Cost of Equity 문서 원본 보기

'''Cost of equity''' ([[자기자본비용]]) is the required rate of return demanded by shareholders. Contrary to the [[부채비용|cost of debt]], the cost of equity is not directly observable and therefore must usually be estimated.

== Dividend Growth Model ==

The cost of equity can be obtained from the dividend growth model when dividends are expected to grow at a constant rate.

<div style="text-align: center;">
<math>R_E = \frac{D_1}{P_0} + g</math>
</div>

Here, <math>R_E</math> is the cost of equity, <math>D_1</math> is the dividend expected next period, <math>P_0</math> is the current stock price, and <math>g</math> is the constant growth rate of dividends.

== Capital Asset Pricing Model ==

The [[자본자산가격결정모형|capital asset pricing model]] (CAPM) estimates the cost of equity as the risk-free rate plus a market risk premium adjusted by beta.

<div style="text-align: center;">
<math>R_E = r_f + \beta \times \left( E\left[ R_M \right] - r_f \right)</math>
</div>

Here, <math>r_f</math> is the risk-free rate, <math>\beta</math> is the firm's beta, and <math>E\left[ R_M \right]</math> is the expected return on the market portfolio.

[[분류:기업재무]]