Market and Industry Structure and Corporate Cost of Capital
在资本资产定价模型框架下，研究了行业结构特征（如资本密集度、广告壁垒）如何影响企业的系统风险，进而影响资本成本。
The impact of the structural attributes of industries on the cost of capital to constituent firms is examined within the framework of the capital asset pricing model. The relationship between industry structure and systematic risk that the capital asset pricing model posits as the sole determinant of security returns is investigated using regression methodology. The results show that industry characteristics, such as capital intensity and the capital to labor ratio, and entry barriers, such as advertising, have a significant influence on systematic risk and, hence, on the cost of capital to firms. Copyright 1992 by Blackwell Publishing Ltd.