财务管理会计业英语的文献翻译精选

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1、青岛大学专业文献翻译题目：资本成本公司财务和投资理论概论学院：国际商学院专业：2006级财务管理一班姓名：刘东指导教师：李雪晖2010年4月5日ThecostofCapital，CorporationfinanceandthetheoryofinvestmentByFRANCOMODIGLIAN1ANDMERTONH。MILLER*Whatisthe"costofcapital"toafirminaworldinwhichfundsareusedtoacquireassetswhoseyieldsareuncertain；andinwhichcapit

2、alcanbeobtainedbymanydifferentmedia，rangingfrompuredebtinstruments，representingmoney-fixedclaims，topureequityissues，givingholdersonlytherighttoapro-ratashareintheuncertainventure。?Thisquestionhasvexedatleastthreeclassesofeconomists：(1)thecorporationfinancespecialistconcernedwith

3、thetechniquesoffinancingfirmssoastoensuretheirsurvivalandgrowth；(2)themanagerialeconomistconcernedwithcapitalbudgeting；and(3)theeconomictheoristconcernedwithexplaininginvestmentbehavioratboththemicroandmacrolevels。'Inmuchofhisformalanalysis，theeconomictheoristatleasthastendedtos

4、ide-steptheessenceofthiscost-of-capitalproblembyproceedingasthoughphysicalassets-likebonds-couldberegardedasyieldingknown，surestreams。Giventhisassumption，thetheoristhasconcludedthatthecostofcapitaltotheownersofafirmissimplytherateofinterestonbonds；andhasderivedthefamiliarproposi

5、tionthatthefirm，actingrationally，willtendtopushinvestmnenttothepointwherethemarginalyieldonphysicalassetsisequaltothemarketrateofinterest。Thispropositioncanbeshowntofollowfromeitheroftwocriteriaofrationaldecision-makingwhichareequivalentundercertainty，namely(1)themaximizationofp

6、rofitsand(2)themaximizationofmarketvalue。Accordingtothefirstcriterion，aphysicalassetisworthacquiringifitwillincreasethenetprofitoftheownersofthefirm。Butnetprofitwillincreaseonlyiftheexpectedrateofreturn，oryield，oftheassetexceedstherateofinterest。Accordingtothesecondcriterion，ana

7、ssetisworthacquiringifitincreasesthevalueoftheowners'equity，i。e。，ifitaddsmoretothemarketvalueofthefirmthanthecostsofacquisition。Butwhattheassetaddsisgivenbycapitalizingthestreamitgeneratesatthemarketrateofinterest，andthiscapitalizedvaluewillexceeditscostifandonlyiftheyieldofthea

8、ssetexceedstherateofinterest。Notethat，undereith