The Influence of Production Technology on Risk and the Cost of Capital
用时态偏好估值模型分析企业生产技术选择如何影响其均衡风险水平和资本成本，发现资本密集度越高，风险与资本成本越低，为风险决定因素的实证检验提供启示。
This paper uses a time-state-preference valuation model to examine how the firm's choice of technology and production method affects its equilibrium level of risk and, as a result, the firm's cost of capital. A fixed and flexible method of production is analyzed for a firm using a Cobb-Douglas production function. In both cases, it is found that risk and the cost of capital decrease with the level of capital intensity. Implications are drawn for the specification of empirical tests of the determinants of risk.