金融经济学costofcapital课件推荐.pptVIP

Cost of Capitaland Investment decisions WACC WACC Under the assumptions of MM, If the company undertakes a new investment project with same risk as the rest of the company, the change in value is: WACC The new investment is financed with debt or equity or both The change in value can also be seen from the liability side: WACC If DBo = 0, and using the fact that DI = DSn +DBn The project adds value for the shareholders if WACC Using (**) in (*): If we assume that there is a target capital structure and therefore that DB/DI = D/(D+E), the term is the WACC Derivation: WACC – l