風險成本與資本預算分析培訓教材(PPT 49頁)

KeyConceptsandSkills
ChapterOutline
WhereDoWeStand?
12.1TheCostofEquityCapital
TheCostofEquityCapital
Example
UsingtheSML
12.2EstimationofBeta
EstimationofBeta
StabilityofBeta
UsinganIndustryBeta
12.3DeterminantsofBeta
CyclicalityofRevenues
OperatingLeverage
FinancialLeverageandBeta
12.4ExtensionsoftheBasicModel
TheFirmversustheProject
CapitalBudgeting&ProjectRisk
CapitalBudgeting&Project
TheCostofCapitalwithDebt
Example:InternationalPaper
12.6ReducingtheCostofCapital
WhatisLiquidity?
Liquidity,ExpectedReturnsandtheCostofCapital
LiquidityandtheCostof
LiquidityandAdverseSelection
WhattheCorporationCanDo
QuickQuiz
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