資金成本包括資金籌集費(fèi)用和資金占用費(fèi)用兩部分。資金籌集費(fèi)用指資金籌集過(guò)程中支付的各種費(fèi)用，如發(fā)行股票，發(fā)行債券支付的印刷費(fèi)、律師費(fèi)、公證費(fèi)、擔(dān)保費(fèi)及廣告宣傳費(fèi)。需要注意的是，企業(yè)發(fā)行股票和債券時(shí)，支付給發(fā)行公司的手續(xù)費(fèi)不作為企業(yè)籌集費(fèi)用。因?yàn)榇耸掷m(xù)費(fèi)并未通過(guò)企業(yè)會(huì)計(jì)帳務(wù)處理，企業(yè)是按發(fā)行價(jià)格扣除發(fā)行手續(xù)費(fèi)后的凈額入帳的。資金占用費(fèi)是指占用他人資金應(yīng)支付的費(fèi)用，或者說(shuō)是資金所有者憑借其對(duì)資金所有權(quán)向資金使用者索取的報(bào)酬。如股東的股息、紅利、債券及銀行借款支付的利息。今天高頓網(wǎng)校USCPA小編為大家介紹一下資本成本的計(jì)算。
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.
Formula：
WACC=Cost of Equity x Percentage of equity in Capital Structure+Weighted average cost of debt x Percentage of debt in Capital Structure