This theory says that although equity owners demand
a higher return than creditors, their required rate
of return on each unit falls as the amount of equity
rises, since profits after interest become less
volatile. The cost of debt falls too,since creditors
have a bigger buffer beneath them. The firms blended
cost of capital is unchanged, and is driven largely
by the risk of the firm’s assets, not how they are
paid for. At the extremes, it can be very low. A firm
that owned only government bonds yielding 5% would
have a cost of capital of just 5% even if entirely
equity-financed.
為什麼公司的資金成本由資產風險決定?
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