Capital Cash Flows, APV and Valuation
比较了调整现值法、资本现金流法和加权平均资本成本法三种估值方法，推导了相应的WACC和贝塔杠杆公式，并指出APV和CCF模型因需要更多信息（如债务的公司用途价值）而可能产生误导性结果。
Abstract This paper examines three different methods of valuing companies and projects: the adjusted present value (APV), capital cash flows (CCF) and weighted average cost of capital (WACC) methods. It develops the appropriate WACC and beta leveraging formulae appropriate for each valuation model, so that given a particular valuation model the correct APV and CCF values can be determined from the WACC value and vice versa. Further it goes on to show when the perpetuity formulae give poor estimates of the value of individual cash flows, even though the overall values are correct. The paper cautions that the APV and CCF models require more information than is currently known, such as the value of the corporate use of debt, and consequently can give misleading results, particularly in sensitivity analyses.