A NOTE ON THE MARGINAL COST OF DEBT CAPITAL
澄清了Draper和Findlay近期论文中的一个误解，展示了企业融资决策相关概念与一般边际分析之间的联系，对研究资本成本和资本结构的学者有参考价值。
The firms marginal cost of debt capital was interpreted in this author's previous publications as the “full marginal cost of relaxing the money capital availability constraint'’ when the incremental money capital employed takes the form of debt capital. Account is thereby taken of the effects on financing costs of the increased risk exposure that debt financing implies for both debt and equity holders. The present paper clarifies a misconception in a recently published paper by Draper and Findlay, and exhibits the linkage between concepts relevant to the firm's fmancing decision and the general marginal analysis.