वह मुख्य कारक कौन सा है जिसने पोर्टफोलियो सिद्धांत को पूंजी बाजार सिद्धांत (जैसे CAPM) के रूप में विकसित होने की अनुमति दी?

Assertion (A): Preference shares are considered a hybrid source of finance. Reason (R): Preference shareholders have a fixed claim on dividends but do not usually have voting rights.

Which of the following factors primarily determines or affects the requirement of fixed capital in a business enterprise?