Herbo 制药：资本成本和资本预算 (Herbo Drugs & Pharmaceuticals: Cost of Capital and Capital Budgeting - Simplified Chinese version)

法拉兹·乌斯马尼 (Faraaz Usmani) 是家族企业Herbo Drugs & Pharmaceuticals的继承人，这是一家位于印度普拉亚格拉吉的小型私人尤那尼制药公司。他计划将公司业务扩展到印度的其他邦，覆盖印度大部分地区。在实施这一雄心勃勃的计划之前，法拉兹需要运用常见的资本预算工具（例如净现值、内部收益率和盈利指数）进行可行性研究。他首先对未来十年的现金流进行了预测，初始投资为650万卢比，其中80%由股权融资，20%由债务融资。他预计销售额将在未来五年内每年增长15%，从第6年到第10年每年增长10%，之后将保持5%的永续增长率。法拉兹明白估算资本成本是分析中的关键一步。他发现为私营公司找到股本成本相对困难，因为缺乏用于估算贝塔值的股票回报信息。该案例介绍了资本成本（即加权平均资本成本）和资本预算的基础知识，重点讨论了如何为私营公司估算股本成本的详细步骤。

Faraaz Usmani, heir to the family-owned Herbo Drugs & Pharmaceuticals, a small private Unani pharmaceutical company in Prayagraj, India, planned to expand the company’s business to other states to cover most parts of India. Before implementing this ambitious plan, Faraaz needed to conduct a feasibility study by applying some popular capital budgeting tools such as net present value, internal rate of return, and profitability index. He first projected the cash flows for ten years with an initial investment of ₹6.5 million financed with 80 per cent equity and 20 per cent debt. He expected sales to grow by 15 per cent annually for the next five years, 10 per cent from year 6 to year 10, and a perpetual growth rate of 5 per cent afterward. Faraaz understood that the estimation of the cost of capital was a key step in his analysis. He discovered that finding the cost of equity for a private firm was tricky because stock return information was not available to estimate beta. The case introduces the basics of cost of capital (i.e., weighted average cost of capital) and capital budgeting. It focuses on the details of how to estimate the cost of equity for a private firm.