考研为什么要看这种鸟书一堆废话 什么她妈的资金的机会成本干
我没有这种东西 因为他妈的我没有资金干
The Oppotunity Cost of Capital
As we have seen in this chapter, the interest rates we observe in the market
will vary based on quoting conventions, the term of the investment, and risk.
The actual return kept by investor will also depend on how the interest is
taxed. In this chapter, we have developed the tool account for these
differences and gainsd some insights into how interest rates.
In chapter 3, we argued that the "market interest rate" provides the exchange
rate that we need to compute present values and evaluate an investment
oppotunity. But with so many interest rate to choose from, the term
"market interest rates" is inherently ambigoius. Therefore, going foward,
we will base the discount rate that we use to evaluate cash flows on the
investor's opportunity cost of capital (or more simply, the cost capital),
which is the best available expected return offered in the market on an
investmen of comparable risk and term to the cash flow being discounted.
The cost of capital is clearly relevant for a firm seeking to raise
capital from outside investors. In order to attract funds, the firms
must offer an expected return comparable to what investors could earn
elsewhere with risk and horizon. The same logic applies when a firm
considers a project it can fund internally. Because any funds invested
in a new project could be returned to shareholders to invest elsewhere
,the new project should be taken only if it offers a better return than
sharesholders' other opportunities.
Thus, the oppornuity cost of capital provides the benchmark agains
which the cash flows of the new investment should be evaluated. For a
risk-free project, it will typically correspond to the U.S. Treasury
security with a similar term. The cost of capital for risky projects
will often exceed this amount, depending on the nature and magnitude
of the risk. We will develope tools for estimating the cost of capital
for risky projects in Part 4.
落落长一堆 利率怎么决定 看你多会投资 你有更好投资机会的投报率以上当折现率
不4废话ㄇ
无风险投资计画利率基准通常用美国国库券投报率 唉唷 经过2022敢说这种话吗(X)
有风险投资计画利率端视她风险的本质和强度 这是干话吗