模糊資金成本與模糊資本預算之研究

A Study on Fuzzy Cost of Capital and Fuzzy Capital Budgeting

蔣岡霖(Kang-Lin Chiang) ； 梁金樹(Gin-Shuh Liang) ； 李選士(Hsuan-Shih Lee)

《財務金融學刊》 10卷3期 (2002/12) Pp. 89-106

https://doi.org/10.6545/JFS.2002.10(3).4

摘要

本文旨在提出能在模糊經營情境下，以模糊資金成本和模糊資本預算從事最適資本結構規劃與決策的分析方法。為欲有效地掌握最適資本規換與決策相關變數的模糊性，文中提出以三角形模糊數加以表徵之口語值做為決策者執行模糊決策變數評估的工具。模糊加權平均資金成本與模糊修正後之內部報酬率之計算模式的推導，是本文提出模糊資本預算規劃與決策的兩大主軸。利用本文所提出之新決策方法，決策者可在模糊經營情境中掌握較真實的訊息，並對企業的資本結構做出最適規劃與決策。

關鍵字

財務管理 ； 成本 ； 預算 ； 模糊資金成本 ； 模糊資本預算

並列摘要

In this paper, a new optimal capital planning decision method based on fuzzy capital cost and fuzzy capital budgeting under fuzzy economic scenario IS developed. To efficiently handle the fuzziness of decision variable with respect to the planning and decision of optimal capital, the linguistic values, subjectively represented by triangular fuzzy numbers, are used to act as the evaluation tool. To Introduce the computational methods of fuzzy weighted average cost of capital and fuzzy modified internal rate of return are the base of fuzzy capital budgeting proposed in this study. By utilizing the new decision method, the decision-maker can handle more true information and make the best planning and decision of capital structure under fuzzy economic scenario.

並列關鍵字

Financial management ； Cost ； Budget ； Fuzzy cost of capital ； Fuzzy capital budgeting

參考文獻

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