ON THE THEORETICAL RELATIONSHIP BETWEEN SYSTEMATIC RISK AND PRICE ELASTICITY OF DEMAND
从理论上证明，企业产品的需求价格弹性、随机需求参数和可变成本的确定性等价及其与市场组合现金流的协方差，是系统风险的关键决定因素，进而影响资本成本。
The linkage between financial valuation and the product and factor markets faced by the firm is an area that is rapidly developing in the literature. The purpose of this paper is to demonstrate the theoretical bridge between systematic risk and price elasticity of demand for a firm's output. The primary theoretical result indicates that price elasticity of demand, the certainty equivalents of the random demand parameter and variable cost, and their respective covariances with the cash flow of the market portfolio are key determinants of systematic risk and thus a firms's cost of capital.