UC知道请高手帮我翻印下财务管理专业英语
来源：百度知道 编辑：UC知道 时间：2024/06/01 10:14:38
Cost capital
our first task is to determine how firms calculate the cost of equity capital. we explore whether firms use the capital asset pricing model(CAPM), a multibeta CAPM(with extra risk factors in addition to the market beta),average historical returns, or a dividend discount model.
The cross-sectional analysis is particularly illuminating. Large firms are much more likely to use the CAPM than are small firms (rating of 3.27 versus 2.49, respectively).smaller firms are more inclined to use a cost of equity capital that is determined by what investors tell us they requirea. CEOs with MBAs are more likely to use the single-factor CAPM or the CAPM with extra risk factors than are non-MBA CEOs, but the difference is only significant for the singlefactor CAPM.
We also find that firms with how low leverage or small management ownership are significantly more likely to use the CAPM. We find significant differences for private versus public firms (public more likely to us
our first task is to determine how firms calculate the cost of equity capital. we explore whether firms use the capital asset pricing model(CAPM), a multibeta CAPM(with extra risk factors in addition to the market beta),average historical returns, or a dividend discount model.
The cross-sectional analysis is particularly illuminating. Large firms are much more likely to use the CAPM than are small firms (rating of 3.27 versus 2.49, respectively).smaller firms are more inclined to use a cost of equity capital that is determined by what investors tell us they requirea. CEOs with MBAs are more likely to use the single-factor CAPM or the CAPM with extra risk factors than are non-MBA CEOs, but the difference is only significant for the singlefactor CAPM.
We also find that firms with how low leverage or small management ownership are significantly more likely to use the CAPM. We find significant differences for private versus public firms (public more likely to us
资本成本
我们的首要任务是确定企业如何计算费用的资本。我们探讨企业是否使用资本资产定价模型（ CAPM ） ，一个multibeta CAPM模型（额外的风险因素除了市场的试用版） ，历史平均收益，或红利贴现模型。
的横截面分析，特别是启发。大公司更容易使用CAPM模型比小型企业（评级为3.27与2.49 ，分别） 。小企业更倾向于使用成本的股本是由什么决定的投资者告诉我们，他们requirea 。与工商管理硕士的CEO更可能使用单因子CAPM模型CAPM模型或额外的风险因素比非MBA学位的CEO ，但不同的是唯一重要的singlefactor CAPM模型。
我们还发现，企业如何利用低或小的管理所有权的显着更可能使用的CAPM模型。我们认为，显着性差异的私人与公共企业（公众更容易使用CAPM模型） 。这也许是考虑到预期的忾的民营企业只能通过分析计算可比的上市公司。最后，我们发现，公司的海外销售高更容易使用CAPM模型。