融资结构与资本预算方法选择

传统的资本预算方法因没有考虑负债对企业的影响,权衡理论认为负债会给企业带来节税收益,降低股东与经理之间的代理成本,同时也会给企业带来财务困境成本和股东与债权人之间的代理成本。修正现值法、权益现金流量法和加权平均资本成本法,是西方主流反映负债融资对投资项目价值正负效应杠杆企业的资本预算方法。本文对此进行了探讨。

Financial Structure and the Choice of Capital Budgeting Methods

In this paper we think that traditional means of capital budgeting doesn't take the influence of debt into account. According to balancing theory, debts could not only reduce the corporate taxes and the agency costs between shareholders and managers, but also increase the costs of financial distress and the agency costs between shareholders and creditors. APV, FTE and WACC rules are popular means of capital budgeting for leverage enterprises, they also reflect the positive and negative effects of debt to the investment projects value. These three means have respective characteristics