A Spanning Approach for Estimating Divisional Cost of Capital
提出一种估算部门风险调整后资本成本的新方法，结合了分析法和纯玩法的优点，避免了实施难题。
Two techniques for estimating risk-adjusted divisional hurdle rates are the analytical approach and the pure-play approach. The analytical approach relies upon theoretical linkages between observable accounting variables and the CAPM beta risk measure. The pure-play approach uses information about firms operating in the same line of business. This study develops a third technique, the spanning approach, which combines the advantages of the analytical and pure-play techniques while avoiding their implementation problems.