資本コスト概念と財務政策 : アンケート調査結果をもとにして

概要

論文の詳細を見る
In modern corporate finance theory, the notion of the cost of capital is defined as the rate of return required by investors and it plays an important role in the theory building. On the contrary, it is generally said that Japanese top management regard the cost of capital just as the out-of-pocket cost in use of the fund. In this article, we have tried to make it clear what the Japanese management understand the cost of capital. Although there are a few surveys on this point, there has not been such an essential and direct evidence that shows and analyses the Japanese top management's understanding of the cost of capital. Because the questionnaire of our survey includes the questions concerning to a lot of kinds of financial decision making as well as the cost of capital, we can make clear the relationship between the understandings of the cost of capital and the views to various financial policies. Our findings are the following: 1. The 80% of the samples answer that "the cost of capital" is the out-of-pocket cost and the other 20% of samples answer the required rate of return. 2. Compared with the group of the samples that answer the required rate of return, the out-of-pocket cost group has the tendency as follows: -As to financing policy, they attach more importance to dividends and issuance costs. -As to investment policy, they are satisfied with lower rate of return. -As to dividend policy, they tend to be more traditional and conventional. As to financial purpose, they attach more importance to the index of the quantity (ex. proceeds, ordinary profit), and less importance to that of the quality (ex. ROA, ROE) In the results, it is made clear that the majority of the Japanese management regard the cost of capital just as the out-of-pocket cost and such an understanding of the cost of capital has an influence on several kinds of financial decision making.
1998-09-10

資本コスト概念と財務政策 : アンケート調査結果をもとにして

スポンサーリンク

概要

著者

関連論文

スポンサーリンク