专题一 公司财务目标与委托代理问题.ppt

财务管理研究 刘娥平 公司财务理论的发展 Markowitz’s portfolio theory in 1952. The capital structure and dividend irrelevance proposition of Modigliani and Miller in 1958. The asset pricing theories of Sharpe in 1964. The efficient capital market theory of Fama in 1970. The Black-Scholes option pricing theory in 1973. Arbitrage pricing theory of Ross in 1976. Jensen and Meckling’s agency theory in 1976. 1985:Franco Modigliani, for his pioneering analyses of saving and financial markets. 1990: Harry Markowits, Merton Miller, William Sharpe, for their pioneering work in the theory of financial ec