加重平均資本費用에 관한 理論的 考察

Abstract

加重平均資本費用이 약간의 制限的 假定하에서 投資決定의 意思決定基準이 되는 眞正한 資本費用이라는 命題가 성립되기 위한 必要條件과 充分條件을 고찰하였다. 현재의 資本構造가 最適狀態이고 資本構成比率이 投資期間동안 일정하다는 基本假定하에 投資案이 반드시 일정기간마다 同一水準의 現金흐름이 아닌 任意水準의 現金을 발생시키더라도 加重平均資本費用이 眞正한 資本費用으로서 역할을 하는데 充分條件이 成立된다. 最適資本構造와 一定한 負債比率만이 命題가 성립되기 위한 決定的인 條件이다.

This study is intended to accomplish the goals as follows:

1. To review the ralationship between the project evaluation and and the cost of capital with the two theoretically valid discounted cash flow appreoaches to capital budgeting, the net present value and the internal rate of return method for project accept or reject decisions, and

2. To show that the weighted average cost of capital is wqual to the true cost of capital also for a firm that has an arbitrary cash flow pattern as long as its capital structure at market values is unchanged, and to indicate that the constant level perpetuity assumption is not a necessary condition for the weighted average cost of capital to be equal to the true cost of capital.

This study is intended to accomplish the goals as follows:

1. To review the ralationship between the project evaluation and and the cost of capital with the two theoretically valid discounted cash flow appreoaches to capital budgeting, the net present value and the internal rate of return method for project accept or reject decisions, and

2. To show that the weighted average cost of capital is wqual to the true cost of capital also for a firm that has an arbitrary cash flow pattern as long as its capital structure at market values is unchanged, and to indicate that the constant level perpetuity assumption is not a necessary condition for the weighted average cost of capital to be equal to the true cost of capital.