Page modified: Saturday, June 24, 2006 10:36:06
For a financing title f its capital cost set r is left \ (f \ right) that expected interest rate, with which only the creation of the financing title is possible.
It gives
- the own capital funds cost set for f, if f is a participation title,
- the outside capital cost set for f, if f is a demand title,
- the total capital cost set for U, if U is an enterprise.
Since one "packs together" financing titles can (e.g. into a fund), gives it also for each compound financing title a capital cost set.
- Thus own capital funds of an enterprise can be understood as compound financing titles of all participation titles of the enterprise.
- Thus the outside capital of an enterprise can be understood as compound financing titles of all demand titles of the enterprise.
Characteristics
Total capital cost set
Is
- U an enterprise, whose liabilities consist only of priority outside capital and subordinate own capital funds,
- EK \ left (U \ right) own capital funds of the enterprise U,
- Fiber plastic \ left (U \ right) the outside capital of the enterprise U,
- r \ left (EK \ left (U \ right) \ right) the own capital funds cost set of the enterprise U,
- r \ left (fiber plastic \ left (U \ right) \ right) the outside capital cost set of the enterprise U,
- r \ left (U \ right) the total capital cost set of the enterprise U,
- V \ left (EK \ left (U \ right) \ right) the market value of own capital funds of the enterprise U,
- V \ left (fiber plastic \ left (U \ right) \ right) the market value of the outside capital of the enterprise U,
- V \ left (U \ right) the market value of the enterprise And.
Then V applies \ left because of V \ left (U \ right) = V \ left (EK \ left (U \ right) \ right) + (fiber plastic \ left (U \ right) \ right):
- r \ left (U \ right) = = and/or
- r \ left (U \ right) \ cdot V \ left (U \ right) = r \ left (EK \ left (U \ right) \ right) \ cdot V \ left (EK \ left (U \ right) \ right) + r \ left (fiber plastic \ left (U \ right) \ right) \ cdot V \ left (fiber plastic \ left (U \ right) \ right)