RBV & Financial Capability

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The Chinese security regulation commission regulates the access to equity and bond. Only firms which meet the qualifications are eligible to obtain access to external finance. Do you think a firms' ability to access equity or bond can be an ? Is it a capability? Do these capabilities give a ? Anbd last but not least, can we apply RBV? (...) Read more? Sign up for free

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		RBV & Financial Capability Warren Miller, CPA, CFA, United States
	Mohan, I think that a firm's ability to access capital is a resource. It is not an intangible asset because access alone does not earn a rate of return; any asset must have a rate of return. In the case of access to capital, it's how that a firm can invest that capital to generate a rate of return that is higher than its own cost of capital. That is the challenge. As for apply the RBV, the RBV can be applied to the capability of just about any enterprise. I say "just about any" because I have reservations about applying to very small firms and mom-and-pop types of businesses. Those aren't really businesses - they are just jobs. But for any substantive enterprise (full-time-equivalent employees >= 12), the RBV can be used with great benefits... If it's used properly.

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