Debt Capacity and the Capital Budgeting Decision: A Revisitation
回应了先前关于项目债务能力评估方法的批评，讨论了破产成本模型和CAPM下风险债务对贝塔系数调整的影响，为资本预算分析中的债务能力问题提供最新见解。
* Our earlier Financial Management paper, Debt Capacity and the Capital Budgeting Decision [15], had as its objectives: 1) To propose a conceptual basis for assessing project debt capacity utilizing a cash flow adequacy criterion, and 2) to link this methodology with the Bower-Jenks [2] framework for project evaluations. Since the appearance of that paper, two refinements have been offered to the proposed methodology. Hong and Rappaport [8] have suggested the incorporation of bankruptcy into the model. This would, they contend, provide an improved approach to project evaluation, since the resulting model would provide the basis for determining the value maximizing financial structure. Specifically, their model gives explicit consideration to the costs of insolvency. In the current issue of this journal, Conine [3] suggests that a technical problem arises in attempting to link the use of the CAPM to the debt capacity scheme we proposed. Specifically, in a CAPM world where risky debt is issued, the simple Hamada [5] adjustment we used to produce an estimate of the beta coefficient for an unlevered firm is biased. In fact, where debt is risky, in a CAPM sense, the adjustment involves a more involved calculation that considers both the beta coefficient for the levered firm's equity and that of its risky debt. In the pages that follow we take this opportunity to share what we have learned from these authors' refinements and provide some comments as to how far the finance discipline has come in dealing with the debt capacity issue in capital budgeting analysis.