INCORPORATING FINANCING‐RELATED DETERMINANTS OF VALUE IN THE DISCOUNTED CASH FLOW MODEL
讨论如何将税收、交易成本、信息披露、信息不对称和代理问题等融资与价值的相互作用纳入折现现金流估值模型，并解释这些效应应体现在现金流、资本成本还是直接调整价值上。
Abstract The paper discusses how some of the main types of interaction between financing and value can be incorporated in the discounted cash flow model of valuation, including effects arising from taxes, transactions costs, disclosure, information asymmetry and agency problems. It explains whether a given effect should appear in a project's cash flows, in its cost of capital or as an upfront adjustment to value. Most of the effects imply that the principle of value additivity does not hold.