Cost of Equity: 두 판 사이의 차이

2026년 6월 9일 (화) 16:53 기준 최신판

Cost of equity (자기자본비용) is the required rate of return demanded by shareholders. Contrary to the 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.

$R_{E} = \frac{D_{1}}{P_{0}} + g$

Here, $R_{E}$ is the cost of equity, $D_{1}$ is the dividend expected next period, $P_{0}$ is the current stock price, and $g$ is the constant growth rate of dividends.

Capital Asset Pricing Model

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

$R_{E} = r_{f} + β \times (E [R_{M}] - r_{f})$

Here, $r_{f}$ is the risk-free rate, $β$ is the firm's beta, and $E [R_{M}]$ is the expected return on the market portfolio.

@@ 1번째 줄: / 1번째 줄: @@
-'''Cost of equity''' ([[자기자본비용]]) is the required rate of return by shareholders. Contrary to the [[부채비용|cost of debt]], the cost of equity is relatively difficult to estimate. For this reason, various methods can be used to estimate a firm's cost of equity.
+'''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.
+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]]