| 无风险利率 (Rf) | 4.30% |
| Beta (β) | 1.10 |
| 股权风险溢价 (ERP) | 5.50% |
| 权益成本 (Ke) | 10.35% |
| 税前债务成本 (Kd) | 5.00% |
| 有效税率 (t) | 21.00% |
| 税后债务成本 Kd(1-t) | 3.95% |
| 权益权重 (We) | 80% |
| 债务权重 (Wd) | 20% |
| WACC | 9.07% |
WACC = Ke × We + Kd(1−t) × Wd
= 10.35% × 80% + 3.95% × 20%
= 9.07%
注：使用市场价值权重。Damodaran ERP 默认值 ~5.5%，无风险利率参考10年期美债。
| Beta | 0.5 | 0.75 | 1 | 1.25 | 1.5 | 1.75 | 2 |
|---|---|---|---|---|---|---|---|
| Wd=10% | 6.7% | 8.0% | 9.2% | 10.5% | 11.7% | 12.9% | 14.2% |
| Wd=20% | 6.4% | 7.5% | 8.6% | 9.7% | 10.8% | 11.9% | 13.0% |
| Wd=30% | 6.1% | 7.1% | 8.0% | 9.0% | 10.0% | 10.9% | 11.9% |
| Wd=40% | 5.8% | 6.6% | 7.5% | 8.3% | 9.1% | 9.9% | 10.8% |