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Faye Harlan, CFA, is estimating the cost of common equity for Cyrene Corporation.
She prepares the following data for Cyrene:
·Price per share = $50.
·Expected dividend per share = $3. ·Expected retention ratio = 30%.
·Expected return>·Beta = 0.89.
·Yield to maturity>·The expected market rate of return is 12% and the risk-free rate is 3%.
Based on these data, Harlan determines that Cyrene's cost of common equity is 14%. Harlan most likely arrived at this estimate by using the:
A. dividend discount model approach.
B. capital asset pricing model approach.
C. bond yield plus risk premium approach.
【答案】C
【解析】运用CAPM：estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.
运用DDM：growth rate = (0.3)(0.2)=6%,estimated cost of common equity = $3 / $50 + 6% = 12%.
因此如果计算出的股权融资成本为14%, Harlan运用的方法应该是bond yield + risk premium。
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（1）三种计算方法
方法一: CAPM (Capital Asset Pricing Model)
Ri= Rf +βi [Rm-Rf]
方法二：DDM（Divident Discount Model）
方法三：bond yield +risk premium （注意bond yield 是债券的YTM，是before taxt cost of debt）
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