外文文献原文Title:TheCostofCapital,CorporationFinanceandTheoryofInvestmentMaterialSource::odigliani;(andforthemomentneglectingtans),wecancoercivethefollowingsimpleruleforoptimalinvestmentpolicybythefirm:,itwillexploitaninvestmentopportunityifandonlyiftherateofreturnontheinvestment,say,,thecut-,wemaysaythatregardlessofthefinancingused,themarginalcostofcapitaltoafirmisequaltotheaveragecostofcapital,-bonds,retainedearnings,monstockissues-andshowthatineachcaseaninvestmentisworthundertakingif,andonlyif,.:(20)monstockwas:(21)e:(22)monstockwillbe:(23)Orusingequation21,(24)HenceToillustrate,,monstockweknowfromPropositionIthatthemarketvalueofitsstockwouldbe10,,however,themanagementborrowsthenecessary100at4percent,panyrisesto1,008andthemarketvalueofthefirmto10,,paradoxically,themarketvalueofthestockmustactuallybereducedfrom10,000to9,,toputitanotherway,thegainsfrombeingabletotapcheap,bo
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