WACC计算器
任何公司的加权平均资本成本
输入资本结构数据
资本结构
$
公司市值（例如：500000000）
$
总债务包括债券和贷款（例如：200000000）
成本率
%
股权投资者要求的预期回报，通常通过CAPM估算（例如：10代表10%）
%
公司债务的平均利率（例如：5代表5%）
%
有效企业税率（例如：21代表21%）
WACC是公司预计为融资其资产而支付的平均利率。它混合了股权成本和税后债务成本。
WACC = (E/V × Re) + (D/V × Rd × (1 − T))
步骤1： 输入股权市场价值（市值）和债务市场价值。
步骤2： 输入股权成本（通常使用CAPM估算）。
步骤3： 输入债务成本和企业税率。
步骤4： 点击计算查看WACC和贡献分解。
什么是WACC？
WACC是公司金融中最重要的指标之一。它代表公司通过股权和债务组合融资运营所支付的混合成本。
WACC在DCF分析中被广泛用作折现率。更高的WACC意味着未来现金流在今天价值更低。
WACC公式详解
WACC = (E/V × Re) + (D/V × Rd × (1 − T))
该公式按每种资本来源在总资本结构中的比例进行加权。
股权成本通常使用CAPM估算。
WACC如何使用？
分析师使用WACC作为DCF模型中的折现率。
管理者使用WACC作为资本预算决策的门槛利率。
WACC的局限性
WACC假设资本结构不变。实际上会随时间变化。
WACC对于资本结构稳定的成熟公司最为可靠。
WACC计算器常见问题
没有通用的好WACC——因行业而异。大多数公司WACC在6%到12%之间。
股权成本通过CAPM估算。Beta可在金融数据网站找到。
债务利息支付可以抵税，降低了借款的有效成本。
CAPM Calculator: Estimating Beta and the Cost of Equity
The Capital Asset Pricing Model (CAPM) is the standard method for estimating the cost of equity in the WACC formula. The CAPM formula is: Re = Rf + β × (Rm − Rf), where Rf is the risk-free rate (typically the 10-year government bond yield), β (beta) is the stock's systematic risk relative to the market, and (Rm − Rf) is the equity risk premium. Beta below 1 means the stock moves less than the market; beta above 1 means it amplifies market moves. A beta calculator helps you estimate this input from historical price data.
In practice, analysts use industry beta (also called unlevered or asset beta) as a starting point, then re-lever it for the company's specific debt-to-equity ratio. This prevents the cost of equity estimate from being distorted by the company's capital structure. Re-levering uses the Hamada equation: βL = βU × [1 + (1 − T) × (D/E)], where T is the tax rate and D/E is the debt-to-equity ratio. This is why the same WACC calculator is used both as a CAPM calculator (to get Re) and as a capital structure optimisation tool.
Enterprise Value Calculator, EBITDA & Valuation Multiples
Enterprise value (EV) is the total value of a business — the theoretical takeover price. EV = Market Capitalisation + Total Debt − Cash and Cash Equivalents. Unlike market cap, EV accounts for a company's debt load, making it a more complete measure of what you are actually paying when you acquire a business. An enterprise value calculator is essential for comparing companies with different capital structures — a company with high debt and low market cap may be worth less than its market cap suggests.
EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortisation — is the most common denominator in relative valuation. The EV/EBITDA multiple (enterprise value divided by EBITDA) is used to compare companies across industries because it is capital-structure neutral and removes the effects of differing tax rates and accounting depreciation choices. An EBITDA calculator starts with operating income (EBIT) and adds back depreciation and amortisation. WACC is the bridge between EBITDA-based multiples and DCF analysis: in a DCF model, WACC discounts free cash flows (which are derived from EBITDA less capex, taxes, and working capital changes) back to their present value.
