美国代写
The primary motive of any company is to maximize the wealth of its shareholders (Megginson & Smart, 2009). Accordingly, the companies should aim to invest in those projects which have a positive Net Present Value (NPV) as projects with positive NPV result in value addition to the shareholders wealth (Shapiro, 2008) while projects with negative NPV destroy value. Though projects with zero NPV have no effect on the value of the company, it is often argued that instead of wasting resources in zero NPV projects, it is better to return them to the shareholders so that they can pursue better investment opportunities.
There are several discounted cash flow techniques that can be used for valuation purposes, but as the project has been expected to be financed by retained earnings only, the free cash flows to equity (FCFE) owners have been computed and the Net Present Value of these cash flows have been computed by discounting the cash flows (inflows as well as outflows) at the cost of retained earnings. The cost of retained earnings have been computed as per the Capital Asset Pricing Model which states that the cost of equity is computed as the sum of the risk free rate and the beta of the stock multiplied by the market risk premium so as to compensate the equity shareholders for investments in stocks whose beta differs from that of the overall market. The cost of equity (or the discount rate) of the new project has been computed as shown under:
美国代写
任何公司的主要动机是最大化股东财富（金森和聪明，2009）。因此，企业应该在这些投资项目，有一个正的净现值（NPV）与价值除了股东财富有正的NPV的项目的结果（夏皮罗，2008）而负净现值的项目摧毁价值。尽管零NPV项目对公司价值没有影响，人们常常认为，而不是在零NPV项目资源的浪费，这是更好地回报他们的股东，这样他们可以追求更好的投资机会。
有几个贴现现金流技术，可用于评估目的，但该项目已资助将留存收益，股权自由现金流（FCFE）业主已计算和这些现金流的净现值的贴现现金流已被计算（流入以及作为流出）在留存收益成本。留存收益已按资本资产定价模型指出，权益资本成本作为无风险利率和股票的beta乘以市场风险溢价，以弥补股东在股票的β不同，整体市场投资的总和计算的计算成本。股本成本（或折现率）的新项目已在计算：
