A NOTE ON VICKERS' MARGINAL COST OF DEBT CAPITAL
指出维克斯对债务资本边际成本的定义存在歧义且推导不寻常，并推导出传统的边际成本公式，对研究资本成本的学者有参考价值。
Douglas Vickers has written extensively on the concept of the marginal cost of debt capital. His defmition is shown to be ambiguous and his derivation rather unusual. This paper points out the problems in his work and derives a conventional marginal cost of debt.