现代金融学中最重要的7个理念（The 7 most important modern financial concepts in Science）.docVIP

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现代金融学中最重要的7个理念（The 7 most important modern financial concepts in Science）.doc

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现代金融学中最重要的7个理念（The 7 most important modern financial concepts in Science）

现代金融学中最重要的7个理念（The 7 most important modern financial concepts in Science） The 7 most important modern financial concepts in science! Our seven most important concepts in finance 1, the net present value (NET PRESENT value) When you want to know the value of a second-hand car, you will refer to the second-hand car market in price. Also, when you want to know the value of future cash flow, you will find the price in the capital market, because the capital market is taking ownership of the future cash flow is the subject of the transaction place, and lucrative investment banker is second-hand dealer cash flow. If the operators for shareholders to cheaper than the capital market price to buy cash flow, it would increase the shareholder value. This is the basic principle of NPV Computing: a project in NPV, to determine whether the project cost more than its worth . The value of the project is to estimate what price to sell to calculate its cash flow ownership in the capital market transactions alone. This is why in the calculation of NPV, the opportunity cost of funds as a cash flow discount rate, namely stock expected return and risk degree of the equivalent rate as the discount rate. In an efficient capital market, asset price level of all the risks implied the same expected rate of return. The principle of NPV is a very intuitive and important conclusion. It has hundreds of shareholders, regardless of the degree of their wealth and attitudes to risk: how different are able to participate in the same enterprise investment and principal occupation managers are doing. Common shareholders to indicate managers is to maximize the enterprise NPV. 2, the capital asset pricing model (The Capital Asset Pricing Model) Some people think that the asset pricing model of all modern finance, this is completely wrong! Even if the asset pricing model has never been invented, financial experts recommend to the financial manager basically will be the same. The asset pricing model is attr