Required Rates of Return for Corporate Investment Appraisal in the Presence of Growth Opportunities
传统方法高估了有增长机会公司的必要回报率。本文通过模型将股权价值分解为现有资产和增长机会两部分，并分别估计其贝塔值，发现增长机会平均占英国公司股权价值的33%，考虑该效应后投资用资本成本平均下降1.1个百分点。
Abstract Traditional methods of estimating required rates of return overstate hurdle rates in the presence of growth opportunities. We attempt to quantify this effect by developing a simple model which: (i) identifies those companies that have valuable growth opportunities; (ii) splits the value of shares into ‘assets‐in‐place’ and ‘growth opportunities’; and (iii) splits the equity β into β for ‘assets‐in‐place’ and ‘growth opportunities’. We find growth opportunities for UK companies over the 1990–2004 period to average 33% of equity value. Incorporating the effect of growth opportunities, the average cost of capital for investment purposes falls by 1.1 percentage points.