AĞIRLIKLI ORTALAMA SERMAYE MALİYETİ VE SINIRLI-ÖMÜRLÜ YATIRIM PROJELERİNİN DEĞERLENDİRİLMESİ

Yıl 1983, Sayı: 4, 115 - 130, 02.01.1983

İ.hakkı Sönmez

Öz

İn thls artlcle, the Weighted Average Cost of Capital (VVACC) formula for the after-corporate-tax case has been de-rived, uslng the Standard restrictive assumptlons. Appropriate Oiscount Rate (ADR) which Is deflned as the rate at which projects should be evaluated to maximlze the value of a firm has been derlved for both the püre equity and the equity vvith debt Capital structures. Then the ADR for Capital budgeting de-cisions is applied to an analysis of the VVACC under finite-lived constant cash flovv assumptions.

Studying the validity of the WACC for finite-lived projects, we have shovvn that the ADR does not equal the VVACC for finitelived projects of greater than one period duration, and that vvhen project lives are finite. the VVACC is inappropriate for valuing the project.

Anahtar Kelimeler

ağırlıklı ortalama sermaye maliyeti, sınırlı-ömürlü yatırım projeleri

Kaynakça

• İ.Hakkı Sönmez