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Role of debt-to-equity ratio in project investment valuation, assessing risk and return in capital markets

机译：债务对项目投资估值，评估风险和资本市场返回的作用

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In this paper, a case study was performed with an aim to analyze the asset returns for two different companies and the risk and returns from capital projects using standard capital asset pricing method. To demonstrate how the present values of future cash flows are influenced by discount rates when the debt-to-equity capital structure ratio is varied between 0 and 2.5 debt-to-equity. The breakeven sensitivity was also conducted in relation to different gross margin ratios of company. It was found that high value of debt-to-equity ratio yielded a flatter net present value with increase in gross margins. Capital appraisal techniques were applied to illustrate the project returns and annual cash flows and its relationship with change in cost of capital. Analysis showed that when average cost of capital is increased beyond threshold value, the net present value from the firm’s project investments reduced significantly. A covariance analysis was performed to determine individual returns from two stocks traded in BSE Sensex and SP 500 indices using the beta values. Comparing the individual and total returns of two stocks revealed that returns not only increased with increasing beta values–but also varied with earnings potential, growth rate of firm, dividend payout ratios and trading stock price. The standard deviation on portfolio of two stocks has been computed for varying asset weight ratios. It has been found that positive correlation between two stocks increased equity risk when weight ratios are not balanced in portfolio, while a negative correlation reduced equity risk.
机译：在本文中，旨在使用标准资本资产定价方法分析两种不同公司的资产回报和资本项目的风险和退货的案例研究。为了展示未来现金流量的现有价值如何受折扣率的影响，当债务资本结构率在0到2.5债务之间变化时。 Breakeven敏感性也与公司的不同毛利率比进行了。有人发现，债务到股权的高价值随着毛利率的增加而产生更平坦的净目的价值。资本评估技术被应用于说明项目退货和年度现金流量及其与资本成本变化的关系。分析显示，当平均资金成本增加超过阈值时，公司项目投资的净现值明显减少。执行协方差分析以确定使用BESE Sensex和SP 500索引中交易的两款股票的个人退货。比较两股股票的个人和总回报透露，返回不仅随着Beta值的增加而增加 - 而且还随着盈利潜力，公司的增长率，股息支付比率和贸易股价而变化。已经计算了两种股票的标准偏差，以实现不同的资产重量比。已经发现，当在产品组合中不平衡重量比率时，两股股票之间的正相关性增加了股票风险，而负相关性降低了股票风险。

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