อย่างไรก็ตามถ้าพิจารณาจากค่าNPVที่ค

อย่างไรก็ตามถ้าพิจารณาจากค่าNPVที่คำนวณได้จากทั้งสองโครงการ NVPมีค่าน้อยกว่า0
two commonly used methods for incorporating risk into capital budgeting are the certainty equivalent method, and risk adjusted discount rates. The certainty equivalent approach involves a direct attempt to incorporate the dicision maker's utility function into the analysis. under this method, cash flows are adjusted downward by multiplying them by certainty-equivalent coefficients,

Our estimates for cost for equity under both models are pretty close which adds credibility to our estimate. Financial analysts frequently use more than one models to estimate any statistic in order to obtain a range of possible values.

At this point it is important to recognise the limitations of the models we have used so far. The
dividend discount model is simple and intuitive, but the accuracy of results depends entirely on
the accuracy of the forecasts about future dividends. Accurate forecasting is not an easy task.
Despite the increased sophistication of forecasting technology and more powerful computers,
we are, after all, living in a world of uncertainty, and any forecast about the future should reflect
this uncertainty. The P/E ratio may be used just to check the cost of equity calculations quickly,
but under very limited conditions.
The CAPM is extremely appealing at an intellectual level. It provides a conceptual framework
that is rational and logical. However, in practice, we work with ex-post data, and the results are
prone to all types of error owing to the use of historical data. Empirically, it is known that betas
vary greatly with the time period for which they are estimated and the methods used to estimate
them. APT is an improvement over the CAPM in the sense that with it we specify the risk/return
relationship using more than one factor. However, all the other limitations due to estimation
periods and procedures apply here as well. Besides, choosing the relevant risk factors is a difficult
conceptual and practical task.
It is appropriate to use one of the above methods or a combination of them, depending upon
the circumstances. The availability of data, the quality of data, and the costs of producing the
relevant data are all important concerns. Managers must see the effects of each individual com

Results (English) 3:

However, if consider from the NPV calculated from both the project NVP is less than 0
two commonly used methods for incorporating. Risk into capital budgeting are the certainty, equivalent method and risk adjusted discount rates.The certainty equivalent approach involves a direct attempt to incorporate the dicision maker 's utility function into the. Analysis. Under this method cash flows, are adjusted downward by multiplying them by, certainty-equivalent coefficients.

Our estimates for cost for equity under both models are pretty close which adds credibility to our estimate.Financial analysts frequently use more than one models to estimate any statistic in order to obtain a range of possible. Values.

At this point it is important to recognise the limitations of the models we have used so far. The
dividend discount. Model is simple, and intuitive but the accuracy of results depends entirely on
the accuracy of the forecasts about future. Dividends.Accurate forecasting is not an easy task.
Despite the increased sophistication of forecasting technology and more powerful. Computers
are, we, all after, in living a world of uncertainty and any, forecast about the future should reflect
this, uncertainty. The P / E ratio may be used just to check the cost of equity, calculations quickly
but under very limited conditions.
.The CAPM is extremely appealing at an intellectual level. It provides a conceptual framework
that is rational and, logical. ,, However in practice we work with, ex-post data and the results are
prone to all types of error owing to the use of historical. Data. Empirically it is, known that betas
vary greatly with the time period for which they are estimated and the methods. Used to estimate
them.APT is an improvement over the CAPM in the sense that with it we specify the risk / return
relationship using more than one. Factor. However all the, other limitations due to estimation
periods and procedures apply here as well. Besides choosing,, The relevant risk factors is a difficult
conceptual and practical task.
It is appropriate to use one of the above methods. Or a combination, of themDepending upon
the circumstances. The availability, of data the quality of data and the, costs of producing the
relevant. Data are all important concerns. Managers must see the effects of each individual com.