公司理财公司融资决策和有效资本市场市场.pptVIP

13.5 对公司理财的含义Implications for Corporate Finance Because information is reflected in security prices quickly, investors should only expect to obtain a normal rate of return. Awareness（知道） of information when it is released does an investor little good. The price adjusts before the investor has time to act on it. Firms should expect to receive the fair value for securities that they sell. Fair means that the price they receive for the securities they issue is the present value. Thus, valuable financing opportunities that arise from fooling investors are unavailable（难以获得的） in efficient markets.