Hi all,
Conceptual question on the CoE that I'm trying to wrap my head around.
从公司的角度来看，COE代表了支付给股权持有人的资金成本。Using theCAPM模型，假设Beta为1，这将是市场回报。因此，在我们的示例中，公司的COE是市场回报。谁支付这笔费用？显然，公司将支付股息。但是，股权持有人的另一个主要组成部分又如何返回 -namely stock price appreciation? Is this paid out by the company or the market? If it's the market, why is it considered a component of CoE to the firm?
谢谢！
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Comments (3）
Cost of equityis the return that investors - actually or theoretically - require if they're going to invest in a company's equity. Take aPEmultiple, and think of it like you would the coupon on a bond, i.e. express it as a percentage. Forget dividends for now, but imagine a company with $1.00 a share of earnings, and a stock price of $20.00. ThePEis 20, and the cost of equity is 5% ($1.00 / $20.00). If investors will only pay you $10.00 a share for that buck of earnings, yourPEis 10 and your CoE is 10%.
This has gotten harder to grasp in the past ~50 years because上市公司不再是巨大的，稳定的现金流量最大化器，而且大多数股权投资者对股息不感兴趣（除非公司当然不能将钱投入生效）。但是COE是股东代表，倒转和表示为百分比的股东回报的多重元素。
这简化了一点，不包括收益增长率，但您可以看出所有这些...
The company's existing shareholders (i.e. the "company" itself) pays the CoE in the form of the value of their equity. If you invest in a company, and then the company's CoE of equity goes up but it's expected cash flows remain the same, the value of your equity will fall. It's actually analogous to thecost of debt. A simple example - imagine two companies that generate identical cash flows (A and B).
如果公司A的债务成本更高（即支付A利率更高），而且他们都筹集了相同数量的债务，A公司的剩余现金流剩下的现金流量少于B公司。同样，如果A公司的COE更高，则可以通过股权发行筹集相同数量的现金，公司A将不得不出售其总股票的更大份额（因为A的投资者要求更高的收益），因此A公司的现有股东被稀释的稀释者比公司B的股东多。由于两家公司的现金流量都是现金流量，因此A公司的现有股东对现金的索赔较少。投资的价值=投资者有权获得的所有未来现金流动。
qui delectus beatae iure quasi。Dolores Magnam Illum Deserunt Sapiente Ipsam。Aspernatur Aut praesentium blanditiis ut perferendis molestias。Iusto Debitis Optio unde。
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