Author
Listed:
- Cécile Carpentier
- Jean-François L'Her
- Jean-Marc Suret
Abstract
The aim of this study is to measure the cost of capital of the Canadian knowledge based firms in order to compare it with other Canadian firms' cost of capital. To determine which firms are based on knowledge, we use the research and development ratio. Estimations are achieved with several models: historical return model, capital asset pricing model, and Fama-French (1993) three factor asset pricing model. We find that knowledge based firms have a cheaper cost of capital than others firms. This result raises heavy economical issues and may be linked with a research and development overinvestment problem. Encouraged by tax credits, firms could be induced to overstep their optimal research and development levels. Cette étude propose une estimation du coût du capital-actions des entreprises à base de connaissance et une comparaison avec celui des entreprises qui n'appartiennent pas à cette catégorie, au Canada. La répartition dans les différentes catégories repose sur l'analyse des dépenses de R&D. Les estimations sont faites à l'aide de divers modèles, dont les taux de rendement historiques, le CAPM et le modèle à trois facteurs. La mise en évidence de rendements boursiers moins élevés des entreprises intensives en R&D et leur coût du capital généralement inférieur à celui des entreprises à bas niveau de R&D soulèvent d'importantes questions en terme de politiques économiques. Il est en effet possible que ces résultats soient liés à un surinvestissement en R&D, stimulé par les crédits d'impôt, qui conduirait les entreprises au-delà de leur optimum de R&D.
Suggested Citation
Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 1999.
"Le coût du capital des entreprises à base de connaissance au Canada,"
CIRANO Working Papers
99s-10, CIRANO.
Handle:
RePEc:cir:cirwor:99s-10
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