Value Under Active and Passive Debt Management Policy
重新审视债务政策与价值评估的关系，证明在一种最合理的被动债务管理形式下，使用简单加权平均贴现率进行估值是可行的。
The relationship between debt policy and valuation has been extensively analysed in the finance literature; within a Modigliani‐Miller framework, the consensus is that valuation is affected by whether debt is managed actively or passively, and that for finite projects with time varying risky cash flows, it is appropriate to use a weighted average discount rate for valuation only if it is assumed that debt is actively managed. In this paper, the relationship between debt policy and valuation is re‐examined. In particular, it is shown that, under one of the most plausible forms of passive debt policy, valuation using a simple weighted average discount rate is in fact possible.