{"title":"公司 \"黄金时代 \"效应在经济实践中的应用","authors":"P. Brusov, T. V. Filatova, V. Kulik","doi":"10.26794/2587-5671-2024-28-3-61-83","DOIUrl":null,"url":null,"abstract":"Taking into account the conditions of the real functioning of companies, one of the most striking effects in financial management is investigated: the “golden age” of the company (when the cost of capital raised is below the perpetuity limit, and the company’s value is higher). With this aim the dependence of cost of raising capital, WACC, on the age of company, n, is studied at various leverage levels, at various values of equity and debt costs, at different frequencies of tax on income payments, p, with advance payments of tax on income and payments at the end of periods, at variable income of the companies. The existence of the weighted average cost of capital, WACC, minimum and its behavior at wide range of above parameters is investigated. All calculations are made within modern theory of capital cost and capital structure by Brusov-Filatova-Orekhova (BFO theory), generalized to the conditions of the real functioning of the company. Practical recommendations for using and maintaining the “golden age” effect are given. It is shown, that “the golden age” depends on the financial indicators of the company. It can change and be controlled by changing parameters such as the cost of capital (equity and debt), frequency and method of tax on income payments, growth income rate etc. The study of the dependence of WACC on the age of the company n, WACC(n), which can only be carried out within the framework of the BFO theory, turns out to be very important in the income approach to business valuation. 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引用次数: 0
摘要
考虑到公司实际运作的条件,我们研究了财务管理中最显著的影响之一:公司的 "黄金时代"(当筹集资金的成本低于永续极限时,公司的价值较高)。为此,研究了在不同杠杆水平、不同股本和债务成本值、不同所得税支付频率 p、预付所得税和期末支付、公司收入可变的情况下,资本筹集成本加权平均成本对公司年龄 n 的依赖性。研究了加权平均资本成本(WACC)最小值的存在及其在上述各种参数下的行为。所有计算都是在布鲁索夫-菲拉托娃-奥列霍娃(Brusov-Filatova-Orekhova,BFO 理论)的现代资本成本和资本结构理论基础上进行的,并根据公司的实际运作情况进行了归纳。提出了利用和保持 "黄金时代 "效应的实用建议。研究表明,"黄金时代 "取决于公司的财务指标。可以通过改变资本成本(股本和债务)、收入纳税频率和方法、收入增长率等参数来改变和控制 "黄金年龄"。研究加权平均资本成本与公司年龄 n 的关系,即加权平均资本成本(n),只能在 BFO 理论的框架内进行,但在企业估值的收益法中却非常重要。这样就可以将对公司财务状况的回顾性分析与作为企业估值一部分的代表性分析联系起来。
Application of the Company’s “Golden Age” Effect in the Economic Practice
Taking into account the conditions of the real functioning of companies, one of the most striking effects in financial management is investigated: the “golden age” of the company (when the cost of capital raised is below the perpetuity limit, and the company’s value is higher). With this aim the dependence of cost of raising capital, WACC, on the age of company, n, is studied at various leverage levels, at various values of equity and debt costs, at different frequencies of tax on income payments, p, with advance payments of tax on income and payments at the end of periods, at variable income of the companies. The existence of the weighted average cost of capital, WACC, minimum and its behavior at wide range of above parameters is investigated. All calculations are made within modern theory of capital cost and capital structure by Brusov-Filatova-Orekhova (BFO theory), generalized to the conditions of the real functioning of the company. Practical recommendations for using and maintaining the “golden age” effect are given. It is shown, that “the golden age” depends on the financial indicators of the company. It can change and be controlled by changing parameters such as the cost of capital (equity and debt), frequency and method of tax on income payments, growth income rate etc. The study of the dependence of WACC on the age of the company n, WACC(n), which can only be carried out within the framework of the BFO theory, turns out to be very important in the income approach to business valuation. This allows you to link a retrospective analysis of a company’s financial condition with a representative analysis as part of a business valuation.