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1、第13章公司融資決策和有效資本市場(chǎng)13.1融資決策能增加價(jià)值嗎13.2有效資本市場(chǎng)的描述13.3有效資本市場(chǎng)的類型13.4實(shí)證研究的證據(jù)13.5資本市場(chǎng)效率理論對(duì)公司理財(cái)?shù)暮x13.6小結(jié)1CorporateFinance13.1融資決策能增加價(jià)值嗎CanFinancingDecisionsCreateValue?前面的幾章闡述了如何根據(jù)凈現(xiàn)值原則評(píng)價(jià)投資項(xiàng)目（資產(chǎn)負(fù)債表的左方）。EarlierpartsofthebookshowhowtoevaluateinvestmentprojectsaccordingtheNPVcriter
2、ion.下面幾章探討融資決策（資產(chǎn)負(fù)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(jià)值Howmuchdebtandequitytosell何時(shí)（是否）發(fā)放股利When(orif)topaydividends何時(shí)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(píng)價(jià)投資項(xiàng)目，我們使用NPV來(lái)評(píng)價(jià)融資決策。JustaswecanuseNPVcriteriatoevaluateinvestmentdecisions,wecanuseNPVtoevaluatefinancingdecisions.3CorporateFinance如何通過(guò)融資創(chuàng)造價(jià)值HowtoCreateValuethroughFinancing1.愚弄投資者FoolInvestors如通過(guò)發(fā)行認(rèn)股權(quán)證等復(fù)雜證券進(jìn)行融資，誘導(dǎo)投資者對(duì)于復(fù)雜證券過(guò)于樂觀，從而使公司獲得的價(jià)值超過(guò)其真實(shí)價(jià)值。實(shí)證研究認(rèn)為一直愚弄消費(fèi)者是艱
4、難的。Empiricalevidencesuggeststhatitishardtofoolinvestorsconsistently.4CorporateFinance5CorporateFinance6CorporateFinance13.2有效資本市場(chǎng)的描述ADescriptionofEfficientCapitalMarkets有效資本市場(chǎng)是指資產(chǎn)的現(xiàn)有市場(chǎng)價(jià)格能夠充分反映所有有關(guān)可用信息的資本市場(chǎng)。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(chǎng)的類型TheDifferentTypesofEfficiency弱型有效市場(chǎng)WeakFormSecuritypricesreflectallinformationfoundinpastpricesandvolume.半強(qiáng)型有效市場(chǎng)Semi-StrongFormSecuritypricesreflectallpubliclyavailableinformation.強(qiáng)型有效市場(chǎng)StrongFormSecuritypricesreflectallinformation—publicandprivat
8、e.11CorporateFinance13.3.1弱型有效市場(chǎng)WeakFormMarketEfficiencySecuritypricesreflectallinformationfoundinpastpricesandvolume
