公司理财13公司融资决策和有效资本市场市场.ppt

《公司理财13公司融资决策和有效资本市场市场.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、第13章公司融资决策和有效资本市场13.1融资决策能增加价值吗13.2有效资本市场的描述13.3有效资本市场的类型13.4实证研究的证据13.5资本市场效率理论对公司理财的含义13.6小结1CorporateFinance13.1融资决策能增加价值吗CanFinancingDecisionsCreateValue?前面的几章阐述了如何根据净现值原则评价投资项目（资产负债表的左方）。EarlierpartsofthebookshowhowtoevaluateinvestmentprojectsaccordingtheNPVcriter

2、ion.下面几章探讨融资决策（资产负债表的右方）Thenextfivechaptersconcernfinancingdecisions.2CorporateFinanceWhatSortofFinancingDecisions?典型的融资决策包括Typicalfinancingdecisionsinclude:出售债务和股权的价值Howmuchdebtandequitytosell何时（是否）发放股利When(orif)topaydividends何时出售债务和股权Whentoselldebtandequity正如在资本预算中使用

3、净现值准则评价投资项目，我们使用NPV来评价融资决策。JustaswecanuseNPVcriteriatoevaluateinvestmentdecisions,wecanuseNPVtoevaluatefinancingdecisions.3CorporateFinance如何通过融资创造价值HowtoCreateValuethroughFinancing1.愚弄投资者FoolInvestors如通过发行认股权证等复杂证券进行融资，诱导投资者对于复杂证券过于乐观，从而使公司获得的价值超过其真实价值。实证研究认为一直愚弄消费者是艰

4、难的。Empiricalevidencesuggeststhatitishardtofoolinvestorsconsistently.4CorporateFinance5CorporateFinance6CorporateFinance13.2有效资本市场的描述ADescriptionofEfficientCapitalMarkets有效资本市场是指资产的现有市场价格能够充分反映所有有关可用信息的资本市场。Anefficientcapitalmarketisoneinwhichstockpricesfullyreflectavai

5、lableinformation.7CorporateFinance8CorporateFinanceReactionofStockPricetoNewInformationinEfficientandInefficientMarketsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+)announcementEfficientmarketresponseto“goodnews”Overreactionto“goodnews”withreversionDelayedrespon

6、seto“goodnews”9CorporateFinanceReactionofStockPricetoNewInformationinEfficientandInefficientMarketsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+)announcementEfficientmarketresponseto“badnews”Overreactionto“badnews”withreversionDelayedresponseto“badnews”10Corpora

7、teFinance13.3有效资本市场的类型TheDifferentTypesofEfficiency弱型有效市场WeakFormSecuritypricesreflectallinformationfoundinpastpricesandvolume.半强型有效市场Semi-StrongFormSecuritypricesreflectallpubliclyavailableinformation.强型有效市场StrongFormSecuritypricesreflectallinformation—publicandprivat

8、e.11CorporateFinance13.3.1弱型有效市场WeakFormMarketEfficiencySecuritypricesreflectallinformationfoundinpastpricesandvolume