基于资本约束的资本机会成本定价研究

The Research on the Pricing of the Opportunity Cost of Capital Based on the Capital Rationing

资本约束与信息不对称密切相关 ,当企业内部存在信息不对称时 ,企业实施内部资本约束 ,此时 ,由于外部资本市场能够产生正确的资本机会成本信号 ,净现值准则可以用于项目选择 .而当企业外部资本市场存在信息不对称时 ,资本提供者会实施外部资本约束 ,由于信息不对称歪曲了资本机会成本的市场信号 ,净现值准则失效 ,此时 ,机会成本的定价研究需要引进效用函数及主观资本回报率等工具 .

Capital rationing is closely linked with information asymmetry, firm′s internal information asymmetry induces the internal CR, when there exists the ICR, the capital market generates correct signals about the opportunity cost of capital, the rules of NPV can be applied in the selection of projects. When there exists the external CR, because the capital market's information asymmetry distort the market signals of the opportunity cost of capital, the rules of NPV fails and then the utility function and the subjective discount rate can be applied and researched.