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ID:33314921
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页数:11页
时间:2019-02-24
《财务管理会计业英语的文献翻译精选》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
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
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