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首页> 外文期刊>Journal of Finance and Investment Analysis >The Weighted Average Cost of Capital as a Marginal Criterion
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The Weighted Average Cost of Capital as a Marginal Criterion

机译：加权平均资本成本作为边际标准

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Thispaper addresses apparent definitional gaps and ambiguities in existing referencesto the marginal aspects of the weighted average cost of capital (WACC) andreviews its role as a benchmark in investment appraisal. A selection of typicalstatements, both from the finance and economics traditions, is presented to highlightlimitations of the current state of the debate, and to reconcile modelling stylesin the area. The commonly advanced justification for the use of WACC as a criterionon grounds of practicality only is criticised as subject to unduly restrictiveconditions, especially unchanged gearing. Alternative Marginal Factor Cost(MFC) definitions for equity and debt are proposed, and their properties explored.The corresponding MFC curves cross over at the minimum WACC which can thenserve as a marginal criterion under optimal gearing. Minimum WACC is alsoderived from a profit maximisation model and WACC is thus shown to becompatible with marginalism in so far as profit maximisation applies. A relatedaim of the analysis presented is to inform pedagogy in the area by crossing theboundary between economics and finance modelling.
机译：本文解决了现有参考中加权平均资本成本（WACC）的边际方面明显的定义差距和模糊性，并回顾了其在投资评估中的基准作用。我们从金融和经济学传统中选择了一些典型的陈述，以突显当前辩论的局限性，并调和该地区的建模风格。仅以实用性为理由使用WACC作为标准的先进理由被批评为受制于不适当的限制性条件，尤其是不变的负债比率。提出了权益和债务的替代边际成本定义（MFC），并探讨了它们的性质。对应的MFC曲线在最小WACC处交叉，因此可以作为最优杠杆下的边际标准。最小WACC也是从利润最大化模型得出的，因此，在应用利润最大化的情况下，WACC被证明与边际主义兼容。所提供分析的一个相关目的是通过跨越经济学和金融模型之间的边界来为该地区的教育学提供信息。

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