资本预算方法问题
- 名称：资本预算方法问题
- 类型：公司理财
- 授权方式：免费版
- 更新时间：06-26 21:40:23
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- 语言简体中文
- 大小：2.79 MB
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《资本预算方法问题》简介
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AbstractIarguethatthemainstreamapproachtocapitalbudgetingfocusesexcessivelyonthespecialcasewherediversifiablerisksdonotaffectthecontributionofaprojecttothevalueofthefirm.Thisapproachignorestheimpactofanewprojectonafirm’stotalriskandthereforeoftenleadstoaninappropriateassessmentofthevalueoftheproject.Ipresentargumentsforwhytotalriskisoftencostlyanddiscusshowtakingtotalriskintoaccountincapitalbudgetingisnecessarytomakecapitalbudgetingandcapitalstructuredecisionsconsistent.EveryMBAknowsattheendofherstudieshowtovalueaproject.Shewillhavebeentaughtthataprojectincreasesshareholderwealthifthenetpresentvalueofthatprojectispositive.Tocomputethatnetpresentvalue,shehastoforecastthecashflowsoftheprojectanddiscountthematadiscountratethatreflectsthepricechargedbythecapitalmarketsfortheriskofthecashflows.Incomputingthenetpresentvalueoftheproject,theMBAstudentistoldrepeatedlythatthevolatilityoftheproject’scashflowsinnowayaffectsitsvalueparingtwoprojectsthathavethesameexpectedcashflows,theprojectwithmorevolatilecashflowscanbemoreorlessvaluablethantheprojectwiththelessvolatilecashflows.Furthermore,thestudentwillbetoldthatitdoesnotmatterhowthecashflowsoftheprojectarecorrelatedwiththecashflowsofthefirmbecausethefirm’stotalriskdoesnotaffectitsvalue.Asaresultofthesearguments,thediscountratedependsonlyontheproject’sriskasmeasuredbythecapitalmarkets.Hence,unlesstherearesynergiesbetweentheprojectandtheexistinginvestmentsofthefirm,theproject’svalueisthesameirrespectiveofthefirmthatundertakesit.Thewaycapitalbudgetingistaughtandpracticedpresentsahugeparadox.Muchoftheacademicresearchincorporatefinanceofthelasttwenty-fiveyearshasfocusedonemphasizingtheimplicationsforcapitalstructureandinvestmentdecisionsofreallifeimpedimentstocontractingsuchastheimpossibilityofwritingcontractsthatspecifyeverycontingencyandtheexistenceofimportantinformationasymmetriesbetweenmanagersandinvestorsthathinderfirms’abilitytoraisefunds.Paradoxically,however,ifthesedevelopmentshaveanimpactwhenitcomestotheteachingcapitalbudgetingorwhenfirmsimplementcapitalbudgetingastheirmanagersweretoldtodoinbusinessschools,itisalmostasanafterthought.ModerncorporatefinancestartedwiththeModigliani-Millerpropositions.，大小：2.79 MB
tag: 公司理财，最新理财,如何做好理财人员，财务管理 - 公司理财
