公司财务理论基础.ppt

第二讲公司金融理论的基础 ◆行为和环境假定 ◆制度和行为 ◆企业目标  行为和环境假定 行为假定 分理性(完全契约模型)和有限理性 完全契约模型和行为模型 2环境假定—一有效市场假说ε Giving the assumptions that define the ideal capital market, a securitys market price fully reflects the true, rational value of the security: in other words, the security is fairly priced Traditional Forms of Market Efficiency weak form(price reflects all information contained in the securitys strong form(price reflects all information, both public information ld privately(e. g, by 现实的证券市场并非有效的市场  Assumptions of the Ideal Capital Market Assumption 1: Capital Markets are Frictionless(i.e,,no taxes or transaction costs) Assumption 2: All Market Participants Share homogeneous expectations. Assumption 3: All market participants are atomistic Assumption 4: The Firms Investment Program is Fixed and Known Assumption 5: The Firms Financing is Fixed  企业的契约性质 系。或者各种利益相关者之间缔结的契约的集合。权利关 企业:是一种制度,界定了各利益相关者之间的责 给定不允场由定企业旁完场 但不等价于市场,关键差别是企业采取权威或者命令控制。 科斯称之为计划或者命令,威廉姆森称之为带有内部法庭 的治理, Bowles称之为雇主的单边权力。 ■科斯,1937,企业的性质,载于《论生产的制度结构》 上海三联书店  自古不谋万世者,不足谋一时;不谋全局者, 不足谋一域 一(清)陈澹然 名不正,言不顺;言不顺,事不成。