国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M14_EITE1342_12E_IM_C14课件.pdfVIP

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国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M14_EITE1342_12E_IM_C14课件.pdf

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国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M14_EITE1342_12E_IM_C14课件.pdf

Chapter 14 The Global Cost and Availability of Capital ? Questions 14-1. Dimensions of the Cost and Availability of Capital. Global integration has given many firms access to new and cheaper sources of funds beyond those available in their home markets. What are the dimensions of a strategy to capture this lower cost and greater availability of capital? Global integration of capital markets has given many firms access to new and cheaper sources of funds beyond those available in their home markets. These firms can then accept more long-term projects and invest more in capital improvements and expansion. If a firm resides in a country with illiquid and/or segmented capital markets, it can achieve this lower global cost and greater availability of capital by a properly designed and implemented strategy. 14-2. Benefits. What are the benefits of achieving a lower cost and greater availability of capital? A firm can accept more long-term projects and invest more in capital improvements and expansion because of the lower hurdle rate in capital budgeting and the lower marginal cost of capital as more funds are raised. 14-3. Definitions. Define the following terms: ? Systematic risk. Systematic risk is the risk of share price changes that cannot be avoided by diversification. In other words, it is the risk that the stock market as a whole will rise or fall, and the price of shares of an individual company will rise and fall with the market. Systematic risk is sometimes called market risk. ? Unsystematic risk. Unsystematic risk is risk that can be avoided by diversification. It arises because some of the characteristics of a given company are peculiar to that company, causing it to perform in a way that differs from the performance of the market as a whole. Unsystematic risk is also called unique risk, residual risk, specific risk, or diversifiable risk. ? Beta (in the Capital Asset Pricing Model). Beta is a measure of the systematic risk of a firm, where “systematic risk” m