英语翻译One of the cardinal errors of capital budgeting is to include both the financing and project decisions in the analysis of a specific investment.Obvi¬ously,this error is being committed by those who analyze real estate invest¬ments

英语翻译One of the cardinal errors of capital budgeting is to include both the financing and project decisions in the analysis of a specific investment.Obvi¬ously,this error is being committed by those who analyze real estate invest¬ments
英语翻译
One of the cardinal errors of capital budgeting is to include both the financing and project decisions in the analysis of a specific investment.Obvi¬ously,this error is being committed by those who analyze real estate invest¬ments if they include in their analysis the mortgage financing available on the property.
The Inwood Method of analysis cited above includes the mortgage obligations in the calculation of both the annual net cash flows generated by a property and the net proceeds to be realized from the sale of the property at the end of the holding period.Does this invalidate the method of analysis?I think not.The financing of real estate investments is characterized by mortgage financing in which the terms available for a specific loan depend,to a significant extent,on the specific property being mortgaged.It is also true that individual mort¬gage loans are negotiated for specific properties and that very few unsecured loans or blanket mortgages covering all properties owned are available in the market.Therefore,it may be argued that because of the specific,direct and continuing ties between projects and their financing,one may be able to include in the analysis of a project the financing associated with it.The cost of capital to be considered in determining the net present value of the investment would then be the cost of equity capital as determined by the equity investors in the portfolio.

英语翻译One of the cardinal errors of capital budgeting is to include both the financing and project decisions in the analysis of a specific investment.Obvi¬ously,this error is being committed by those who analyze real estate invest¬ments
其中一个主要错误资本预算是包括财务和项目决定在对一种具体投资的分析. Obvi¬ously,这个错误由分析房地产invest¬ments的那些人做,如果他们在他们的分析包括抵押筹资可利用在物产. 被援引的The Inwood分析方法以上在物产引起的两每年净现金流量的演算包括抵押责任,并且网继续从物产的销售体会在保存期间的结尾. 这是否无效分析方法? 我认为不会. 不动产投资财务描绘的是为中期限可利用为一笔具体贷款在重大一定程度上取决于,被抵押的特殊的财产的抵押筹资在. 也是真实的各自的mort¬gage贷款为特殊的财产谈判,并且非常包括所有物产的少量无担保的贷款或一揽子抵押拥有是可利用的在市场上. 所以,也许被争论由于具体,项目和他们的财务,一间的直接和继续的关系在财务联系它对项目的分析也许能包括. 在确定投资的净现值将考虑集资费用然后是权益资本费用如取决于股份单的权益投资者