Load context
On first use: Read ../../CLAUDE.md to obtain scenario-level configuration (WACC model/financing channels/interest rate assumptions).
/financing-cost-calculation — Financing Cost Calculation
Examples
→ Example: The user says "Help me calculate our current weighted average financing cost and whether it is higher or lower than the industry", and the system should invoke this skill to perform WACC calculation and industry benchmarking.
→ Example: The user says "The new bank loan has been approved, help me evaluate the actual cost of this money", and the system should invoke this skill to calculate the actual cost of the new financing instrument.
→ Example: The user says "How should the financing cost of issuing USD bonds be calculated, and what factors need to be considered", and the system should invoke this skill to perform a full-cost measurement of foreign currency financing costs.
Step 1: Financing Structure Breakdown
Financing structure input:
□ 目标融资规模：[X] 万
□ 融资结构（各方式占比）：
| 融资方式 | 占比 | 金额 | 备注 |
|---------|------|------|------|
| 银行贷款 | [X]% | [X]万 | [类型] |
| 债券 | [X]% | [X]万 | [期限/利率类型] |
| 股权融资 | [X]% | [X]万 | [增发/引入战投] |
| 混合工具 | [X]% | [X]万 | [可转债/永续债] |
Step 2: Debt Cost Calculation
Bank loan cost:
□ 贷款条件：
→ 贷款金额：[X] 万
→ 贷款期限：[X] 年
→ 利率类型：[固定/浮动]
→ 基准利率：[X]%
→ 利差：[X] bps（[X]%）
→ 实际利率：[X]%（基准 + 利差）
□ 浮动利率调整假设（如适用）：
→ 利率重设周期：[每年/每半年]
→ 预期利率变动：[+/-X] bps/年
□ 税前债务成本：[X]%
□ 税率：[X]%
□ 税后债务成本：[X]%（税前 × (1 - 税率)）
Bond financing cost:
□ 债券条件：
→ 金额：[X] 万
→ 期限：[X] 年
→ 票面利率：[X]%
→ 发行价格：[X]（折价/平价/溢价）
→ 到期收益率（YTM）：[X]%
→ 信用评级：[AAA/AA/A/BBB]
→ 担保/信用支持：[有担保/无担保]
□ 税后债券成本：[X]%（YTM × (1 - 税率)）
Step 3: Cost of Equity Calculation
Calculate cost of equity using the CAPM model:
□ 无风险利率（Rf）：[X]%（10 年期国债收益率）
□ 市场风险溢价（ERP）：[X]%（历史/前瞻）
□ Beta（β）：[X]（可比公司均值/调整后）
□ 特定风险溢价：[X]%（如适用）
□ 股权成本（CAPM）：
= Rf + β × ERP + 特定风险
= [X]% + [X] × [X]% + [X]%
= [X]%
□ DCF 隐含股权成本（交叉验证）：
→ 当前股价：[X]
→ 预期 DPS：[X]
→ 永续增长率：[X]%
→ 隐含成本：[X]%
Step 4: WACC Assembly
WACC calculation:
□ 权重计算：
→ 债务市值（D）：[X] 万
→ 股权市值（E）：[X] 万
→ 总市值（V = D + E）：[X] 万
→ D/V：[X]% | E/V：[X]%
□ WACC 组装：
WACC = (D/V) × Kd × (1-t) + (E/V) × Ke
= [X]% × [X]% × [1-X]% + [X]% × [X]%
= [X]%
□ WACC 敏感性：
→ 股权成本 +/- 100bps → WACC +/- [X] bps
→ 债务成本 +/- 100bps → WACC +/- [X] bps
→ D/V 比例 +/- 10% → WACC +/- [X] bps
Step 5: Marginal Cost of Financing
Marginal financing cost analysis:
□ 新增债务边际成本：
→ 金额：[X] 万
→ 预计利率：[X]%
→ 税后边际成本：[X]%
□ 新增股权边际成本：
→ 金额：[X] 万
→ 预计发行折价：[X]%
→ 边际股权成本：[X]%
□ 边际 WACC：
→ 新增融资边际 WACC：[X]%
→ vs 当前 WACC：[+/-X] bps
Step 6: Generate Financing Cost Report
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融资成本计算报告
场景：[新融资/再融资/WACC更新]
计算日期：[YYYY-MM-DD]
═══════════════════════════════════════
【融资结构】
□ 总规模：[X] 万
□ 债务占比：[X]% | 股权占比：[X]%
【债务成本】
□ 银行贷款：税后 [X]%（[利率类型]）
□ 债券：YTM [X]%，税后 [X]%
□ 综合债务成本（加权）：[X]%
【股权成本】
□ CAPM：[X]%（Rf=[X]%，β=[X]，ERP=[X]%）
□ DCF 隐含成本（验证）：[X]%
□ 采用股权成本：[X]%
【WACC】
□ 当前 WACC：[X]%
□ D/V：[X]% | E/V：[X]%
【边际融资成本】
□ 新增债务边际成本：[X]%
□ 新增股权边际成本：[X]%
□ 边际 WACC：[X]%（vs 当前 [+/-X] bps）
【WACC 敏感性】
| 变动因素 | 变动幅度 | WACC 变动 |
|---------|---------|---------|
| 股权成本 | +/-100bps | [+/-X]bps |
| 债务成本 | +/-100bps | [+/-X]bps |
| D/V 比例 | +/-10% | [+/-X]bps |
═══════════════════════════════════════
置信度：[✅ 高 / ⚠️ 中 / 🔴 低]
适用决策：[投资评估/融资决策/并购定价]
═══════════════════════════════════════
Escalation Trigger Conditions
- There is a significant difference between the WACC calculation result and management expectations (> [X]%)
- Insufficient sample for Beta calculation or disputes over the selection of comparable companies
- The marginal financing cost is significantly higher than the current WACC (large financing scale)
- Involves complex hybrid instruments (convertible bonds/perpetual bonds) requiring specialized modeling
- Interest rate assumptions differ significantly from the market and must be reconfirmed
- Changes in credit rating affect bond pricing
Finance Skills — financing-cost-calculation atomic skill