风险资本成本和资本预算.ppt

CHAPTER;资本预算的关键;;权益资本（ Cost of Equity）;Example;Example (continued);Using the SML to Estimate the Risk-Adjusted Discount Rate for Projects;;12.2 Estimation of Beta;估计贝塔的例子;估计步骤;贝塔的稳定性;使用行业贝塔;行业与贝塔例子;12.3 β的决定因素;Cyclicality of Revenues;经营杠杆（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