Corporate inance and the Life Cycle of the Firm公司金融与企业生命周期.pptVIP

Corporate Finance and the Life Cycle of the Firm公司金融与企业生命周期 Stewart C. Myers China International Conference in Finance July 8, 2004 2004中国金融国际年会 2004年7月8日 Corporate Finance and the Life Cycle of the Firm公司金融与企业生命周期 Functions of financial markets and institutions 金融市场与金融机构的功能 Corporate governance 公司治理 Coinvestment of human and financial capital 人力资本与金融资本的共同投资 The life cycle 生命周期 Startup and growth 初创与成长期 Going concern 持续经营期 Cash cow in decline 衰退中的现金牛期 Financial Markets and Institutions金融市场与金融机构 First task: 首要任务 Move capital into companies with positive-NPV investments. 向那些拥有正NPV投资项目的企业投入资