Koszt długu po uwzględnieniu korzyści podatkowych i kosztów emisji obligacji
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August 19th, 2008 by 
admin
Wiedze na temat wysokości oczekiwanej przez inwestorów stopy zwrotu z inwestycji w obligacje jest niezbędna do oszacowania kosztu kapitału obcego w przedsiębiorstwie emitującym papiery dłużne.
Faktyczny koszt długu jest mniejszy od realizowanej przez inwestorów stopy zwrotu ze względu na korzyści wynikające ze zmniejszenia obciążeń podatkowych przedsiębiorstwa. Oprocentowanie długu stanowi bowiem, zgodnie z przepisami prawnymi dotyczącymi podatku dochodowego, koszt uzyskania przychodów, czyli jest kosztem zmniejszającym podstawę opodatkowania.
Zatem:
Kd = rd(1-T) gdzie
T jest stawką podatku dochodowego
Od wysokości ceny emisyjnej obligacji zależy, ile ostatecznie kapitału wpłynie do przedsiębiorstwa ze sprzedaży danej serii obligacji. Wpływy kapitału do przedsiębiorstw są jednak pomniejszone o tzw. koszty emisji papierów wartościowych, a w szczególności gdy emisji obligacji następuje poprzez publiczną subskrypcję.
Do kosztów tych zalicza się wynagrodzenie doradców prawnych i finansowych oraz firm audytorskich, w związku z przygotowaniem prospektu lub memorandum informacyjnego, koszty gwarancji emisji, koszty techniczne przeprowadzenia emisji. W związku z planowaną emisją obligacji lub akcji przedsiębiorstwo podpisuje zazwyczaj umowę z bankiem inwestycyjnym, który pełni rolę organizatora, pośrednika, a często również gwaranta emisji. Porozwija banku inwestycyjnego stanowi istotny element kosztów emisji obligacji.
Koszt kapitału obcego pozyskanego w drodze emisji obligacji zależy ostatecznie od wysokości i częstotliwości wypłat oprocentowania, terminu wykupu, ceny emisyjnej uzyskanej przy sprzedaży obligacji pomniejszonej o koszty emisji, a także oszczędności podatkowych, związanych z zaciągnięciem długu. Wysokość tych ostatnich zależy od stawki podatkowej. Koszty emisji są najczęściej wyrażone w relacji do ceny emisyjnej.
Przy przygotowaniu oferty sprzedaży obligacji, zarówno cena emisyjna, jak i nominalne oprocentowanie obligacji powinny być wyznaczone przez emitenta na takim poziomie, aby spełniały oczekiwania inwestorów co do stopy rentowności, możliwej od uzyskania z inwestycji w papiery wartościowe, przy uwzględnieniu istniejącego ryzyka.
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