The cost of capital in internationally integrated markets: The case of Nestlé
The cost of capital in internationally integrated markets: The case of Nestlé
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国际一体化市场的资本成本：雀巢案例
DOI：
10.1111/j.1468-036x.1995.tb00003.x
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发表时间：
1995
影响因子：
2.2
通讯作者：
René M. Stulz
中科院分区：
文献类型：
--
作者：
René M. Stulz
本文认为，小国家的公司的资本成本应该使用全球CAPM，而不是当地CAPM估计。给出了两个相关公式，指出了使用局部CAPM而不是全局CAPM时的错误。在雀巢公司的情况下实施全局CAPM，并且当全局CAPM适当时，将结果与使用局部CAPM获得的雀巢公司的资本估计的成本进行比较。版权所有Blackwell Publishers Ltd. 1995。
This paper argues that the cost of capital for firms in small countries should be estimated using the global CAPM rather than a local CAPM. Two related formulas showing the mistake made when using a local CAPM rather than a global CAPM are presented. the global CAPM is implemented for the case of Nestle and the results are compared to the cost of capital estimate one obtains for Nestle using a local CAPM when the global CAPM is appropriate. Copyright Blackwell Publishers Ltd. 1995.