文章基本信息

标题：Influence Of Debt Financing On The Effectiveness Of The Investment Project Within The Modigliani–Miller Theory
本地全文：下载
作者：Peter Brusov ; Tatiana Filatova ; Natali Orehova 等
期刊名称：Research Journal of Economics, Business and ICT
印刷版ISSN：2045-3345
电子版ISSN：2047-7848
出版年度：2011
卷号：2
期号：0
语种：English
出版社：English Time Schools & Overseas Education
摘要：We study the problem of the influence of debt financing on the effectiveness of the investment project within the theory of Modigliani–Miller and obtain quantitative results for the first time. The effectiveness of the investment project is considered from two perspectives: the owners of equity and debt and equity holders only. It was shown, that NPV practically always decreases with leverage in case of a constant value of equity, and the maximum leverage level, at which the project is still effective ( NPV> 0), was found. In case of a constant value of the total invested capital it is possible an increase of NPV with leverage as well as its decrease, depending on the relation between the parameters of the project.
关键词：Effectiveness Of The Investment Project; Debt Financing; Modigliani–Miller Theory