| 杠杆融资项目净现值计算方法的比较与分析 |
| |
| 引用本文： | 张亚杰,吴秀芹,相二卫. 杠杆融资项目净现值计算方法的比较与分析[J]. 价值工程, 2004, 23(4): 85-87 |
| |
| 作者姓名： | 张亚杰 吴秀芹 相二卫 |
| |
| 作者单位： | 中国矿业大学管理学院,徐州,221008;中国矿业大学管理学院,徐州,221008;中国矿业大学管理学院,徐州,221008 |
| |
| 摘 要： | 负债融资具有杠杆效应,有节税收益。计算杠杆融资项目的净现值,如仍按全权益融资项目的方法计算,其结果会有所不同,直接影响投资决策的正确性。本文介绍三种西方常用的杠杆融资项目的净现值计算方法,并对其适用条件进行比较和分析。
|
| 关 键 词： | 修正现值法 权益现金流量法 加权平均资金成本法 |
Comparison and Analysis on Calculating Methods of Net Present Value for Levered Project |
| |
| Zhang Yajie, Wu Xiuqin, Xiang Erwei. Comparison and Analysis on Calculating Methods of Net Present Value for Levered Project[J]. Value Engineering, 2004, 23(4): 85-87 |
| |
| Authors: | Zhang Yajie Wu Xiuqin Xiang Erwei |
| |
| Affiliation: | Zhang Yajie; Wu Xiuqin; Xiang Erwei |
| |
| Abstract: | Debt financing has leverage effect and tax benefit. The result will be different to calculate NPV of levered projects with methods for all-equity projects, and it will directly influence the correctness of investment decision. This paper introduces three kinds of calculating method of NPV for levered projects, and compares and analyzes their applicable conditions. |
| |
| Keywords: | APV approach FTE approach WACC method |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
|
