Estimating the Divisional Cost of Capital: An Analysis of the Pure-Play Technique
提出用纯玩法结合资本资产定价模型估算多部门企业各部门的权益资本成本，通过公开交易公司作为代理测度部门系统风险，实证表明纯玩公司贝塔的加权平均能近似多部门企业的贝塔。
This paper suggests that the pure-play technique can be used in conjunction with the capital asset pricing model to determine the cost of equity capital for the divisions of a multidivision firm. Since the beta for a division is unobservable in the marketplace, a proxy beta derived from a publicly traded firm whose operations are as similar as possible to the division in question is used as the measure of the division's systematic risk. To provide empirical support for using the pure-play technique, a sample of multidivision firms and pure-play associated with each division is examined. It is shown that an appropriately weighted average of the betas of the pure-play firms closely approximates the beta of the multidivision firm.