Is the Cost of Capital Different for Family Firms?
回顾了资本成本的相关文献，并探讨家族效应是否影响家族企业的资本成本，帮助家族企业管理者做出更好的投资和融资决策。
It has been suggested that the cost of capital for a family firm depends on, among other things, a “family effect,” which deals with the family's relation to its business. Financial theory regarding the cost of capital states that the cost of capital is a market-based function of the characteristics of the investment, not the investor. This theory suggests that a firm's cost of capital does not depend on a family effect. However, not all financial economists' assumptions regarding the cost of capital hold for the family firm. This paper reviews the relevant literature regarding the cost of capital and applies it to the family firm. Knowing the correct cost of capital will enable family owner-managers to make better investment and financing decisions, evaluate performance, and structure rewards for performance.