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Costs of Capital and Rates of Return for Industrial Firms and Class A and B Electric Utility Firms

机译：工业企业和a类和B类电力公司的资本成本和回报率

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The intent of the Powerplant and Industrial Fuel Use Act of 1978 (FUA) is to deter industry and electric utilities from using oil or natural gas as a primary boiler fuel. Under the FUA, industries and utilities must convert existing boiler facilities and build any new boiler facilities to burn coal or alternate fuel. This requirement may place a significant capital requirement on firms that must comply with the FUA. This study was undertaken to assit the Economic Regulatory Administration both in developing discount rates for use in the cost test, and in developing measures of the rate of return for use in assessing the economic health of firms petitioning for exemption. The cost of capital for industrial and utility firms was estimated for a sample of 54 energy-intensive industrial firms and 118 Class A and B electric utility firms. Fur purposes of this study, the cost of capital at the margin was assumed to be the weighted average cost of new financing. Weighting factors for each firm were calculated as the most recently available book value of each component of the capital structure, divided by the firm's total capitalization. A theoretical discussion of the firm's cost of capital and rate of return, methods of estimation, cost of capital and rate of return for industrial firms, and cost of capital and rate of return for utility firms are presented. In addition, seven technical appendices are presented to provide mathematically complex derivations and to clarify concepts and procedures. (ERA citation 04:053270)

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年度 1979
页码 1-239
总页数 239
原文格式 PDF
正文语种 eng
中图分类工业技术;
关键词
Capital ; Electric utilities ; Industry ; National energy act ; Boilers ; Calculation methods ; Cost ; Fuel substitution ; Income ; Investment ; Payback period ; Programming ; Regulations ; Statistics ; Tables ; Taxes;

机译：资本;电力公用事业;工业;国家能源法;锅炉;计算方法;成本;燃料替代;收入;投资;投资回收期;计划;法规;统计;表格;税收;

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7. We analyze, in this paper, a DSGE New Keynesian model with indi- visible labor where firms may belong to two different final goods producing sectors one where wages and employment are determined in competitive labor markets and the orther where wages and employment are the result of a contractual process between unions and firms. Bargaining between firms and monopoly unions implies real wage rigidity in the model and, in turn, an endogenous trade-off between output stabilization and infla- tion stabilization. We show that the negative effect of a productivity shock on inflation and the positive effect of a cost-push shock is crucially determined by the proportion of firms that belong to the competitive sec- tor. The larger is this number, the smaller are these effects. We derive a welfare based objective function as a second order Taylor approxima- tion of the expected utility of the economy's representative agent and we analyze optimal monetary policy. We show that the larger is the num- ber of firms that belong to the competitive sector, the smaller should be the response of the nominal interest rate to exogenous productivity and cost-push shocks. If we consider, however, an instrument rule where the interest rate must react to inflationary expectations, the rule is not af- fected by the structure of the labor market. The results of the model are consistent with a well known empirical regularity in macroeconomics, i.e. that employment volatility is larger than real wage volatility. [O] . Lorenza Rossi, Fabrizio Mattesini 100

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8. Costs of Capital and Rates of Return for Industrial Firms and Class A & B Electric Utility Firms [R] . 1979

机译：工业企业和a＆B级电力公司的资本成本和回报率

Costs of Capital and Rates of Return for Industrial Firms and Class A and B Electric Utility Firms

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