负债经营的风险项目净现值法模型

A Model of Venture Capital Project's NPV Formula with Introducing Debt Capital

引入风险后 ,给出一个模型探讨改进净现值方法 ,运用资本资产定价模型 (CAPM)及确定性等价收入 ,推导出一个改进的风险资本项目净现值公式。考虑引入债务资本后的风险项目 ,导出了负债经营风险项目净现值计算公式 ,与Modigliani-Miller(MM)及Miles -Ezzell分别给出的两个净现值公式相比 ,此公式的应用范围更广 ,限制条件更少 ,为风险项目投资评估提供了新的理论依据。

Improves investment decision method NPV method by introducing risk. This paper CAPM and certainty equivalent wealthare applied because of NCF'S volatility of venture capital projects, on the basis of which, debt capital is introduced. the dissertation derives a levered risky project's NPV formula, which broadens applying range and lessens constrain conditions. For risky projects investment decision, the research provides a new theoretical basis.