财务管理会计专业英语文献翻译.docVIP

青岛大学 专业文献翻译 题 目： 资本成本 公司财务和投资理论概论 学 院： 国际商学院 专 业： 2006级财务管理一班 姓 名： 刘东 指导教师： 李雪晖 2010年 4月 5 日 The cost of Capital ， Corporation finance and the theory of investment By FRANCO MODIGLIAN1 AND MERTON H。 MILLER*What is the cost of capital to a firm in a world in which funds are used to acquire assets whose yields are uncertain； and in which capital can be obtained by many different media， ranging from pure debt instruments， representing money-fixed claims， to pure equity issues， giving holders only the right to a pro-rata share in the uncertain venture。? This question has vexed at least three classes of economists： (1) the corporation finance specialist concerned with the techniques of financing firms so as to ensure their survival and growth； (2) the managerial economist concerned with capital budgeting； and (3) the economic theorist concerned with explaining investment behavior at both the micro and macro levels。 In much of his formal analysis， the economic theorist at least has tended to side-step the essence of this cost-of-capital problem by proceeding as though physical assets-like bonds-could be regarded as yielding known， sure streams。 Given this assumption， the theorist has concluded that the cost of capital to the owners of a firm is simply the rate of interest on bonds； and has derived the familiar proposition that the firm， acting rationally， will tend to push investmnent to the point where the marginal yield on physical assets is equal to the market rate of interest。 This proposition can be shown to follow from either of two criteria of rational decision-making which are equivalent under certainty， namely (1) the maximization of profits and (2) the maximization of market value。According to the first criterion， a physical asset is worth acquiring if it will in