USCPA考试知识点：资本成本的计算

发布时间：2021-02-26

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想知道USCPA考试资本成本的计算考什么的小伙伴，赶紧和51题库考试学习网一起去了解下吧!

Cost of Capital Computations

A.Cost of Long-Term Debt(kdx)

kdx=kdt x(1-T)

B.Cost of Preferred Stock(kps)

kps=Dps/Nps

C.Cost of Retained Earnings(kre)

Is the rate of return required by common stockholders.

A firm should earn at least as much on any RE and

reinvested in the business as stockholders could have

earned elsewhere.

After tax consideration is ignored since dividends are

not exempt from tax.

Three common methods of computing kre：

1.Capital asset pricing model(CAPM)

2.Discounted cash flow(DCF)

3.Bond yield plus risk premium(BYRP)

1.The Capital Asset Pricing Model(CAPM)

Formula：

Kre=risk free rate+risk premium

Kre=krf+(bi x PMR)

Kre = krf+[bi x(km–krf)]

2. Discounted Cash Flow(DCF)

Formula

Kre=(D1/P0)+g

Kre=[D0 x(1+g)]/P0 + g

Actually，dividend growth model，or Gordon growth model-refer to B6-59

P0=D0x(1+g)/(Kre-g)

Key Factors and Formula Notations

a.Cost of RE：kre

b.Current market value or price of the

outstanding common stock：P0

c.The dividend per share expected at the end

of one year：D1

d.The constant rate of growth in dividends：g

D.Weighted Average Cost of Capital(WACC)

Serves as a major link between the long term investment decisions associated with a corporation‘s capital structure and the wealth of its owners.

The theoretical optimal capital structure is the mix of financing instruments(debt & equity)that produces the LOWEST WACC.

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下面小编为大家准备了 美国CPA考试 的相关考题，供大家学习参考。

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