大同學(xué)
2020-11-16 17:27Why finance cost should be ignored in capital budgeting?
所屬：CFA Level I > Corporate Finance 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Vicky助教
2020-11-16 17:44
該回答已被題主采納
同學(xué)你好，
因?yàn)檎郜F(xiàn)率中考慮了融資成本，折現(xiàn)的過程就是考慮了貨幣的時(shí)間價(jià)值，也就是融資成本。
融資成本反映在要求的回報(bào)率中。如果我們?cè)侔讶谫Y成本包括在現(xiàn)金流中，我們將重復(fù)計(jì)算融資成本。
可參考原版書：
Financing costs are ignored. This may seem unrealistic, but it is not. Most of the time, analysts want to know the after-tax operating cash flows that result from a capital investment. Then, these after-tax cash flows and the investment outlays are discounted at the “required rate of return” to find the net present value (NPV). Financing costs are reflected in the required rate of return. If we included financing costs in the cash flows and in the discount rate, we would be double-counting the financing costs. So even though a project may be financed with some combination of debt and equity, we ignore these costs, focusing on the operating cash flows and capturing the costs of debt (and other capital) in the discount rate.
0
0
1
1
