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| 资料名称： 资本预算方法问题 RAR 格式 |
| 资料编号: |
34_36873 |
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| 资料类型： |
实用技能 |
| 资料格式: |
RAR 格式 |
| 授权方式： |
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| 资料大小： |
18 KB |
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| 资料语言： |
简体中文 |
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10 分
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| ∷资料简介∷ |
| abstracti argue that the mainstream approach to capital budgeting focuses excessively on the special casewhere diversifiable risks do not affect the contribution of a project to the value of the firm. thisapproach ignores the impact of a new project on a firm’s total risk and therefore often leads to aninappropriate assessment of the value of the project. i present arguments for why total risk is oftencostly and discuss how taking total risk into account in capital budgeting is necessary to make capitalbudgeting and capital structure decisions consistent.every mba knows at the end of her studies how to value a project. she will have been taughtthat a project increases shareholder wealth if the net present value of that project is positive. tocompute that net present value, she has to forecast the cash flows of the project and discount themat a discount rate that reflects the price charged by the capital markets for the risk of the cash flows.in computing the net present value of the project, the mba student is told repeatedly that thevolatility of the project’s cash flows in no way affects its value. comparing two projects that have thesame expected cash flows, the project with more volatile cash flows can be more or less valuable thanthe project with the less volatile cash flows. furthermore, the student will be told that it does notmatter how the cash flows of the project are correlated with the cash flows of the firm because thefirm’s total risk does not affect its value. as a result of these arguments, the discount rate dependsonly on the project’s risk as measured by the capital markets. hence, unless there are synergiesbetween the project and the existing investments of the firm, the project’s value is the sameirrespective of the firm that undertakes it.the way capital budgeting istaught and practiced presents a huge paradox. much of theacademic research in corporate finance of the last twenty-five years has focused on emphasizing theimplications for capital structure and investment decisions of real life impediments to contracting suchas the impossibility of writing contracts that specify every contingency and the existence of importantinformation asymmetries between managers and investors that hinder firms’ ability to raise funds.paradoxically, however, if these developments have an impact when it comes to the teaching capitalbudgeting or when firms implement capital budgeting as their managers were told to do in businessschools, it is almost as an afterthought. modern corporate finance started with the modigliani-millerpropositions. |
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