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1、外文翻译THECOSTOFCAPITAL,CORPORATIONFINANCEANDTHETHEORYOFINVESTMIENTMaterialSource:AmericanEconomicsReview,Vol.48,No.3(Jun,1958),261-297Author:FrancoModiglianiandMertonH.MillerWhatisthe"costofcapital"toafirminaworldinwhichfundsareusedtoacquireassetswhoseyieldsareuncertain;andinwhic
2、hcapitalcanbeobtainedbymanydifferentmedia,rangingfrompuredebtinstruments,representingmoneyfixedclaims,topureequityissues,givingholdersonlytherighttoaproratashareintheuncertainventure.?Thisquestionhasvexedatleastthreeclassesofeconomists:(1)thecorporationfinancespecialistconcerne
3、dwiththetechniquesoffinancingfirmssoastoensuretheirsurvivalandgrowth;(2)themanagerialeconomistconcernedwithcapitalbudgeting;and(3)theeconomictheoristconcernedwithexplaininginvestmentbehavioratboththemicroandmacrolevels.Inmuchofhisformalanalysis,theeconomictheoristatleasthastend
4、edtosidesteptheessenceofthiscostofcapitalproblembyproceedingasthoughphysicalassetslikebondscouldberegardedasyieldingknown,surestreams.Giventhisassumption,thetheoristhasconcludedthatthecostofcapitaltotheownersofafirmissimplytherateofinterestonbonds;andhasderivedthefamiliarpropos
5、itionthatthefirm,actingrationally,willtendtopushinvestmenttothepointwherethemarginalyieldonphysicalassetsisequaltothemarketrateofinterest.Thispropositioncanbeshowntofollowfromeitheroftwocriteriaofrationaldecisionmakingwhichareequivalentundercertainty,namely(1)themaximizationofp
6、rofitsand(2)themaximizationofmarketvalue.Accordingtothefirstcriterion,aphysicalassetisworthacquiringifitwillincreasethenetprofitoftheownersofthefirm.Butnetprofitwillincreaseonlyiftheexpectedrateofreturn,oryield,oftheassetexceedstherateofinterest.Accordingtothesecondcriterion,an
7、assetisworthacquiringifitincreasesthevalueoftheowners'equity,i.e.,ifitaddsmoretothemarketvalueofthefirmthanthecostsofacquisition.Butwhattheassetaddsisgivenbycapitalizingthestreamitgeneratesatthemarketrateofinterest,andthiscapitalizedvaluewillexceeditscostifandonlyiftheyieldofth
8、eassetexceedstherateofinterest.Notethat,undereitherfor
