wacc is calculated by multiplying the cost of each capital component by its proportional weighting and then summing:
where:
re = cost of equity
rd = cost of debt
e = the market value of the firm's equity
d = the market value of the firm's debt
v = e + d
e/v = percentage of financing that is equity
d/v = percentage of financing that is debt
tc = the corporate tax rate 加权平均资本成本weighted average cost of capital (wacc)a calculation of a firm's cost of capital that weights each category of capital proportionately. included in the wacc calculation are all capital sources including: common stock, preferred stock, bonds, and any other long term debt.
wacc is calculated by multiplying the cost of each capital component by its proportional weighting and then summing:
where:
re = cost of equity
rd = cost of debt
e = the market value of the firm's equity
d = the market value of the firm's debt
v = e + d
e/v = percentage of financing that is equity
d/v = percentage of financing that is debt
tc = the corporate tax rate 加权平均总市值weighted average market capitalizationa stock market index weighted by the value of all shares outstanding for each stock. 家庭成员member of householda person who has lived in the taxpayer's home for the entire tax year. 家庭开支household expensesa per person breakdown of general living expenses. it includes the amount paid for lodging, food consumed within the home, utilities paid, and other expenses. the sum of all the expenses is then divided by the number of family members residing in the house in order to find each member's part of the total expense. 夹层融资mezzanine financinga type of equity financing used in takeovers. it uses preferred shares and convertible securities to make a target firm larger. financing that combines debt and equity. 价差、息差spreadthe difference between the bid and the ask prices of a security or asset. an options position established by purchasing one option and selling another option of the same class, but of a different series. 价格波幅rangea stocks low price and high price for a particular trading period, such as the close of a day's trading, the opening of a day's trading, a day, a month, or a year. 价格发现price discoverya method of determining the price for a specific commodity through basic supply and demand factors related to the market 价格风险price riskthe risk that the value of a security or portfolio of securities will decline in the future. 价格回升rallya rise in the prices of individual securities, bonds, or indexes, following a period of flat or declining prices. 价格目标price targetthe projected price level as stated by an investment analyst or advisor. 价值股票value stocka stock that is considered undervalued by a value investor. common characteristics of such stocks include a high dividend yield and low price-to-book ratio. 价值链value chaina high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers 价值评估appraisalan opinion of value for a property or business. 价值投资value investingthe process of selecting stocks that trade for less than their intrinsic value. a value investor typically selects stocks with lower than average price-to-book or price-to-earning ratios. 坚定承诺firm commitmenta lending institution's promise to enter into a loan agreement with a specific entity, within a certain period of time. an underwriter's agreement to assume all inventory risk and purchase all securities directly from the issuer for sale to the public at the price specified. 减记write-downreducing the book value of an asset because it is overvalued compared to market values. 减价、调低标价markdownthe difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. 减损盈利的收购项目dilutive acquisitionan acquisition that will decrease the acquiring company's eps. 减债deleveragethe reduction of financial instruments or borrowed capital previously used to increase the potential return of an investment. it is the opposite of leverage. 间接成本overheada reference in accounting to all costs not including or related to direct labor, materials, or administration costs 交叉持股cross holdingwhen listed corporations own securities issued by other listed corporations. 交叉代理人agency crossa trade that has only one agent acting for the buyer and seller. also known as dual agency. 交叉对冲cross hedgethe act of hedging ones position by taking an offsetting position in another good with similar price movements. 交叉基金crossover fundan investment fund that invests in both public and private equity. 交叉交易crosswhen a broker receives a buy and sell order for the same stock at the same price, and subsequently makes a simultaneous trade between two separate customers. 交割价格delivery pricea price for the delivery of underlying commodities upon the expiration of futures contracts. this price is fixed by clearing houses. 交割、交货deliverythe act whereby an underlying commodity, security, cash value, or delivery instrument covering the commodity is tendered and received by the contract holder. 交割日期delivery datethe final date by which the underlying commodity for a futures contract must be delivered in order for the terms of the contract to be fulfilled. the maturity date of a currency forward contract. 交割文件delivery instrumenta document that stands in lieu of the physical underlying during the delivery of the futures contract. 交割月份delivery monththe month in which a contract expires and delivery of the underlying or cash is required for fulfillment. 交易单位、批lotin general, any group of goods or services making up a transaction. 交易对手风险counterparty riskthe risk to each party of a contract that the counterparty will not live up to their contractual obligations. 交易后估值post-money valuationthe value of a company after external financing alternatives are added to its balance sheet. 交易控制curba temporary restriction on program trading in a particular security or market, usually to reduce dramatic price movements. 交易量、成交量volume of tradethe number of shares or contracts traded in a security or an entire market during a given period. 交易前估值pre-money valuationthe value of a company before external financing alternatives are added to its balance sheet. 交易所分销exchange distributiona trade made on the floor of a securities exchange, where a large block of shares traded actually represent many buy and sell orders that have been pooled and executed as one transaction. 交易所指数基金exchange traded funda security that tracks an index but has the flexibility of trading like a stock. just like an index fund, an etf represents a basket of stocks that reflect an index. the difference is that an etf isn't a mutual fund - it trades just like any other company on a stock exchange. unlike a mutual fund, which have their net asset value (nav) calculated at the end of each trading day, an etf's price changes throughout the day from buying and selling. 结构性票据structured notea synthetic medium-term debt obligation with embedded components and characteristics that adjust the risk/return profile of the security. an instrument whose value is determined by the price movement of the asset underlying the note. it allows investors to realize a profit from favorable price movements. 结构性融资structured financea service offered by many large financial institutions for companies with very unique financing needs. these financing needs usually don't match conventional financial products such as a loan. structured finance generally involves highly complex financial transactions. 结构性失业structural unemploymentunemployment resulting from changes in the basic composition of the economy. these changes simultaneously open new positions for trained workers. 结晶交易crystallizationthe act of selling and buying stocks almost instantaneously in order to increase or decrease book value. 结算clearingthe procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties. 结算费用clearing feea fee charged by clearing corporations for their services provided to investment firms. 结算行clearing housethis is a firm that guarantees the obligations of the parties in an exchange traded security or derivative transaction. 结算价格settlement pricethe average price that a contract trades at, calculated for both the open and the close of each trading day. 结算日期settlement datethe date by which an executed security trade must be settled. that is, the date by which a buyer must pay for the securities delivered by the seller. the payment date of benefits from a life insurance policy. 借项、借方debit an accounting entry which results in either an increase in assets or a decrease in liabilities or in your bank account. 今天最低today's lowthe intra-day low trading price. 今天最高today's highthe intra-day high trading price. 金钱、货币moneya commodity or asset, such as gold, an officially issued currency, coin, or paper note, that can be legally exchanged for something equivalent, such as goods or services. d1083as defined by common law: a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations. 金融超级市场financial supermarketa financial company that offers a wide range of services to its clients. 金融时报股票交易所指数ftsea company that specializes in index calculation. although not part of a stock exchange, co-owners include the london stock exchange and the financial times. 金融中介机构financial intermediaryan institution that acts as the middleman between investors and firms raising funds. often referred to as financial institutions. 金融资产financial assetan asset that derives value because of a contractual claim. examples are stocks, bonds, or bank deposits. 金融资产重整financial engineeringthe creation of new and improved financial products through innovative design or repackaging of existing financial instruments. 金手铐golden handcuffsan incentive given to existing employees in hopes that they will decide to stay with the company. 紧缩squeezein financial terms, a period of time when borrowing is difficult. in general business terms, times when increasing costs cannot be passed onto consumers. the decrease in profits is said to be caused by a squeeze on profit margins. 紧缩信贷credit crunchan economic condition whereby investment capital is difficult to obtain. banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. 尽力推销best effortsan underwriter's agreement to act as an agent between an issuing company and investors. 尽职调查due diligencean investigation or audit of a potential investment. due diligence serves to confirm all material facts in regards to a sale. generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party. 进口importin reference to international trade, these are goods brought into one country from another. 进取投资策略aggressive investment strategya method of portfolio management that attempts to achieve maximum return. aggressive investors place a higher percentage of their assets in equities than they do in safer debt securities. 经常帐户current accountthe difference between a nation's total exports of goods, services, and transfers, and its total imports of them. current account balance calculations exclude transactions in financial assets and liabilities. 经磋商协议的承销费用negotiated underwritingwhen the purchase price and commission for underwriting a new issue are negotiated, as opposed to using the competitive bid process. 经纪公司催缴通知house callnotification from a broker that a customer's equity in a margin account is below the required maintenance level. the customer must provide more cash or securities to meet a house call. 经济合作及发展组织oecdthe oecd is a group of 30 member countries who discuss and develop economic and social policy. 经济衰退recessiona significant decline in activity spread across the economy, lasting longer than a few months. it is visible in industrial production, employment, real income, and wholesale-retail trade. the technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gdp. 经济体系economya set of interrelated economic production and consumption activities. 经济萧条depressiona severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. 经济学economicsthe study of how people use their limited resources in an attempt to satisfy unlimited wants. 经济增值evaa measure of a company's financial performance coined by stern stewart & co. eva measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis).
eva is calculated as:
net operating profit after taxes (nopat) - (capital * cost of capital) 经济增值economic value added (eva) a measure of a company's financial performance coined by stern stewart & co. eva measures the residual wealth of a company when its cost of capital is deducted from its operating profit (adjusted for taxes on a cash basis).
eva is calculated as:
net operating profit after taxes (nopat) - (capital * cost of capital) 精算actuarya professional working for an insurance company. they evaluate your application and medical records to project how long you will live. 净出口值net exportsthe value of total exports minus the value of total imports. 净亏损、净损失net losswhen a person or company's expenses exceeds the income produced. 净收入nian individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses. 净收入net income (ni)an individual or company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes, and other expenses. 净收益net proceedsthe amount received after all the costs are deducted from the sale of property, a loan, or the sale of some type of security. 净投资收入net investment incomethe profit resulting from an investment minus any direct expenses. 净息差net interest marginthe difference between interest income and interest expenses, divided by average earning assets. 净现值npvan approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows. 净现值net present value (npv)an approach used in capital budgeting where the present value of cash inflow is subtracted from the present value of cash outflows. 净销售额net salesthe amount a seller receives from the buyer after costs associated with the sale are deducted. 净债务net debtcalculated as short and long term interest bearing debt minus cash (and equivalents). 净值net worththe amount by which a person's assets exceed their liabilities. 净资产回报率return on net assets (rona)a measure of a corporation's profitability, calculated as:
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shareholder's equity