资本成本管理与资本预算
What’s the Big Idea?
Earlier chapters on capital budgeting focused on the appropriate size and timing of cash flows.This chapter discusses the appropriate discount rate when cash flows are risky.
12.1 The Cost of Equity Capital
Firm with
excess cash
Shareholder’s Terminal Value
Shareholder invests in financial asset
Because stockholders can reinvest the dividend in risky financial assets, the expected return on a capital-budgeting project should be at least as great as the expected  ...