In this paper, a case study was performed with an aim to analyze the asset returns for two different companies and the risk and returns from capital projects using standard capital asset pricing method. To demonstrate how the present values of future cash flows are influenced by discount rates when the debt-to-equity capital structure ratio is varied between 0 and 2.5 debt-to-equity. The breakeven sensitivity was also conducted in relation to different gross margin ratios of company. It was found that high value of debt-to-equity ratio yielded a flatter net present value with increase in gross margins. Capital appraisal techniques were applied to illustrate the project returns and annual cash flows and its relationship with change in cost of capital. Analysis showed that when average cost of capital is increased beyond threshold value, the net present value from the firm’s project investments reduced significantly. A covariance analysis was performed to determine individual returns from two stocks traded in BSE Sensex and S&P 500 indices using the beta values. Comparing the individual and total returns of two stocks revealed that returns not only increased with increasing beta values–but also varied with earnings potential, growth rate of firm, dividend payout ratios and trading stock price. The standard deviation on portfolio of two stocks has been computed for varying asset weight ratios. It has been found that positive correlation between two stocks increased equity risk when weight ratios are not balanced in portfolio, while a negative correlation reduced equity risk.

本文进行了一个案例研究，旨在使用标准资本资产定价方法分析两家不同公司的资产收益以及资本项目的风险和收益。演示当债务权益资本结构比率在0到2.5债务权益之间变化时，未来现金流量的现值如何受到折现率的影响。盈亏平衡敏感性也针对公司不同的毛利率进行。人们发现，较高的债务权益比率产生了较平坦的净现值，且毛利率增加了。运用资本评估技术来说明项目收益和年度现金流量及其与资本成本变化的关系。分析表明，当平均资本成本增加到阈值以上时，公司项目投资的净现值显着下降。进行了协方差分析，以确定使用BSE值在BSE Sensex和S＆P 500指数交易的两只股票的个人收益。比较两只股票的个人收益和总收益，发现收益不仅随beta值的增加而增加，而且随收益潜力，公司增长率，股息支付率和股票价格变化而变化。对于不同的资产权重比率，已经计算了两种股票的投资组合的标准差。已经发现，当权重比例在投资组合中不平衡时，两只股票之间的正相关会增加股票风险，而负相关会降低股票风险。进行了协方差分析，以确定使用BSE值在BSE Sensex和S＆P 500指数交易的两只股票的个人收益。比较两只股票的个人收益和总收益，发现收益不仅随beta值的增加而增加，而且随收益潜力，公司增长率，股息支付率和股票价格变化而变化。对于不同的资产权重比率，已经计算了两种股票的投资组合的标准差。已经发现，当权重比例在投资组合中不平衡时，两只股票之间的正相关会增加股票风险，而负相关会降低股票风险。进行了协方差分析，以确定使用BSE值在BSE Sensex和S＆P 500指数交易的两只股票的个人收益。比较两只股票的个人收益和总收益，发现收益不仅随beta值的增加而增加，而且随收益潜力，公司增长率，股息支付率和股票价格变化而变化。对于不同的资产权重比率，已经计算了两种股票的投资组合的标准差。已经发现，当权重比例在投资组合中不平衡时，两只股票之间的正相关会增加股票风险，而负相关会降低股票风险。比较两只股票的个人收益和总收益后发现，收益不仅随贝塔值的增加而增加，而且随收益潜力，公司增长率，股息支付率和交易股价而变化。对于不同的资产权重比率，已经计算了两种股票的投资组合的标准差。已经发现，当权重比例在投资组合中不平衡时，两只股票之间的正相关会增加股票风险，而负相关会降低股票风险。比较两只股票的个人收益和总收益后发现，收益不仅随贝塔值的增加而增加，而且随收益潜力，公司增长率，股息支付率和交易股价而变化。对于不同的资产权重比率，已经计算了两种股票的投资组合的标准差。已经发现，当权重比例在投资组合中不平衡时，两只股票之间的正相关会增加股票风险，而负相关会降低股票风险。