Cost of Capital: The Managerial Perspective
通过访谈四个资本密集型行业的高管，发现资本成本对管理决策的影响因企业财务状况和技术领先地位而异。
This article examines the impact of the cost of capital on managerial decision making. Senior executives from four capital-intensive industries were interviewed. One group of executives (Group 1) argued that the cost of capital has a major impact on their ability to compete and directly constrains their investments in capital equipment and/or R&D. A second group (Group 2) expressed a roughly opposite view, arguing that the cost of capital is not one of the primary factors in their decision making. Two factors appear to account for this difference: Group 2 firms tend to be in better financial condition than Group 1, and Group 2 firms are technology leaders in their respective markets, whereas Group 1 firms are not.