[雙語翻譯]機會成本外文翻譯--股權(quán)資本的機會成本

1、2900 英文單詞， 英文單詞，15000 英文字符，中文 英文字符，中文 4600 字文獻出處： 文獻出處：Dzuri?ková, Jana, Fabinyová, Radka, Mihal?ová, Bohuslava. The Opportunity Cost of Equity Capital[J]. Procedia Economics and Finance, 2015, 23:1492-149

2、8.The opportunity cost of equity capitalJana Dzuriþková, Radka Fabinyová, Bohuslava MihalþováAbstractThis paper is focused on the calculation of cost of equity with using the CAPM model and Build

3、-up model. The main aim of this calculation was to discover whether traditional measurements of business performance are better than selected modern measurements or not. For the calculation we used a sample of 31 enginee

4、ring companies situated in the Slovak market. Based on the research results we propose a methodology that could be suitable for the more efficient calculation of costs for examined industry.Keywords: Build-up model, CAPM

5、 model, economic value added, cost of equity capital, engineering industry;1. IntroductionThe growing competition among companies at the market and the strong connectivity among individual economies can be considered as

6、 most significant effects of globalization. The negative consequences of these effects are showed especially with arrival of the financial and economic crisis in 2008, which caused deeper financial or existential problem

7、s in some companies. According to these problems, there arise up an increasing pressure on examination of business performance. So, we can ask the question how we could evaluate companies and their performance as efficie

8、ntly as possible under these conditions.There are several traditional (e.g. indicators of liquidity, activity, profitability, etc.) or modern (e.g. EVA, MVA, NPV, CFROI, etc.) indicators of business performance, which br

9、ing a more dynamic and realistic image about company but not only about its performance but also about competitive position on the market. Thanks to the simplicity of calculation, not only Slovak companies tend to use t

10、raditional indicators for measure of business performance. The main deficiency of traditional indicators may be considered disregard of risk, the impact of inflation as well as the time value of money which leads to the

11、question about accuracy of the calculations and their explanatory value of business performance.Due to above facts, we decided to explore the possibility of using selected modern indicators for measure of business perfor

12、mance. In business practice, the most widely used model for measuring a business performance is model EVA (Economic Value Added). The problem within EVA may be the calculation of opportunity cost of capital, which is one

13、 of the most examined components of business costs. Therefore, within our research we focused just on the indicator opportunity cost of capital and we examine the main differences between the calculation with CAPM model

14、and Build-up model.The first part of this paper is focused on the theoretical definition of selected models with emphasis on their computational feature that can we discover significant differences between these two mode

15、ls. In the next part, we introduce the examined sample as well as the criteria that we set within selection process. Due to the large volume of data, we present in section Research sample and results the example of calcu

16、lation of opportunity cost of capital with using CAPM model and Buil-up model (the calculation was performed on randomly selected company from our sample). This model was developed by W. Sharpe and J. Lintner around 1965

17、 building on the earlier work of H. Markowitz which was focused on diversification and modern portfolio theory. The CAPM model is considered as a basic model for determination the relationship between market risk and re

18、turn of financial investments (Vlachynský et. al., 2006). According to some studies, this model has general application on the market. It means that the market portfolio should include all financial investments. But

19、 there could be a problem with its using in practice because there exist companies which don´t have financial investments on the stock market.In this paper, we are focused on the calculation of opportunity cost of e

20、quity capital. Because of that, we used for calculation following mathematical formula:Re=rf+β*(rm-rf) (2)Where:rf – risk-free rate of interest, rm– rf – market risk premium, β– Market r

21、isk or sensitivity of the expected excess asset returns to the expected excess market returns.In our research, we used two different methods of calculation of market risk (beta coefficient) – the analogy method and analy

22、sis of operating factors. When we were setting the risk-free rate of interest, we faced with a problem, which type of bonds should be use in term of maturity and also in term of their issuer. Based on the available liter

23、ature, we discovered that the best type of bonds is government bonds. There is a assumption of the government bonds, that government is able to pay its debt at least in nominal value. Because of that, the best choice cou

24、ld be American 30-years bonds. However, there arose the question whether it makes sense to use this type of bonds in calculation for other non-American countries.2.3. Build-up modelThe second model, which we use in our c

25、alculation of the opportunity cost of equity capital, is the Build-up model. This model is known as WACC model which was developed by Inka and Ivan Neumaier. It was originally based on the assumption of independence WACC

26、 of capital structure and financing of company only with using equity capital (Neumaier, Neumaier, 2002). The Build-up model is considered as an indicator of non-market valuation of the company (Kotuliþ et al., 2010

27、). There exists a relationship in terms of the Build-up model:Where:UZ – repayable funds (bank loans, bonds, equity) WACC – Weighted Average Cost of CapitalA – Assets d – Tax rateU – Cost interestsBU + O – bank loans + o

28、bligations VK – equity capitalThis mathematical equation is very simply for calculation however, this basic formula includes only external risks. As we known, the impact of external risks on the equity is strong but