An Application of the Capital Asset Pricing Model to Divisional Required Returns
通过Finnigan公司的实际案例，描述了资本资产定价模型（CAPM）如何应用于公司部门必要回报率的计算，并分析了其对管理层决策的影响，为学者和从业者提供了该模型在企业中实际应用的罕见实例。
Few topics have captured so much interest in the academic literature as the capital asset pricing model (CAPM). In recent years, the model has been extended to corporate finance decisions, particularly those dealing with capital investments. Despite this interest, we have few examples of the actual application of the model by a corporation. This absence may be because the model is not yet widely used in corporate finance and/or due to the fact that when usage does occur it is not reported. This paper describes the recent application of the CAPM by Finnigan Corporation, a high technology company. My knowledge of the application stems from my acquaintance with several principal officers and directors. I have not advised the company, nor have I been otherwise involved in the implementation of this concept. In what follows, I describe the application of the CAPM at Finnigan Corporation and some of its effect on management. The study was based on interviews with management and review of various memoranda and documents provided by the Chairman and President. I have tried to report the experiences of this company as accurately as possible without making any normative judgments.