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FINANCE - PowerPoint PPT Presentation


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Pravna fakulteta. FINANCE. prof. dr. Marko Simoneti. Pravna fakulteta: Finance. FINANČNI VZVOD IN STROŠEK KAPITALA. Ljubljana, december 2005. UČINEK FINANČNEGA VZVODA STRUKTURA FINANCIRANJA PODJETJA. UČINEK FINANČNEGA VZVODA DAVČNI ŠČIT.

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Presentation Transcript
finance

Pravna fakulteta

FINANCE

prof. dr. Marko Simoneti

slide6
Iz podatkov v tabeli izračunaj strošek kapitala pri stopnji davka na dobiček 20%. Podjetje posluje z dobičkom.
finan ni vzvod in stro ek kapitala wacc
FINANČNI VZVOD IN STROŠEK KAPITALA (WACC)

(1) Učinek davčnega ščita,

če dobiček > 0

(1) Delež dražjih (lastniških)

virov se zmanjšuje

(2) Povečuje se tveganje in

zahtevana donosnost za

dolžniške in lastniške vire

(2)

(1)

(D/E)*

optimalna struktura financiranja
OPTIMALNA STRUKTURA FINANCIRANJA

WACC

rE

rD

(D/E)*

Investicijske odločitve: (1) (WACC)* vs. Notranja stopnja donosa

(2) NPV z upoštevanjem (WACC)* > 0