This theory says that although equity owners demand a higher return than creditors, their required rate of return on each unit falls as the amount of equity rises, since profits after interest become less volatile. The cost of debt falls too,since creditors have a bigger buffer beneath them. The firms blended cost of capital is unchanged, and is driven largely by the risk of the firm’s assets, not how they are paid for. At the extremes, it can be very low. A firm that owned only government bonds yielding 5% would have a cost of capital of just 5% even if entirely equity-financed. 为什麽公司的资金成本由资产风险决定? --

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