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文档分类:外语学习

Capital Budgeting.ppt


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Capital Budgeting.ppt
文档介绍:
CapitalBudgeting&RiskInvestinhighestNPVprojectNeedDiscountratetogetNPVUseCAPMtogetdiscountrateCapitalBudgeting&RiskInvestinhighestNPVprojectNeedDiscountratetogetNPVUseCAPMtogetdiscountrateModifyCAPM(accountforproperrisk)CapitalBudgeting&RiskModifyCAPM(accountforproperrisk)UseCOCuniquetoproject,panyCostofCapital panyCostofCapital(COC)isbasedontheaveragebetaoftheassetsTheaverageBetaoftheassetsisbasedonthe%panyCostofCapital panyCostofCapital(COC)isbasedontheaveragebetaoftheassetsTheaverageBetaoftheassetsisbasedonthe%offundsineachassetExample1/3NewVenturesB=2.01/3ExpandexistingbusinessB=1.31/3PlantefficiencyB=0.6AVGBofassets=1.3CapitalStructure-themixofdebt&panyExpandCAPMtoincludeCSR=rf+B(rm-rf)esRequity=rf+B(rm-rf)CapitalStructureCapitalStructureCOC=rportfolio=rassetsCapitalStructureCOC=rportfolio=rassetsrassets==rdebt(D)+requity(E)(V)(V)COC=rportfolio=rassetsrassets==rdebt(D)+requity(E)(V)(V)Bassets=Bdebt(D)+Bequity(E)(V)(V)CapitalStructureCOC=rportfolio=rassetsrassets==rdebt(D)+requity(E)(V)(V)Bassets=Bdebt(D)+Bequity(E)(V)(V)CapitalStructurerequity=rf+Bequity(rm-rf) 内容来自淘豆网www.taodocs.com转载请标明出处.