Читать книгу The Value Equation - Christopher H. Volk - Страница 18

A corporate capital stack is comprised solely of interest-costing OPM, together with equity that is likewise demanding of a return. If you can take the total annual OPM interest and lease cost, together with the desired current annual rate of return for equity investors, and then divide that cost by the amount of your capital stack, you can determine your current annual corporate cost of capital. Then, if you can realize current corporate returns that exceed that cost of capital, you have market value added (MVA), creating a business worth more than its cost. The whole is now worth more than the sum of the cost of its parts.

In golfing terms, you have broken par, which is a feat few can accomplish.

Corporate cost of capital is a frequent topic of conversation in business schools. However, I decided some time ago that the only thing that really mattered from a mathematical point of view was the cost of equity. After all, entrepreneurs are not trying to make their lenders, equipment owners, or landlords rich. They are trying to make their equity owners rich.

So, to keep it simple, the important metric to know is not corporate market value added. It's equity market value added, which is the amount by which the value of corporate equity exceeds its historic cost.

When it comes to your capital stack, you want to strike a balance between OPM and equity having the potential to deliver the highest equity rate of return. Hence, in the order of operations to determining a capital stack, you start with the amount of OPM you can attain and then back into the amount of equity you require. When it comes to equity, less tends to be more.