuhle. Ngakho-ke, i-izinkampani ezingaphezu esimile babe nokuvikeleka abalulekile, ukuthola amanani aphansi emalini ebolekwe yabo. Amabhange ukufuna ukuthola kungenzeka isithombe ophelele umboleki wakho neziqu lwabaphathi yayo phezulu kanye nabasebenzi, ukulandelela irekhodi ohlwini bese uhlelo lwayo lwebhizinisi.

ukugxekwa

WACC - ithuluzi elibonakalayo ekuhloleni uyabuya edingekayo emisebenzini utshalomali. Nokho, it has eziningi izinselelo ezikhona ezweni okubalwa:

• Ukuba khona "intela isihlangu izikweletu ngezimali." Uma uthi nhlá, kubonakala sengathi izinto loans emikhulu, kangcono. Futhi ibonisa ngempela WACC. Kodwa cabanga riskiness okwandisa amaphrojekthi begodu kukhula imali yazo kusukela imali ababolekisi?
• Inkinga ye-Coefficient beta. Le nkomba kumele libonise riskiness amafa kuqhathaniswa simo esishubile of emakethe. Ngokuvamile esetshenziswa yizinkampani kusukela S & P 500. Nokho, uhlu bezimali abaningi abavumelani lokuthi Ngaphandle kwalesi simo esishubile of ingozi efanayo. Futhi akusho acabangele WACC.