计算无杠杆企业的资本在项目评估中的使用成本外文翻译.docVIP

外文翻译 原文 Calculating the Cost of Capital of an Unleveled Firm for Use in Project Evaluation Material Source: Review of Quantitative Finance and Accounting Author: Ivan?Daniel With the continuous development of the world economy, corporate capital structure of the development of the enterprise more and more important. For businesses of capital structure, determine a reasonable capital structure, corporate funds can achieve a virtuous circle, lower capital costs, reduce financial risk and improve enterprise solvency and performance. Asia and South Americas financial market as an example. In the past two decades, the liberalization of the worlds financial and legal environment on corporate capital restructuring is a new contribution, which is emerging capital markets of the capital structure of the new literature. The sequence of financial reform in the banking sector or the stock market or not to create an ideal environment for the companys financing decision when the impact of the problem. We believe that the process of liberalization in the capital impact of structural adjustment also needs someone to carry out further exploration At the same time assume the existence of an optimal capital structure, capital budgeting and financial decisions are not independent．To illustrate this interdependence, Michael (1974) and Peeler, and Miller (1991) suggested that managers use the APV method to determine a projects net present value. In this process, research methods used to maintain a constant usually assumed market value of the debt ratio, but in practice often used in business a percentage of book value of debt. Is to maintain the debt equity financing of the combined target book value of the debt to equity ratio was based, not a market value of the leverage ratio, that is, the value of the debt ratio with the head office. The theoretical results, in Smith and Warner (1979) reflected the restrictive provisions. Smith and Warner (1979) The purpose of the restrictive claus