Fundamental Differences of the Discount Rate

Abstract

The lecture points out the contradiction, which hides behind the yield requirements interpreted by the ‘shareholder aspect’ and the opportunity cost resting on microeconomic bases. The economic literature was consistent for a long time in the question that the time-value of invested money is independent from the capital-structure. The investment- efficiency calculations are not influenced by the decision concerned with the capital-structure.
As the ‘shareholder aspect’ came to the fore, we can meet more often efficiency-calculations, where different yield requirements concerned with the equity capital and credits are charged, for the equity capital profitability requirements containing also the risk-premium requirements (as a rate independent of the capital-structure), for the credits only the returns of interest. Considering, that the prices of products realising on the competitive market do not depend on the capital-structure, the yield-requirement drafted on the principle of opportunity cost must be also independent of that.
A further feature of the differentiated yield-requirement is that the bigger the proportion of the credit is by its application, the larger is the Net Present Value calculated for the same action (assuming an economical alternative otherwise).
Considering, that here the average yield-requirement is lower than the calculate rate of interest, in case of an unprofitable action
can also arise an NPV greater than zero according to the microeconomic approach.