Koszt kapitału obcego - stopa zwrotu z inwestycji w obligacje
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August 19th, 2008 by 
admin
W krajach o rozwiniętym rynku kapitałowym zaciąganie długu przez przedsiębiorstwa dokonuje się przede wszystkim w drodze emisji obligacji średnio- lub długoterminowych, rzadziej zaś poprzez zaciąganie kredytu bankowego. Jeżeli przedsiębiorstwo wykorzystuje kredyty bankowe to są one najczęściej krótkoterminowe, koszt kapitału obcego określa efektywna stopa oprocentowania uzyskanego kredytu. W sytuacji pozyskiwania kapitału obcego poprzez sprzedaż papierów dłużnych, koszt tego kapitału zależy od rentowności obligacji.
Kupując obligacje inwestorzy biorą pod uwagę rentowność tej inwestycji , na którą składa się nie tylko nominalne oprocentowanie obligacji, ale również różnica pomiędzy ceną zakupu i cena jej odsprzedaży przez inwestora na rynku kapitałowym.
W przypadku zakupu obligacji na rynku pierwotnym, czyli na rynku na którym przedsiębiorstwa pozyskują kapitał, inwestorzy nabywają obligacje po cenie emisyjnej. Wykup obligacji odbywa się zazwyczaj po cenie nominalnej obligacji. Zarówno cena emisyjna, jak i oprocentowanie nominalne nowych obligacji są uzależnione od bieżących cen rynkowych obligacji wcześniej wyemitowanych, jakie kształtują się na rynku wtórnym i oczekiwań inwestorów co do stopy zwrotu z inwestycji na rynku kapitałowym.
Bieżąca stopa rentowności obligacji jest relacją oprocentowania rocznego do bieżącej ceny obligacji na wtórnym rynku kapitałowym. Koszt długu jest określany na podstawie tzw. stopy rentowności w okresie pozostającym do wykupu obligacji przez emitenta, która jest możliwa do zrealizowania przez inwestorów posiadających obligacje aż do momentu ich wykupu.
Jest to stopa dyskontowa - wewnętrzna stopa zwrotu dla której bieżąca wartość przyszłych wpływów inwestora z tytułu zakupionej obligacji zrównuje się z ceną zakupu tej obligacji. Zakłada się przy tym, że wszystkie wpływy uzyskane przed terminem wykupu są reinwestowane przy zachowaniu tej samej stopy rentowności.
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