公司金融各章复习重点

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1、TheLastbutNotLeastWHATWEDOANDDONOTKNOWABOUTFINANCE1.WHATWEDOKNOW:THESIXMOSTIMPORTANTIDEASINFINANCE(1)NetPresentValue(2)RiskandReturn(3)EfficientCapitalMarkets(4)MM’sIrrelevancePropositions(5)OptionTheory(6)AgencyTheory2.WHATWEDONOTKNOW:SEVENUNSOLVEDPROBLEMSINFINANCE(1)WhatDeterminesProje

2、ctRiskandPresentValue?(2)RiskandReturn—HaveWeMissedSomething?(3)AreThereImportantExceptionstotheEfficient-MarketTheory?(4)HowCanWeExplainCapitalStructure?(5)HowCanWeResolvetheDividendControversy?(6)HowCanWeExplainMergerWaves?(7)WhatistheValueofLiquidity?3.WHATWEDOKNOW:THESIXMOSTIMPORTANT

3、IDEASINFINANCE(1)NetPresentValue(Chapter4，7，8，9)A.TheNetPresentValuedecisionanalysismethodisashareholder,value-creatingprocessforselectingalternatives.B.TheNPVmethodconsiderscashflows,thetimingofthecashflows,andtheopportunityrateofreturnoncapital,includingtherequiredrateofreturnbyequityi

4、nvestors.C.NPVisusedincapitalbudgeting,mergeranalysis,bondrefunding,andlease/buyanalyseswherecashflowsovertimeareconsideredrelativetoanoutlaytoday.D.Maximizepresentvalueisashareholder-focused,longrundecisioncriterionformanagers.NPVrulegivesthemanageronesimpleinstruction：“Maximizenetprese

5、ntvalue”239(2)RiskandReturn(Chapter10，11，5，6)A.Investorsrequireaddedreturnsforaddednondiversifiableriskassumed.B.Anassetisseldomheldbyitself,butinportfolios.Theriskofanassetisthechangeinrisktoaportfoliowhenitisadded.C.TheCAPMapproachesmeasuringrelativeriskbyestablishingariskmeasurerelati

6、vetothemarketportfoliocalledbeta.Thehigherthebetaofanasset,thehighertheinvestorrequiredrateofreturn.D.ThetwocrucialideasbehindtheCAPM:*Investorsdon’tlikeriskandrequireahigherreturntocompensate.*Theriskthatmatteristheriskthatinvestorscannotgetridof.(3)EfficientCapitalMarkets(Chapter6)A.Se

7、curitypricesaccuratelyreflectavailableinformationandrespondrapidlytonewinformation.Threevariationsofavailableinformation,fromweak-form(randomwalk),semi-strong,andstrongform,areusedtodescribespecificmarketsituations.B.Competitionisextremelykeeninfinancialmarketsandinformat