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首页> 外文期刊>The quarterly review of economics and finance >Are costs of capital necessarily constant over time and across states of nature? Some remarks on the debate on 'WACC is not quite right'
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Are costs of capital necessarily constant over time and across states of nature? Some remarks on the debate on 'WACC is not quite right'

机译：资本成本是否一定会随时间推移以及在不同自然状态之间保持不变？关于“ WACC不太正确”的辩论的一些评论

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Miller (2009a) opened a debate in this journal on the correct determination of weighted average costs of capital (WACC). So far Bade (2009), Pierru (2009a), Lobe (2009) as well as Keef, Khaled, and Roush (2012) have contributed to this debate. Even though they discuss the same, rather simple valuation problem, the dispute cannot be considered resolved. Whilst they agree that Miller erroneously assumed constant leverage ratios, the center of discussion is now placed on the question whether or not cost of capital is constant over time when leverage changes and interest paid is not tax deductible. In particular, Keef et al. (2012) demand time-invariant WACC and criticize Bade (2009) and Pierru (2009a) for allowing WACC to change over time. The aim of this paper is twofold. Firstly, we show that the arguments of Keef et al. (2012) are flawed and their criticism of Bade (2009) and Pierru (2009a) is thus unfounded. Keef et al. (2012) are wrong to ignore that not only financial risk but also operational risk can change over time. Secondly, we provide evidence that cost of capital can also be dependent on the future state of nature. So far this fact has been neglected by all contributors to this debate and becomes obvious only if state-dependent cash flow realizations, not only their expected values, are considered as well.
机译：Miller（2009a）在该期刊上展开了关于加权平均资本成本（WACC）的正确确定的辩论。到目前为止，Bade（2009），Pierru（2009a），Lobe（2009）以及Keef，Khaled和Roush（2012）都为这场辩论做出了贡献。即使他们讨论了相同的，非常简单的评估问题，也无法将争议视为已解决。尽管他们同意米勒错误地假设杠杆比率不变，但现在的讨论重点是当杠杆变化和支付的利息不能免税时，资本成本是否随时间恒定。特别是，基夫等。 （2012年）要求时变WACC，并批评Bade（2009）和Pierru（2009a）允许WACC随时间变化。本文的目的是双重的。首先，我们证明了Keef等人的观点。 （2012）是有缺陷的，因此他们对Bade（2009）和Pierru（2009a）的批评是没有根据的。 Keef等。 （2012）错误地忽略了财务风险和运营风险都可能随时间变化的观点。其次，我们提供的证据表明，资本成本也可能取决于未来的自然状态。到目前为止，这一事实已被所有参与讨论的参与者所忽略，并且只有在考虑与国家相关的现金流量变现，而不仅仅是其预期价值的情况下，这一事实才变得显而易见。

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