资本预算模型的影子价格分析

Analysis of Shadow Prices of Capital Budgeting Models

对一类考虑股息分配的资本预算模型进行了影子价格分析，指出了影子价格在确定项目接受条件、资本成本以及调整股息分配与终期财富等方面的意义和作用。

Capital budgeting models are important to project selection and combination from multiple alternatives when there are budget and borrowing limits imposed during several time periods,and difference between the interest rates for lending and borrowing.In this paper,Murga′s capital budgeting model that considers dividends and terminal wealth is revised to consider the steadiness of the dividend stream better.The shadow prices of the revised models are analyzed and their importance in determining the project acceptance conditions and captital cost and in regulating the dividend stream and the terminal wealth is pointed out based on KuhnTucker condition and the economic interpretation of KuhnTucker multipliers.