資本成本，公司財務和投資理論【外文翻譯】

1、外文翻譯THECOSTOFCAPITALCPATIONFINANCETHETHEYOFINVESTMIENTMaterialSource:AmericanEconomicsReviewVol.48No.3(Jun1958)261297Auth:FrancoModiglianiMertonH.MillerWhatisthe“costofcapital“toafirminawldinwhichfundsareusedtoacquireass

2、etswhoseyieldsareuncertaininwhichcapitalcanbeobtainedbymanydifferentmediarangingfrompuredebtinstrumentsrepresentingmoneyfixedclaimstopureequityissuesgivingholdersonlytherighttoapratashareintheuncertainventure.Thisquestio

3、nhasvexedatleastthreeclassesofeconomists:(1)thecpationfinancespecialistconcernedwiththetechniquesoffinancingfirmssoastoensuretheirsurvivalgrowth(2)themanagerialeconomistconcernedwithcapitalbudgeting(3)theeconomictheistco

4、ncernedwithexplaininginvestmentbehaviatboththemicromacrolevels.Inmuchofhisfmalanalysistheeconomictheistatleasthastendedtosidesteptheessenceofthiscostofcapitalproblembyproceedingasthoughphysicalassetslikebondscouldberegar

5、dedasyieldingknownsurestreams.Giventhisassumptionthetheisthasconcludedthatthecostofcapitaltotheownersofafirmissimplytherateofinterestonbondshasderivedthefamiliarpropositionthatthefirmactingrationallywilltendtopushinvestm

6、enttothepointwherethemarginalyieldonphysicalassetsisequaltothemarketrateofinterest.Thispropositioncanbeshowntofollowfromeitheroftwocriteriaofrationaldecisionmakingwhichareequivalentundercertaintynamely(1)themaximizationo

7、fprofits(2)themaximizationofmarketvalue.Accdingtothefirstcriterionaphysicalassetiswthacquiringifitwillincreasetheprofitoftheownersofthefirm.Butprofitwillincreaseonlyiftheexpectedrateofreturnyieldoftheassetexceedstherateo

8、finterest.Accdingtothesecondcriterionanassetiswthacquiringifitincreasesthevalueoftheownersequityi.e.ifitaddsmetothemarketvalueofthefirmthanthecostsofacquisition.Butwhattheassetaddsisgivenbycapitalizingthestreamitgenerate

9、satthemarketrateofinterestthiscapitalizedvaluewillexceeditscostcriteriaprofitmaximizationmarketvaluemaximizationwhichwereseentohaveequivalentimplicationsinthespecialcaseofcertainty.Withtherecognitionofuncertaintythisequi

10、valencevanishes.Infacttheprofitmaximizationcriterionisnolongerevenwelldefined.Underuncertaintytherecrespondstoeachdecisionofthefirmnotauniqueprofitoutcomebutapluralityofmutuallyexclusiveoutcomeswhichcanatbestbedescribedb

11、yasubjectiveprobabilitydistribution.Theprofitoutcomeinshthasbecomearomvariableassuchitsmaximizationnolongerhasanoperationalmeaning.Ncanthisdifficultygenerallybedisposedofbyusingthemathematicalexpectationofprofitsasthevar

12、iabletobemaximized.Fdecisionswhichaffecttheexpectedvaluewillalsotendtoaffectthedispersionotheracteristicsofthedistributionofoutcomes.Inparticulartheuseofdebtratherthanequityfundstofinanceagivenventuremaywellincreasetheex

13、pectedreturntotheownersbutonlyatthecostofincreaseddispersionoftheoutcomes.Undertheseconditionstheprofitoutcomesofalternativeinvestmentfinancingdecisionscanbecomparedrankedonlyintermsofasubjective“utilityfunction“oftheown

14、erswhichweighstheexpectedyieldagainstotheracteristicsofthedistribution.Accdinglytheextrapolationoftheprofitmaximizationcriterionofthecertaintymodelhastendedtoevolveintoutilitymaximizationsometimesexplicitlymefrequentlyin

15、aqualitativeheuristicfm.Theutilityapproachundoubtedlyrepresentsanadvanceoverthecertaintycertaintyequivalentapproach.Itdoesatleastpermitustoexple(withinlimits)someoftheimplicationsofdifferentfinancingarrangementsitdoesgiv

16、esomemeaningtothe“cost“ofdifferenttypesoffunds.Howeverbecausethecostofcapitalhasbecomeanessentiallysubjectiveconcepttheutilityapproachhasseriousdrawbacksfnmativeaswellasanalyticalpurposes.Howfexampleismanagementtoertaint

17、heriskpreferencesofitsstockholderstocompromiseamongtheirtasteshowcantheeconomistbuildameaningfulinvestmentfunctioninthefaceofthefactthatanygiveninvestmentopptunitymightmightnotbewthexploitingdependingonpreciselywhohappen