Tham khảo tài liệu 'quantitative techniques for competition and antitrust analysis by peter davis and eliana garcés_4', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 128 3. Estimation of Cost Functions Life Figure . Depreciation schedules. Source Tom Stoker. MIT Sloan. With a constant depreciation rule the accounting cost of capital will be Cost of capitate Kt where Kt is the original capital investment. An economist on the other hand would ideally define the user cost of capital UCC as the opportunity cost of the capital employed whetherfinannedby debt or equity plus economic depreciation UCCf Opportunitycos Econamicdepreciation . The opportunity cost will be an appropriate intareat rate times thecmount of capital employed so that Opportunity costi rvt where vt is the value of the capitd adda atlunc .Ait i-will control for risk since not ah tdaahtweatiare equally risky. The question then arises about what we mean by an appropriate interest rate. Oddpapular aaswer to that question is to use the weightedaverage cast otaapital WACCgaor tha fiEa5 5 At its most baste the WACC takes thivsẽstpsap ctoia Esually deetandạqurta buiiaerroae be different types of debt and equity senior and subordinated debt or ordinary and preference shares and takes the weighted average return receirpdfosrach oa ctsaa wherrian w tah ahexatid An each required return are the proportions of debt and equity. An important complication emerges in that tax treatments can differ by source of funds in paEaculpe in mavy yeẽdtơnollccothr rpseaphnea n ftod on profits after interest is deducted as mennpipmneíPts 00 Sts aheopenne while taxes are due on the returns to equity. aPMe aa cyaetertmnernewpiohCip aWACCcalculpfion by the amount of various sources of fundi tahundrclymghctum aredhasouracoafunPs ihaiii-. . Accounting and Economic Revenue Costs and Profits 129 The second component of the user cost of capital is economic depreciation which can be calculated as the eapectedlchangein the value oflbe. asselover Ibeperibd of use Economic depreciation Vt-Vt i_. The difference between ecori .
