「釋義」

加權(quán)平均資本成本(WACC) ，是指企業(yè)以各種資本在企業(yè)全部資本中所占的比重為權(quán)數(shù)，對(duì)各種長(zhǎng)期資金的資本成本加權(quán)平均計(jì)算出來(lái)的資本總成本。

WACC可用來(lái)確定具有平均風(fēng)險(xiǎn)投資項(xiàng)目所要求收益率。

「應(yīng)用場(chǎng)景」

如今許多商業(yè)領(lǐng)袖在職業(yè)生涯開(kāi)始的時(shí)候，正處于資本相對(duì)匱乏的年代，借貸成本高。20世紀(jì)80年代早期，美國(guó)聯(lián)邦基金利率一直是兩位數(shù)，企業(yè)債券和股票交易溢價(jià)很高。盡管在20世紀(jì)80年代末，股東要求的股票和債券回報(bào)率回落到“正?！彼?，但資本成本仍然居高不下。我們的研究表明，對(duì)多數(shù)大型上市公司來(lái)說(shuō)，加權(quán)平均資金成本，即WACC，在20世紀(jì)80、90年代超過(guò)10%。

Many of today’s business leaders cut their teeth in a period of relative capital scarcity and high borrowing costs. In the early 1980s, double-digit federal-funds rates prevailed, and corporate debt and equity securities traded at high premiums. Although the required rate of return on stocks and bonds returned to more “normal” levels by the end of the decade, capital costs remained high. Our research suggests that for most large public companies, the weighted average cost of capital, or WACC, exceeded 10% for most of the 1980s and 1990s.

但在2008年末的金融危機(jī)之后，世界發(fā)生了巨變。許多國(guó)家在中央銀行的干預(yù)下，銀行匯率創(chuàng)下歷史新低。由于經(jīng)濟(jì)增長(zhǎng)疲軟，其后10年間情況并未發(fā)生太多改變。許多管理者認(rèn)為，現(xiàn)在的利率環(huán)境是暫時(shí)的，未來(lái)會(huì)恢復(fù)過(guò)去的資本市場(chǎng)條件。但我們的研究結(jié)論卻相反。

But the world changed following the financial collapse in late 2008. Central bank interventions pushed interest rates in many countries to historic lows, where they remain nearly a decade later, owing to tepid economic growth. Many executives believe that the current interest rate environment is temporary and that more-familiar capital market conditions will reassert themselves soon. Our research, however, leads to the opposite conclusion.? ? ? ? ?

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以上文字選自《哈佛商業(yè)評(píng)論》中文版2017年3月刊《資本過(guò)剩年代的戰(zhàn)略?》

邁克爾·曼金斯(Michael Mankins)卡倫·哈里斯(Karen Harris)戴維·哈丁(David Harding)?| 文

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