达美乐披萨（澳大利亚）：加权平均资本成本 Domino’s Pizza Enterprises (Australia): Weighted Average Cost of Capital (Simplified Chinese version)

2020 年 11 月 4 日，达美乐披萨企业有限公司的集团首席财务官的任务是确定资本成本，为企业应对 COVID-19 疫情做准备。在2021年的计划中，公司将需要在澳大利亚、新西兰、日本和欧洲的特许经营店中进行大量投资。资本成本将成为这些投资决策的组成部分。去年，达美乐比萨企业有限公司投资了 9,890 万澳元，因此资本成本的几个百分点差异可能意味着数百万美元的支出波动。首席财务官拥有所有背景信息，包括资产负债表、损益表、现金流量表、普通股数据、财务比率、市场回报率数据、同行公司数据以及债务清单。基于这些信息，他必须用加权平均资本成本方法推导出公司的资本成本。

On November 4, 2020, the group chief financial officer of Domino’s Pizza Enterprises Limited was tasked with determining the cost of capital in preparation for the corporate response to the COVID-19 pandemic. In planning for 2021, the company would need to make considerable investments throughout its franchises in Australia, New Zealand, Japan, and Europe. The cost of capital would be integral to these investment decisions. In the previous year, Domino’s Pizza Enterprises Limited had made A$98.9 million in investments, so the difference of a few per cent in capital costs could mean a swing in millions of dollars in expenditures. The chief financial officer had all background information including balance sheets, income statements, cash flow statements, common stock data, financial ratios, market return data, peer firm data, and an itemized list of debt obligations. Based on this information, he had to derive the company’s cost of capital using a weighted average cost of capital methodology.