考研為什麼要看這種鳥書一堆廢話 什麼她媽的資金的機會成本幹
我沒有這種東西 因為他媽的我沒有資金幹
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.
落落長一堆 利率怎麼決定 看你多會投資 你有更好投資機會的投報率以上當折現率
不4廢話ㄇ
無風險投資計畫利率基準通常用美國國庫券投報率 唉唷 經過2022敢說這種話嗎(X)
有風險投資計畫利率端視她風險的本質和強度 這是幹話嗎