资源描述：
《Do-You-Know-Your-Cost-of-Capital-HBR.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、HBR.ORGJuly–AuGust2012reprinTr1207LDoYouKnowYourCostofCapital?Probablynot,ifyourcompanyislikemostbyMichaelT.JacobsandAnilShivdasaniThisarticleismadeavailabletoyouwithcomplimentsofMichaelJacobs.Furtherposting,copyingordistributingiscopyrightinfringement.Thisarticleismadeavailablet
2、oyouwithcomplimentsofMichaelJacobs.Furtherposting,copyingordistributingiscopyrightinfringement.ForarTicLereprinTscaLL800-988-0886or617-783-7500,orvisiThbr.orgDoYouKnowYourCostOfCapital?probablynot,ifyourcompanyislikemostbyMichaelT.JacobsandAnilShivdasaniWithtrillionsofdollarsinca
3、shsittingontheirbal-ancesheets,corporationshaveneverhadsomuchmoney.Howexecutiveschoosetoinvestthatmas-siveamountofcapitalwilldrivecorporatestrategiesanddeterminetheircompanies’competitivenessforthenextdecadeandbeyond.Andintheshortterm,today’scapitalbudgetingdecisionswillinfluence
4、thedevelopedworld’schronicunemploymentsitu-ationandtepideconomicrecovery.Althoughinvestmentopportunitiesvarydramat-Wicallyacrosscompaniesandindustries,onewouldexpecttheprocessofevaluatingfinancialreturnsoninvestmentstobefairlyuniform.Afterall,businessschoolsteachmoreorlessthesame
5、evaluationtech-niques.It’snosurprise,then,thatinasurveycon-CopyRigHt©2012HaRvaRdBusinesssCHoolpuBlisHingCoRpoRation.allRigHtsReseRved.July–August2012 HarvardBusinessReview 3ThisarticleismadeavailabletoyouwithcomplimentsofMichaelJacobs.Furtherposting,copyingordistributingiscopyrig
6、htinfringement.DoYouKnoWYourCostofCAPitAl?ductedbytheAssociationforFinancialProfession-vidualprojects,profoundlyaffectboththetypeandals(AFP),80%ofmorethan300respondents—andthevalueoftheinvestmentsacompanymakes.Ex-90%ofthosewithover$1billioninrevenues—usepectationsaboutreturnsdete
7、rminenotonlywhatdiscountedcash-flowanalyses.Suchanalysesrelyprojectsmanagerswillandwillnotinvestin,butalsoonfree-cash-flowprojectionstoestimatethevaluewhetherthecompanysucceedsfinancially.ofaninvestmenttoafirm,discountedbythecostofSay,forinstance,aninvestmentof$20millionincapital
8、(definedastheweightedaverageofthecostsan
