Inwestując kapitał w dane przedsiębiorstwo, poprzez zakup papierów wartościowych (akcji i obligacji), akcjonariusze i wierzyciele oczekują dochodu z tych inwestycji.

Dochód  ten składa się z dwóch elementów:

•    dochodu bieżącego (dywidend lub oprocentowania) oraz tzw. zysku kapitałowego, będącego różnicą pomiędzy ceną sprzedaży a ceną zakupu danego papieru wartościowego.
•    Stopa zwrotu (r) z inwestycji w papiery wartościowe emitowane przez przedsiębiorstwo jest relacją całkowitego zrealizowanego dochodu (czyli dochód bieżący + zysk/strata kapitałowa) do poniesionych przez inwestora nakładów  na zakup danego papieru wartościowego (cena akcji).

Oczekiwana przez inwestorów, zarówno właścicieli jak i wierzycieli, stopa zwrotu określa jednocześnie koszt kapitału wykorzystywanego w przedsiębiorstwie. Rentowność posiadanych przez przedsiębiorstwo aktywów, finansowanych zainwestowanym przez akcjonariuszy  i wierzycieli kapitałem, powinna być na tyle wysoka, aby spełnić oczekiwania inwestorów. Koszt kapitału w przedsiębiorstwie jest uzależniony przede wszystkim od sposobu i rentowności jego wykorzystania przez przedsiębiorstwo, a nie od źródeł jego pochodzenia.

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