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   下面的那段英文是公司理财一道题的答案，请问应该怎样比较专业的翻译它。题目是这样的：在哪种情况下公司应该为其不同分部使用不同的资本成本？如果公司总的加权资本成本被用于其不同的分部，那么风险高的部门还是风险低的部门可能得到更多的投资？为什么？如果你要估算不同分部的各自合适的资本成本，你可能需要解决哪些问题？哪两种方法可以被用来估算大概的资本成本？

If the different operating divisions were in much different risk classes, then separate cost of capital figures should be used for the different divisions; the use of a single, overall cost of capital would be inappropriate. If the single hurdle rate were used, riskier divisions would tend to receive funds for investment projects, since their return would exceed the hurdle rate despite the fact that they may actually plot below the SML and, hence, be unprofitable projects on a risk-adjusted basis. The typical problem encountered in estimating the cost of capital for a division is that it rarely has its own securities traded on the market, so it is difficult to observe the market’s valuation of the risk of the division. Two typical ways around this are to use a pure play proxy for the division, or to use subjective adjustments of the overall firm hurdle rate based on the perceived risk of the division.

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关键词：ENCOUNTERED Adjustments appropriate adjustment Estimating 高手

不许说英语

放到google翻译试试

试过了，但google翻译出来的有点不通顺。

maimoumou 发表于 2010-4-22 23:26
   下面的那段英文是公司理财一道题的答案，请问应该怎样比较专业的翻译它。题目是这样的：在哪种情况下公司应该为其不同分部使用不同的资本成本？如果公司总的加权资本成本被用于其不同的分部，那么风险高的部门还是风险低的部门可能得到更多的投资？为什么？如果你要估算不同分部的各自合适的资本成本，你可能需要解决哪些问题？哪两种方法可以被用来估算大概的资本成本？

If the different operating divisions were in much different risk classes, then separate cost of capital figures should be used for the different divisions; the use of a single, overall cost of capital would be inappropriate. If the single hurdle rate were used, riskier divisions would tend to receive funds for investment projects, since their return would exceed the hurdle rate despite the fact that they may actually plot below the SML and, hence, be unprofitable projects on a risk-adjusted basis. The typical problem encountered in estimating the cost of capital for a division is that it rarely has its own securities traded on the market, so it is difficult to observe the market’s valuation of the risk of the division. Two typical ways around this are to use a pure play proxy for the division, or to use subjective adjustments of the overall firm hurdle rate based on the perceived risk of the division.

如果不同业务部门的风险等级存在较大差别，此时就应该分别运用不同的资本成本数据，再用单一的总体资本成本在这种情况下变得不合时宜。若运用单一资本成本计算，风险较大的部门往往能够为投资项目募得资金，因为它们的回报将会超过障碍比率（单一资本成本），而实际上选择的障碍比率低于证券市场线上对应的点（单一比率定低了），假使调整风险基础（再进行计算）该项目变为非盈利性项目（应该拒绝较大风险分部项目）。在为单一部门估计资本成本时所遇到的典型问题是这些部门没有自己的市场交易证券，故而很难找到反映该分部风险的市场估价。鉴于此解决的方法要么是采用单一业务法代替，要么根据对部门风险的判断对公司的总体障碍比率做一主观的调整。（这里面有三个关键词需要你查阅一下相关书籍：证券市场线　障碍比率　单一业务法，我不是高手，仅供参考）

谢谢5楼的同志。