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A súlyozott átlagos tőkeköltség alkalmazásának kihívásai
[Challenges in applying the weighted average cost of capital]

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  • Juhász, Péter

Abstract

A súlyozott átlagos tőkeköltség (weighted average cost of capital, WACC) rendkívül gyakran jelenik meg elvárt hozamként projektek, üzletágak és cégek cash flow alapú értékelésekor. A tapasztalatok azonban azt mutatják, hogy míg a felhasználók a szükséges pénzáramlás meghatározásának elveiben legtöbbször szigorúan követik az elméleti módszertan előírásait, a tőkeköltség képletét gyakran nem igazítják az adott értékelési helyzethez. Pedig a súlyozott átlagos tőkeköltség tankönyvekben is gyakran egyedüli változatként felbukkanó, közismert formulája csupán a képlet egy speciális este, így annak nem kellően körültekintő alkalmazása inkonzisztens számításokhoz vezethet. E tanulmány levezeti a súlyozott átlagos tőkeköltség képletének közismert változatát, majd bemutatja annak tranzakciós költségeket és adó pajzshatásokat figyelembe vevő új, általánosított változatát, illetve felhívja a figyelmet több, a súlyozott átlagos tőkeköltség becslése során felmerülő kihívásra is. Journal of Economic Literature (JEL) kód: G12, G30, G31, G32, H20, H25.

Suggested Citation

  • Juhász, Péter, 2019. "A súlyozott átlagos tőkeköltség alkalmazásának kihívásai [Challenges in applying the weighted average cost of capital]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 805-823.
    • Handle: RePEc:ksa:szemle:1855
    DOI: 10.18414/KSZ.2019.7-8.805
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    References listed on IDEAS

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    1. Howard Qi & Sheen Liu & Dean Johnson, 2012. "A model for risky cash flows and tax shields," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(4), pages 868-881, October.
    2. Peter Brusov & Tatiana Filatova & Natali Orehova & Nastia Brusova, 2011. "Weighted average cost of capital in the theory of Modigliani-Miller, modified for a finite lifetime company," Applied Financial Economics, Taylor & Francis Journals, vol. 21(11), pages 815-824.
    3. Mike Dempsey, 2013. "Consistent Cash Flow Valuation with Tax†Deductible Debt: a Clarification," European Financial Management, European Financial Management Association, vol. 19(4), pages 830-836, September.
    4. Stanley Block, 2011. "Does the Weighted Average Cost of Capital Describe the Real-World Approach to the Discount Rate?," The Engineering Economist, Taylor & Francis Journals, vol. 56(2), pages 170-180.
    5. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    6. Peter D. Easton & Gregory A. Sommers, 2017. "Two Different Ways of Treating Corporate Cash in FCF Valuations—and the Importance of Getting the Cost of Capital Right," Journal of Applied Corporate Finance, Morgan Stanley, vol. 29(3), pages 71-79, September.
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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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