1计算B企业的β资产:β资产=1.5/[1+ 1×(1-25%)]=0.862计算A企业的β权益:β权益=β资产×[1+ 2/3×(1-25%)]=0.86×[1+ 2/3×(1-25%)]=1.293确定A企业的权益资本成本:权益资本成本=4%+1.29×6%=11.74%≈12%5计算A企业的加权平均资本成本加权平均资本成本=12%×60%+7%×40%=10%项目的净现值=-795+0-50×(P/F,10%,2)+285×(P/F,10%,3)+288.75×(P/F,10%,4)+390×(P/F,10%,5)+470×(P/F,10%,6)+550×(P/F,10%,7)+798.25×(P/F,10%,8)=-795+0-50×0.8264+285×0.7513+288.75×0.6830+390×0.6209+470×0.5645+550×0.5132+798.25×0.4665=737.13(万元)