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A note resolving the debate on 'The weighted average cost of capital is not quite right'

机译:解决有关“加权平均资本成本不太正确”辩论的说明

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摘要

Miller (2009a) derives a weighted average cost of capital for the special case where the cash flows to equity and the cash flows to debt are annuities. The paper attracts debate. We show that the weighted average cost of capital is redundant in a world where interest paid is not tax deductible. The required rate of return on unlevered equity will consistently and reliably estimate the net present value of any project no matter the idiosyncratic beliefs of the analyst as to the year-by-year leverage of the project, or of the firm. We recommend that the weighted average cost of capital method is discarded.
机译:Miller(2009a)得出特殊情况下的加权平均资本成本,在特殊情况下,权益现金流量和债务现金流量为年金。该论文引起了争论。我们表明,在支付的利息不能抵扣税款的情况下,加权平均资本成本是多余的。无论分析师对项目或公司的按年杠杆率的特殊看法,所需的无杠杆权益回报率将始终如一地可靠地估计任何项目的净现值。我们建议不要使用加权平均资本成本方法。

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  • 来源
    《The quarterly review of economics and finance》 |2012年第4期|438-442|共5页
  • 作者单位

    School of Economics and Finance, Victoria University of Wellington, PO Box 600, Wellington, New Zealand;

    School of Economics and Finance, Victoria University of Wellington, PO Box 600, Wellington, New Zealand;

    Department of Accounting and Computer Information Systems, Kelce College of Business, 1701 South Broadway Street, Pittsburg State University, Pittsburg, KS 66762, United States;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    WACC; discount rate; net present value; leverage;

    机译:WACC;折扣率;净现值;杠杆作用;

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