财务管理资料整理.docxVIP

一、名称解释 （1）机会成本Opportunity Cost = 1 \* GB3 ①Opportunity cost: The difference between the value of one action and the value of the best alternative action. = 2 \* GB3 ②When the opportunity cost is small, the cost of an incorrect choice is small. = 3 \* GB3 ③When the opportunity cost is large, the cost of not making the best choice is large. （2）Agency Theory 代理理论 An important application of the Principle of Self-Interested Behavior----- Agency Theory = 1 \* GB3 ①Agency Theory: The analysis of participant behavior in a principal-agent relationship（委托代理关系） Principal-Agent Relationship: A situation in which one participant, the agent, makes decisions that affect another participant, the principal. = 2 \* GB3 ②Agent（代理人）: One of the participants in a principal-agent relationships. = 3 \* GB3 ③Principal（委托人）: One of the participants in a principal-agent relationship. （3）Moral Hazard道德风险 = 1 \* GB3 ①Moral Hazard: A situation in which an agent can take unseen actions（不可观测的行为）for personal benefit even though such actions are costly to the principal. = 2 \* GB3 ②Agency theory helps us develop more effective provisions（条款）for contracts（契约）between a principal and an agent. = 3 \* GB3 ③A typical goal of such contract provision is to reduce conflicts of interest（利益冲突）, thereby reducing moral hazard problem. （4）The Signaling Principle: Actions Convey Information信号原则：行为传递信息 = 1 \* GB3 ①The Signaling Principle is anther extension of the Principle of Self-Interested Behavior. = 2 \* GB3 ②Assuming self-interested behavior, we can guess at the information or options behind the decisions that we observe. （5）Probability and Statistics（概率统计） = 1 \* GB3 ①The risk of an assets is the likelihood its realized return will vary substantially from its expected return. = 2 \* GB3 ②Random Variables（随机变量）: A random variable is not perfectly predictable. = 3 \* GB3 ③Probabilities（概率）: Probabilities must satisfy two conditions: (1) A probability can’t be negative (2). The probabilities