[雙語翻譯]機會成本外文翻譯--股權(quán)資本的機會成本（英文）

1、 Procedia Economics and Finance 23 ( 2015 ) 1492 – 1498 2212-5671 © 2015 Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/

2、4.0/). Selection and/ peer-review under responsibility of Academic World Research and Education Center doi: 10.1016/S2212-5671(15)00462-1 ScienceDirectAvailable online at www.sciencedirect.com2nd GLOBAL CONFERENCE on BU

3、SINESS, ECONOMICS, MANAGEMENT and TOURISM, 30-31 October 2014, Prague, Czech Republic The opportunity cost of equity capital Jana Dzuri?kováa, Radka Fabinyováa, Bohuslava Mihal?ováa* aUniversity of Econom

4、ics in Bratislava, Faculty of Business Economics in Ko?ice, Tajovského 13, 041 30 Ko?ice, Slovakia Abstract This paper is focused on the calculation of cost of equity with using the CAPM model and Build-up model. Th

5、e 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 engineering compan

6、ies 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. © 2014 The Authors. Published by

7、 Elsevier B.V. Selection and/ peer-review under responsibility of Academic World Research and Education Center. Keywords: Build-up model, CAPM model, economic value added, cost of equity capital, engineering industry; 1

8、. Introduction The growing competition among companies at the market and the strong connectivity among individual economies can be considered as most significant effects of globalization. The negative consequences of th

9、ese effects are showed especially with arrival of the financial and economic crisis in 2008, which caused deeper financial or existential problems in some companies. According to these problems, there arise up an incre

10、asing pressure on examination of business performance. So, we can ask the question how we could evaluate companies and their performance as efficiently as possible under these conditions. There are several traditiona

11、l (e.g. indicators of liquidity, activity, profitability, etc.) or modern (e.g. EVA, MVA, NPV, CFROI, etc.) indicators of business performance, which bring a more dynamic and realistic image about company but not only

12、about its performance but also about competitive position on the market. Thanks to the simplicity of calculation, not only Slovak companies tend to use traditional indicators for measure of business * Bohuslava Mihal?ov

13、á. Tel.: +421-905-807-851 E-mail address: mihlacova.b@seznam.cz © 2015 Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0

14、/). Selection and/ peer-review under responsibility of Academic World Research and Education Center1494 Jana Dzuri?ková et al. / Procedia Economics and Finance 23 ( 2015 ) 1492 – 1498 re – opportunity cost

15、of equity capital, E – Equity. The new added value is created when EVA > 0. So, it means that effectiveness of the invested capital is equal to the cost of its acquisition. On the other hand, if EVA 0. So, it means

16、 that effectiveness of the invested capital is equal to the cost of its acquisition. On the other hand, if EVA < 0 it means that investor is loss-making. The results are obvious but how could companies calculate the

17、 value of opportunity cost of equity capital? The opportunity cost of equity capital is one of the most important parameters that affect the final total value of company. There exist a several models how we could calcu

18、late it e.g. model INFA, Gordon Growth model, model APT, etc. In our research, we decided to use CAPM model and Build-up model, because these models are most used in conditions of European Union countries. But are thes

19、e two models usable in conditions of the Slovak market? 2.2. Capital asset pricing model (CAPM) This model was developed by W. Sharpe and J. Lintner around 1965 building on the earlier work of H. Markowitz which was foc

20、used on diversification and modern portfolio theory. The CAPM model is considered as a basic model for determination the relationship between market risk and return of financial investments (Vlachynský et. al., 20

21、06). According to some studies, this model has general application on the market. It means that the market portfolio should include all financial investments. But there could be a problem with its using in practice beca

22、use 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 equity capital. Because of that, we used for calculati

23、on following mathematical formula: ? ? ? ? ? ? ? ? ?? ? ? ? ?? (2) Where: rf – risk-

24、free rate of interest, rm – rf – market risk premium, ? – Market risk or sensitivity of the expected excess asset returns to the expected excess market returns. In our research, we used two different methods of calcula

25、tion of market risk (beta coefficient) – the analogy method and analysis 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

26、maturity and also in term of their issuer. Based on the available literature, 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

27、 its debt at least in nominal value. Because of that, the best choice could 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-Am

28、erican countries. 2.3. Build-up model The second model, which we use in our calculation of the opportunity cost of equity capital, is the Build-up model. This model is known as WACC model which was developed by Inka an

29、d Ivan Neumaier. It was originally based on the assumption of independence WACC of capital structure and financing of company only with using equity capital (Neumaier, Neumaier, 2002). The Build-up model is considered