Wie können Sie mit Hilfe der Kapitalbudgetierung die beste Finanzierungsstrategie ermitteln? (2024)

A capital budgeting process for a company is an investment and a financial commitment. By taking up a project the company is making a financial commitment to invest in its long term strategy which is expected to have an influence in any other future investments that the company considers.

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Capital budgeting is a process used to evaluate and select long-term investment projects that align with a company's strategic goals. It indirectly influences financing strategies, particularly in terms of how projects are funded. To determine the best financing strategy, companies should evaluate project cash flows, scale of investment, cost of capital, internal funding sources, debt financing, equity financing, capital structure, risk profile, financing flexibility, terms, sensitivity analysis, project lifecycle, government incentives, financial advisors, market conditions, and strategic goals. Regularly reassessing the financing strategy as the project progresses, market conditions change, or the company's financial position

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A reflective knowledge on below themes may help assessing financing options:1. Expected/targeted capital gains2. Target market / sector forecast3. Target market / sector sentiment & trends4. Capacity & Capability profile5. Risk profile6. Value proposition7. Investor/Partner choice prospects8. Catalyst Integrator/Collaborator9. Critical point of failure10. Framework definitives

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Para calcular o WACC=Wp*KS+Wd*Kd(1-T)WACC=40%*0.12 +60%*0.08(1-0.32) =8.06% O Custo da divida tributa-se de acordo com a legislação de cada Pais, no caso de Moçambique aplica-se a taxa de 32%. NB: Em conformidade com Frank & Goyal (2007) afirmam que “elevadas taxas de imposto proporcionam um aumento dos benefícios fiscais provenientes da dívida”.o Valor do WACC serve como o retorno mínimo aceitável para projetos de capital e a taxa de desconto para calcular o valor presente líquido (VPL) e a taxa interna de retorno (TIR) para os fluxos de caixa.

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After identifying financing options, calculating the weighted average cost of capital (WACC) becomes crucial. WACC represents the average return required by debt and equity holders, factoring in project investment opportunity costs and cash flow uncertainties. Compute WACC by multiplying each financing source's cost by its proportion in the capital structure and summing them. For instance, with a 60% debt and 40% equity structure, and costs of 8% and 12% respectively, the WACC is 9.6% (WACC = 0.6 x 0.08 + 0.4 x 0.12). This figure serves as the minimum acceptable return for capital projects and the discount rate for calculating net present value (NPV) and internal rate of return (IRR) for cash flows.

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Capacity expansions are long term vision business decision than looking at only cost of funding. Business require volume to beat competition and remain in business for long term by meeting additional business demands. Profits improves with higher volume and sales volume and can pay back cost of funding. Sound IRR more than cost of funding results in long term sustainability. Higher Payback period in first 2-3 years would show quick recovery of capital cost but it is essential to ensure that profits continued for long term and business is viable and will not get impacted by market driven forces like Fashion.

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Knowing your ROI on your project investment in various angles is important when it leads to better financing strategy. It is best to pair sources of funds to timing of needs by having CAPEX done so cash flow management and investment KPI tracking is done well so you know exactly when you needs funds, when you are running out, when you expect to collect, so efficient and effectively looking at returns on projects to be kept in track.

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The business landscape is inherently risky, and unexpected events can impact the feasibility of capital projects. An adaptable approach to budgeting allows organizations to identify, assess, and respond to risks effectively, minimizing potential negative impacts on project outcomes. Economic uncertainties, interest rate fluctuations, and funding availability are factors that affect the financial landscape. An adaptable capital budgeting process allows organizations to adjust financing strategies, optimize capital structures, and respond to changes in interest rates or economic conditions.

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In optimizing capital budgeting decisions, the crucial step is adjusting your financing mix. This mix, comprising debt and equity, significantly influences WACC, risk profile, and financial performance. Employ tools like CAPM, DGM, MMT, or POT to estimate optimal cost of equity, dividend policy, capital structure, or financing hierarchy. These tools aid in refining your financing approach. Through capital budgeting, aligning financing strategies enhances business value, enabling the achievement of long-term goals and objectives.

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Capital budgeting involves analyzing potential investments to determine their feasibility and profitability. While capital budgeting itself is primarily concerned with investment decisions, it indirectly influences the financing strategy. By integrating capital budgeting with financing considerations, companies can make more informed decisions about their long-term investments and ensure that the chosen financing strategy aligns with the overall financial goals of the organization.

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Now a days nothing is permannet, you keep analysis of your capital structure. Any pivot in business strategy can be based on capital budgeting as well.

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