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1、第13章公司融資決策和有效資本市場13.1融資決策能增加價值嗎13.2有效資本市場的描述13.3有效資本市場的類型13.4實證研究的證據(jù)13.5資本市場效率理論對公司理財?shù)暮x13.6小結(jié)1CorporateFinance13.1融資決策能增加價值嗎CanFinancingDecisionsCreateValue?前面的幾章闡述了如何根據(jù)凈現(xiàn)值原則評價投資項目(資產(chǎn)負債表的左方)。EarlierpartsofthebookshowhowtoevaluateinvestmentprojectsaccordingtheNPVcriter
2、ion.下面幾章探討融資決策(資產(chǎn)負債表的右方)Thenextfivechaptersconcernfinancingdecisions.2CorporateFinanceWhatSortofFinancingDecisions?典型的融資決策包括Typicalfinancingdecisionsinclude:出售債務(wù)和股權(quán)的價值Howmuchdebtandequitytosell何時(是否)發(fā)放股利When(orif)topaydividends何時出售債務(wù)和股權(quán)Whentoselldebtandequity正如在資本預(yù)算中使用
3、凈現(xiàn)值準(zhǔn)則評價投資項目,我們使用NPV來評價融資決策。JustaswecanuseNPVcriteriatoevaluateinvestmentdecisions,wecanuseNPVtoevaluatefinancingdecisions.3CorporateFinance如何通過融資創(chuàng)造價值HowtoCreateValuethroughFinancing1.愚弄投資者FoolInvestors如通過發(fā)行認股權(quán)證等復(fù)雜證券進行融資,誘導(dǎo)投資者對于復(fù)雜證券過于樂觀,從而使公司獲得的價值超過其真實價值。實證研究認為一直愚弄消費者是艱
4、難的。Empiricalevidencesuggeststhatitishardtofoolinvestorsconsistently.4CorporateFinance5CorporateFinance6CorporateFinance13.2有效資本市場的描述ADescriptionofEfficientCapitalMarkets有效資本市場是指資產(chǎn)的現(xiàn)有市場價格能夠充分反映所有有關(guān)可用信息的資本市場。Anefficientcapitalmarketisoneinwhichstockpricesfullyreflectavai
5、lableinformation.7CorporateFinance8CorporateFinanceReactionofStockPricetoNewInformationinEfficientandInefficientMarketsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+)announcementEfficientmarketresponseto“goodnews”O(jiān)verreactionto“goodnews”withreversionDelayedrespon
6、seto“goodnews”9CorporateFinanceReactionofStockPricetoNewInformationinEfficientandInefficientMarketsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+)announcementEfficientmarketresponseto“badnews”O(jiān)verreactionto“badnews”withreversionDelayedresponseto“badnews”10Corpora
7、teFinance13.3有效資本市場的類型TheDifferentTypesofEfficiency弱型有效市場WeakFormSecuritypricesreflectallinformationfoundinpastpricesandvolume.半強型有效市場Semi-StrongFormSecuritypricesreflectallpubliclyavailableinformation.強型有效市場StrongFormSecuritypricesreflectallinformation—publicandprivat
8、e.11CorporateFinance13.3.1弱型有效市場WeakFormMarketEfficiencySecuritypricesreflectallinformationfoundinpastpricesandvolume