AN ALTERNATIVE APPROACH TO COMPUTING THE AFTER-TAX COST OF DEBT: A NOTE
作者:
WilliamT. Moore,
ManuelL. Jose,
期刊:
The Engineering Economist
(Taylor Available online 1984)
卷期:
Volume 29,
issue 2
页码: 150-155
ISSN:0013-791X
年代: 1984
DOI:10.1080/00137918308967704
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
Capital budgeting techniques that employ discounted cash flows rely upon the correct measurement of an opportunity cost of capital, which involves computation of costs of debt and equity. Many popular textbooks demonstrate a method for computing the relevant (after-tax) cost of debt that is not generally correct. This popular method involves solving a bond pricing equation for an implied before-tax cost of debt, then converting to an after-tax cost simply by multiplying the result by one minus the tax rate.
点击下载:
PDF (187KB)
返 回