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研究生: 許坤錫
論文名稱: 通貨膨脹與資本預算之研究
指導教授: 鄭丁旺
柴松林
學位類別: 碩士
Master
系所名稱: 商學院 - 會計學系
Department of Accounting
論文出版年: 1981
畢業學年度: 69
語文別: 中文
論文頁數: 197
中文關鍵詞:
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  • 第一章 緒論1
    第一節 研究動機與目的1
    第二節 研究範圍與限制2
    第三節 論文架構3
    第二章 通貨膨脹對資本預算之影響5
    第一節 五大命題的討論5
    (一)通貨膨脹將會影響最佳資本投資水準。通貨膨脹率愈高,則資本投資金額將愈少5
    (二)通貨膨脹率將會左右公司選擇資本/人工組合的生產技術22
    (三)通貨膨脹率會影饗投資方案的選擇24
    (四)通貨膨脹率愈高,對耐久性的投資方案愈不利26
    (五)通貨膨脹會影響企業的重置政策31
    第二節 結語35
    第三章 通貨膨脹下修正之資本預算模式一單一投資37
    第一節 傳統資本預算模式的缺失37
    (一)採用機率方法衡量風險與不確定性39
    (二)確定等值法42
    (三)風險調整折現率法43
    (四)有關風險的各種說法45
    第二節 各期現金流量之間的關係54
    (一)各期現金流量假設是相互獨立54
    (二)各期現金流量假設是完全相關55
    (三)各期現金流量假設有適度相關57
    第三節 考慮通貨膨脹之修正模式63
    (一)GNP平減法63
    (二)直接調整法64
    (三)名目現金流量組成份子之探討66
    第四節 租賃,外購,自製,棄却值之修正模式
    (一)自製或租賃方案68
    (二)自製或外購決策69
    (三)棄却值的資本預算模式71
    第五節 多重投資之問題74
    (一)多項投資機會的組合74
    (二)邊際資金成本與投資機會組77
    (三)多重投資方案相互間之關係80
    (四)多重投資方案之選擇方法83
    第四章 投資組合,資本資產訂價模式與通貨膨脹
    第一節 投資組合理論89
    (一)報酬率的期望值及變異數89
    (二)資本市場線的假設及意義92
    (三)證券市場線的意義95
    (四)資本資產訂價模式99
    第二節 資金成本,資本資產訂價模式嶼資本預算100
    (一)資金成本的意義及其學說100
    (二)估計普通股權益要求的報酬率109
    (三)加權平均資金成本與投資方案折現的選擇113
    (四)資本資產訂價模式應用於資本預算118
    (五)證券市場線與加權平均資金成本128
    第三節 考慮通貨膨脹之資本資產訂價模式137
    (一)簡單的分析模式137
    (二)詳細的分析模式140
    (三)Chen & Boness的推導146
    (四) Friend, Landskroner & Losq的推導154
    (五) Chon & Boness與 Friend, Landskroner, Losq兩者推導修正的資本資產訂價模式之比較163
    第五章 結論與建議170
    第一節 結論170
    第二節 建議172
    附錄
    (一)資本市場線之導法175
    (二)證券市場線之導法176
    (三)Wiener Process 178
    (四)Arrow-pratt風險規避係數181
    參考書目186

    (一)中文部份
    1.林煜宗著:「現代投資學」民國七十年(華泰)
    2.黃俊英,陳定國主編:「企業研究應用技術大全」民國六十八年(大世紀)。
    3.丁文拯:「財務管理資金運用經濟學」,民國六十四年(大中國)。
    4.李建利:「組群理論在財務管理上之應用」,政大會計研究所碩士論文。

    (二)英文部份
    <書籍>
    1.A.Wayne Corcoran : Costs Accounting Analysis and Control,1979.(台北書局)
    2.Charles W. Haley Lawrance D.Schall:The Theory of Financial Decisions 2rd edition 1979. (華泰)
    3. Donaldr. Barr:Probability,1971.(華泰)
    4.Don T. Decostes., Kavasseri V.Ramanathan., Gary L. Sundem: Accounting For Managerial Decision Making 2rd edition 1978.(天一)
    5.Emanuel parzen : Stochastic Process,1962.
    6. Eugene M. Lerner : Managerial Finance a system approaeh,1971.
    7. Eugene F. Brigham : Fundamentals of Financial Management 2rd. edition 1980.
    8. Eugene F. Brigham., Ramon E. Johnson : Issues in Managerial Finance 2rd. edition,1980.
    9. E. J. Elton & M. J. Gruber : Portfolio Theory 25 years After, studies in the management sciences,1979.
    10. Gerald A. Fleischer : Capital Allocation Theory, the study of investment decision, 1969.
    11. George J. Benston : Contemporary Cost Accounting and Control 2rd. edition 1977.(華泰)
    12. George N. Engler : Business Financial Management ,1978.
    13. Harold Bierman., Jr & Seymour smidt : The Capital Budgetiog Decision-Economic analysis and financing of investment 4th edition, 1975.
    14. Haim Levy & Marshall sarnat : Financial Decision Making under uncertainty, 1977.
    15. Haim Levy & Marshall sarnat : Capital Investment and Financial Decision,1978.(華泰)
    16. Hector R. Anton. , Peter A. Firmin., Hugh D. Grove :Contemporary issues in Cost and Managerial Accounting,1978,(天一)
    17.Homer A. Black & James Don Edwards: The Managerial and cost Accountant's Handbook,1979.(天一)
    18. Isoifesu Tattu : Stochastic Process, 1973.
    19. Jack Clark Francis., Stephen H. Archer : Portfolio Analysis,2rd. edition,1979,(華泰)
    20. Jamens C. Van Horne : Financial Management and Policy 5th edition,1980(東南)
    21. James C. T. Mao: Quantitative Analysis of Financial Decisions, 1969.
    22. Jack Clark Francis: Investments analysis and management,1972.(東南)
    23. J. Fred Weston. ,Eugene F. Brigham: Managerial Finance 6th edition, 1978.
    24. Kenneth J. Boudreaux., Hugh W. Long: The Basic Theory of Corporate Finance,1977.(東南)
    25. Mendenhall & Scheaffer: Mathematical Statistics with Application,1973(雙葉)
    26. M dutta: Econometric Methods,1975.
    27. Seymour Friedland : Principles of Financial Managemen,1978.
    28. Sheldon M. Ross: Applied Probability Models with Optimization Applications,1970.
    29. Thomase E. Copeland; J. Fred Weston Financial Theory and Corporate Policy, 1979.
    30. Victor L. Anderws., Pearson Hunt :Financial Management Cases and Readings.(華泰)
    31. Willan R. Paak P.E :Cost Engineering Analysis,1973.
    32. Willian E. Thomas. Readings in Cost Accounting Budgeting and Control 5th edition,1978. (美亞)
    33. William F. Sharpe :Portfolio Theory and Capital Markets,1970.
    34. Y. Goldschmidt & K. Admon: Profit Measurement During Inflation, 1977.
    〈期刊〉
    1. Andrew D. Bailey, Jr. and Daniel L. Jensen “ General price level Adjustments in The Capital Budgeting Decision” Financial Management (Spring 1977.)
    2. A. H. Chen A. J. Boness ” Effects of Uncertain Inflation on The Investment and Financing Derisions of A Firm” Journal of Finance ( May, 1973 )
    3. Brandt Allen. ”Evaluating Capital Expenditures Under Inflation : A Primer” Business Horizen ( Dec , 1976 )
    4. C. S. Pyun ”A Note on Capital Asset Pricing Model under Uncertain Inflation” Journal of Financial and Quantitative Analysis (June,1980)
    5. Charles R. Nelson” Inflation and Capital Budgeting” Journal of Finance (June,1976)
    6. D. D. Raiborn Thomas A. Ratcliffe” Are you Accounting for Inflation in your Capital Budgeting Process?” Management Accounting (September, 1979)
    7. Fred D. Arditti ”The Weighted Average Cost of Capital : Some Questions on Its Definition, Interpretation, and use” Journal of Finance(December, 1980)
    8. George M. Constantinides ”Market Risl Adjustment in Project Valuation” Journal of Finance(May, 1978)
    9. Harold Bierman, Jr & Ferome E. Hass ”Capital Budgeting Under Uncertainty. A Performulation” Journal of Finance (Mar, 1973)
    10. Irwin Friend, Yoram Landakroner and Etienne Losq” The Demand For Risky Assets Under Uncertain Inflation” Journal of Finance (Dec,1976)
    11. James C. Van Horne “A Note on Biases in Capital Budgeting Introduced by Inflation” Journal of Finance & Quantitative Analysis (Jan, 1971)
    12. James C. Van Horne & William F. Glassmire, Jr “The impact of Unanticipated Changes in Inflation on The Value of Common stocks” Journal of Finance(Dec,1972)
    13. James A. Miles & John R. Ezzell ”The weighted Average Cost of Capital ,perfect Capital Markets ,and Project Life :A Clarification Journal of Financial and Quantitative Analysis
    (Sept,1980)
    14. M. Chapman Findlay ”Capital Budgeting Procedures Under Inflation : Cooley Roenfeldt and Chew vs. Findlay and Frankle” Financial Management (Autu,1976)
    15. Moon K. Kim. ”Inflationary Effects in the Capital Investment Process ; An Empirical Examination.” Journal of Finance(Sept, 1979)
    16. Philip L. Cooley, Rodney L. Roenfeldt , Itkeong Chew ”Capital Budgeting Procedures Under Inflation” Financial Management (Win, 1975)
    17. Stephen M. Cross. ”A Note on Inflation, Taxation and Investment Returns” Journal of Finance(Mar, 1980)
    18. Sasson Bar yosef “ Interactions of Corporate Financing and Investment Decisions-Implications for Capital Budgeting: Comment” Journal of Finance(Mar, 1977)
    19. Stewart C. Myers & Stuart M. Turnbull “Capital Budgeting and The Capital Asset Pricing Model :Good News and Bad News” Journal of Finance(Mar, 1977)
    20. Stuart M. Turobull ”Market Value and Systematic Risk” Journal of Finance(Sept ,1977)
    21. Stephen A. Ross “Uncertainty and the Heterogeneous Capital Cood Model” Review of Economic studies(Jan,1975)
    22. Timotht J. Nantell & C. Robert Carlson ”The Cost of Capital as A Weighted Average” Journal of Finance (Dec,1975)
    23. Willis R. Greer, Jr. ”Planning For Inflation in the Capital Budgeting Analysis “Journal of Comtempory Business(Autu, 1975)

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