第十二章风险、资本成本和资本预算.pptx

Chapter Outline;What’s the Big Idea?;;The Cost of Equity;Example;Example (continued);Using the SML to Estimate the Risk-Adjusted Discount Rate for Projects;;12.2 Estimation of Beta;Stability of Beta;Using an Industry Beta;12.3 Determinants of Beta;Cyclicality of Revenues;Operating Leverage;Operating Leverage;Financial Leverage and Beta;Financial Leverage and Beta: Example;12.4 Extensions of the Basic Model;;Capital Budgeting Project Risk;Suppose the Conglomerate Company has a cost of capital, based on the CAPM, of 17%. The risk-free rate is 4%; the market risk premium is 10% and the firm’s beta is 1.3. 17% = 4% + 1.3 × [14% – 4%] This is a breakdown of the company’s investment projects:;Capital Budgeting Project Risk;The Cost of Capital with Debt;12.5 Estimating International Paper’s Cost of Capital;12.5 Estimating IP’s Cost of Capital;12.5 Estimating IP’s Cost of Capital;12.6 Reducing the Cost of Capital;What is Liquidity?;Liquidity, Expected Returns and the Cost of Capital;Liquidity and the Cost of Capital;Liquidity and Adverse Selection;What the Corporation Can Do;What the Corporation Can Do;12.7 Summary and Conclusions;9、有时候读书是一种巧妙地避开思考的方法。3月-213月-21Monday, March 8, 2021 10、阅读一切好书如同和过去最杰出的人谈话。02:35:3102:35:3102:353/8/2021 2:35:31 AM 11、越是没有本领的就越加自命不凡。3月-2102:35:3102:35Mar-2108-Mar-21 12、越是无能的人，越喜欢挑剔别人的错儿。02:35:3102:35:3102:35Monday, March 8, 2021 13、知人者智，自知者明。胜人者有力，自胜者强。3月-213月-2102:35:3102:35:31March 8, 2021 14、意志坚强的人能把世界放在手中像泥块一样任意揉捏。08 三月 20212:35:31 上午02:35:313月-21 15、最具挑战性的挑战莫过于提升自我。。三月 212:35 上午3月-2102:35March 8, 2021 16、业余生活要有意义，不要越轨。2021/3/8 2:35:3102:35:3108 March 2021 17、一个人即使已登上顶峰，也仍要自强不息。2:35:31 上午2:35 上午02:35:313月-21