第五章 资金筹集概述及资金成本 - PowerPoint PPT Presentation

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第五章 资金筹集概述及资金成本. 第一节 企业筹资的动机和原则 第二节 筹资渠道与筹资方式 第三节 筹资规模的预测  第四节 企业资本金制度 第五节 资金成本. 第一节 企业筹资的动机和原则 一、企业筹资的动机 (一)创建筹资动机 (二)发展筹资动机 (三)偿债筹资动机 (四)调整资本结构筹资动机 二、筹集资金的原则 (一)合理性原则 (二)效益性原则. (三)及时性原则 (四)科学性原则 三、企业筹资的种类 (一)按所筹资金的性质分类

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第五章 资金筹集概述及资金成本

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5.3.1

y=a+bx

y

a

b

x

y=na+bx

xy=ax+bxx


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1

2

/

=/1-*100%

3


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4

5

1

2

3


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Kd=I(1-T)/D(1-R)

Kd---

I ----

T----

R-----

D-----

500510%4%33%


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500600400

Kd500*10%(1-33%)/500*(1-4%)=6.98%

d=500*10%*(1-33%)/600*(1-4%)=5.82%

Kd=500*10%*(1-33%)/400*(1-4%)=8.72%


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Kd=I(1-T)/1-f

1008.28%0.333%

100*8.28%*(1-33%)/100*(1-0.3%)

=5.56%

Kp=Dp/p0(1-f)


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KP

DP

P0

f

20014%

KP=200*14%/200*(1-5%)=14.74%

P0=Dt/(1+Ks)

P0----


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Dt---t1

Ks----

1g g

Ks=D1/P0+g

(2)

Ks=D1/P0(1-f)+g

D----

f-----

g-----


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28%

S=1450*28%/4190.5*(1-6%)+5%=15.31%

s=krfm-d

S-----

rf----

---

m----


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  • 1.2012%s=6%+1.20*(12%-6%)=13.2%

    S=d+RPS

    s-----

    d---

    RPs

    =1g


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  • w=jj

    w

    j----j

    j---j

    300010000020014505.56%8.38%14.74%15.31%15.00%


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  • 100/3000*100%=3.33%

    1000/3000*100%=33.33%

    200/3000*100%=6.67%

    1450/3000*100%=48.34%

    250/3000*100%=8.33%

    W=5.56%*3.33%+8.38%*33.33%+14.74%*6.67%+15.31%*48.34%+15%+8.33%=12.61%


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