企业金融各复习重点.docVIP

PAGE / NUMPAGES 封 面 作者：ZHANGJIAN 仅供个人学习，勿做商业用途 The Last but Not Least WHAT WE DO AND DO NOT KNOW ABOUT FINANCE 1. WHAT WE DO KNOW: THE SIX MOST IMPORTANT IDEAS IN FINANCE精品文档收集整理汇总 (1) Net Present Value (2) Risk and Return (3) Efficient Capital Markets (4) MM’s Irrelevance Propositions (5) Option Theory (6) Agency Theory 2. WHAT WE DO NOT KNOW: SEVEN UNSOLVED PROBLEMS IN FINANCE精品文档收集整理汇总 (1) What Determines Project Risk and Present Value?精品文档收集整理汇总 (2) Risk and Return—Have We Missed Something? (3) Are There Important Exceptions to the Efficient-Market Theory?精品文档收集整理汇总 (4) How Can We Explain Capital Structure? (5) How Can We Resolve the Dividend Controversy? (6) How Can We Explain Merger Waves? (7) What is the Value of Liquidity? 3. WHAT WE DO KNOW: THE SIX MOST IMPORTANT IDEAS IN FINANCE精品文档收集整理汇总 (1) Net Present Value (Chapter 4，7，8，9) A. The Net Present Value decision analysis method is a shareholder, value-creating process for selecting alternatives.精品文档收集整理汇总 B. The NPV method considers cash flows, the timing of the cash flows, and the opportunity rate of return on capital, including the required rate of return by equity investors.精品文档收集整理汇总 C. NPV is used in capital budgeting, merger analysis, bond refunding, and lease/buy analyses where cash flows over time are considered relative to an outlay today.精品文档收集整理汇总 D. Maximize present value is a shareholder-focused, long run decision criterion for managers. NPV rule gives the manager one simple instruction：“ Maximize net present value”精品文档收集整理汇总 (2) Risk and Return (Chapter 10， 11，5，6) A. Investors require added returns for added nondiversifiable risk assumed. 精品文档收集整理汇总 B. An asset is seldom held by itself, but in portfolios. The risk of an asset is the change in risk to a portfolio when it is added. 精品文档收集整理汇总 C. The CAPM approaches measuring relative risk by establishing a risk measure relative to the market portfolio called beta. The high