Foundations of Finance (1)
尤金《代理问题和企业理论》个人读书笔记
《代理问题与企业理论》读书笔记碎碎片片文章题目：代理问题与企业理论（Agency Problems and the Theory of the Firm）作者：尤金·法玛（Eugene F.Fama）尤金·法玛教授可以称得上是金融经济学领域的思想家。
法玛教授1939年2月14日出生于美国马萨储塞州波士顿，是意大利裔移民的第三代。
1960年毕业于马萨储塞州Tufts大学，主修法文，获得学士学位，这就是一个看起来不像是日后会成为财金学界大师的开始。
1960－1963年在芝加哥大学商学院研究生院攻读MBA，1963年开始攻读博士学位，1964年获得博士学位，其博士论文为“股票市场价格走势”。
1995年，比利时鲁文大学授予法玛荣誉博士学位。
尤金·法玛在就读Tufts大学与芝加哥大学时参加了诸多的学术团体。
法玛教授的研究兴趣十分广泛，包括投资学理论与经验分析、资本市场中的价格形成、公司财务、组织形式生存的经济学。
他在经济学科的若干领域都作出了重要的贡献，在金融学独立为一个学科以及成为经济学中一个独立领域的进程中，是当之无愧的先驱。
出处：本文原载于[美]《政治经济学杂志》第88卷第2期（1980年），第288-307页。
一、写作动机长期以来，经济学家们一直关注着企业中的决策是由非股东的管理者的行为而产生的激励问题，导致企业“行为”理论和“管理”理论的发展。
但这些理论舍弃了古典的企业模型——经营企业仅仅是为了利润最大化的企业所有者与管理者是统一的，而赞成集中研究控制企业但不拥有企业并与古典的“经济人”相去甚远的管理者的动力问题。
代表有，鲍莫尔（1959）、西蒙（1959）、西尔特和马奇（1963）以及威廉姆森（1964）。
最近，经济学文献倾向于舍弃古典的企业模型但接受古典的经济行为形式，企业被认为是生产要素间的一系列契约，每一种要素为其自我利益所驱使。
因此，强调在组织中通过契约来界定产权的重要性。
英国大学金融专业课程详解、定位、就业
/英国大学金融专业课程详解、定位、就业国内大学关于金融专业的设置，更偏重宏观方向，以货币银行、国际金融等专业为主。
这和我国的历史情况有关，在过去的二十年里投资行为还没有大幅度兴起，因此银行作为主要的金融机构，自然成为研究的主要对象。
同时随时中国开放程度的加深，国际贸易得到了很大发展，因此国际金融的研究也很有必要。
国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
因此我们大部分的学生想要在金融这个领域走的更宽或更远，去英国留学选择金融专业绝对是明智的选择，但是金融专业覆盖范围非常广，分类极细，很多学子也经常在金融各细分专业中因为了解程度的原因，最后不能做出最适合自己的选择，以下为对英国大学金融专业的详细剖析，内容较多，请耐心看。
一、专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
●细分1-----金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：/ IntroductoryResearchMethodsforAccountingandFinance;会计与金融学方法导论EssentialsofFinance;金融学精要DerivativeSecurities衍生证券选修一门：PortfolioInvestment证券投资InternationalMacroeconomicsandGlobalCapitalMarkets国际宏观经济学与全球资本市场FoundationsofFinanceTheory金融学基础第二学期FinancialEconometrics金融计量经济学AdvancedEmpiricalFinance高级实证金融学CorporateFinance;公司金融选修一门InternationalFinance国际金融FinancialStatementAnalysis财务报表分析RealOptionsinCorporateFinance公司金融中的实物期权MergersandAcquisitions:EconomicandFinancialAspects关于企业并购的经济金融思考Dissertation毕业论文●细分2-----公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
金融学基础 _Foundations_Of_Finance_CH11_FOF6
Dividend Growth Model
Example: A company expects dividends this year to be $2.20, based upon the fact that $2 were paid last year. The firm expects dividends to grow 10% next year and into the foreseeable future. Stock is trading at $50 a share.
Cost of retained earnings: Kcs = D1/Pcs+ g 2.20/50 + .10 = .144 or 14.4% Cost of new stock: Kncs = D1/NPcs +g 2.20/(50-7.50) + .10 = .1518 or 15.18%
1.
Dividend Growth Model Capital Asset Pricing Model
2.
Keown, Martin, Petty - Chapter 11
17
Dividend Growth Model
Investors' required rate of return (For Retained Earnings): Kcs = D1/Pcs+ g D1 = Dividends expected one year hence Pcs = Price of common stock g= growth rate
The investor's required rate of return on debt is simply the return that creditors demand on new borrowing.
界著名金融学家个人主页资源概览
这里选定的一些金融经济学者的个人主页,既有较大的信息量，又有一定的学术参考价值。
1、/mjensen/哈佛商学院工商管理学教授詹森（Michael C. Jensen）的个人主页。
詹森教授1985年加盟哈佛商学院，之前系罗彻斯特大学商学院金融学教授和工商管理学教授。
詹森教授的主要研究方向为公司金融理论，其学术贡献主要有三方面：一是说明代理成本如何影响到一个组织的形式；二是强调组织中决策控制权与决策管理权的区别，而非传统上误以为的经营权与管理权的分离；三是阐述组织如何利用特殊知识影响组织的形式。
詹森教授一生著述颇丰，先后发表了50多篇学术论文；著有《组织战略的基穿 （Foundationsof Organizational Strategy）和《企业理论：治理，剩余索取权和组织形式》（Theory of the Firm:Governance, Residual Claims, and Organizational Forms），主持编写了《现代公司金融理论》（TheModern Theory of Corporate Finance）和《资本市场理论研究》（Studies in the Theory of CapitalMarkets）。
并于1973年创办《金融经济学杂志》（Journal of Financial Economics），属金融经济学领域的两份顶级期刊之一。
1994年又与人合作创办了社会科学电子出版公司并任公司主席，投身于科学著作的电子出版事业。
詹森教授传播科学思想不遗余力，将其发表的主要学术论文挂在网上，与大家一同分享。
2、/fac/eugene.fama/research/芝加哥大学商学院著名金融学教授法玛（Eugene F. Fama）的个人主页。
法玛教授的主要研究领域是投资学理论与经验分析、资本市场中的价格形成、公司金融等。
法玛最主要的贡献是提出了著名的“有效市场假说”。
ACF104(14_15)Foundations of Finance_Lecture 1_XJTLU
Foundations of Finance (ACF 104)Lecture 1Corporate Finance and Financial Manager Chapter 1Learning Objectives1.The importance of financial information2.Different types of firms3.The goal of the financial manager and thereasoning behind that goal4.The financial manager’s place in a corporation5.Understand the importance of financial markets6.Recognize the role that financial institutions playin the financial cycle of the economy•Individuals are taking charge of their personal finances with decisions such as:•My first job •How much to save ?0 year 25 yrs 30 yrs 40 yrs 60yrs•Married•Buy a house•HomeMortgage ?• A bank or Bbank?• 2 kids •Buy a Car for picnic •Car Loan or Lease a Car •Preparing for retirement •What is the good investment?• A stock or Bfund?•Your company may face such questions such as:Should your firm launch a new product?Should your firm issue new stock or borrow money instead? How can you raise money for your start-up firm?Your businessOpportunity !MoneyBack?Money?Finance ?MoneyBack ?Different types of firms1.Sole Proprietorships/Sole Trader2.Partnerships3.Limited Liability Companies or CorporationsSole Proprietorship/Trader •Straightforward and many new businesses use this organizational form•Principal limitation is that there is no separation between the firm and the ownerThe firm can have only one owner•The owner has unlimited personal liability for any of the firm’s debts•The life of a sole proprietorship is limited to the life of the owner•It is difficult to transfer ownership of a sole proprietorship•More than one owner•All partners are liable for the firm’s debt− A lender can require any partner to repay all the firm’s outstanding debts•The partnership ends on the death or withdrawal of any single partner•Partners can avoid liquidation if the partnership agreement provides for alternatives such as a buyout of a deceased or withdrawn partner•A limited partnership is a partnership with two kinds of owners, general partners and limited partners−General partnersHave the same rights and privileges as partners in any general partnershipAre personally liable for the firm’s debt obligations −Limited partnersHave limited liability and their ownership interest is transferableThey have no management authority* Limited Liability? Their liabilities are limited to their investment(Limited Liability) Companies or Corporations•Limits the owner’s liability to their investment •Private companies−Owners are not allowed to trade their shares on an organized exchange•Public companies−Owners (e.g. Stockholder) are allowed to trade their shares on an organized exchange (e.g.NYSE, SHSE, SZSE..)−Different names in different countriesUK –PLC (Public Limited Company)Features of corporation (or company) (1/3)•A corporation is a legally defined, artificial being, separate from its owners−It can enter into contracts, acquire assets, and incur obligations.•Must be legally formed−More costly than setting up a sole proprietorship•Ownership of a Corporation−No limit on the number of owners−The entire ownership stake of a corporation is divided into shares known as stock (or share in UK)−The collection of all the outstanding shares of a corporation is known as the equity of the corporationFeatures of corporations (or company) (2/3)•Ownership of a Corporation−An owner of a share of stock in the corporation is known as a shareholder, stockholder, orequity holder−Shareholders are entitled to dividendpaymentsUsually receive a share of the dividend payments that is proportional to the amount of stock they own −No limitation on who can own its stockFeatures of corporations (or company) (3/3)•Tax issue−If there is only 1 owner (1 shareholder)−If Tax a > (Tax b + Tax c), select corporation −If Tax a < (Tax b + Tax c), select sole proprietorOwnerOwner (Shareholder)Sole proprietorCorporation(Personal)Income tax (Tax a)Corporate tax (Tax b)Income tax (for dividend)(Tax c)Characteristics of the different types of firmsSetup Cost?Scale of Fund ?Lesscostly More costly Small Largeor moreCorporationOwned by ShareholdersRun by ManagementAgency Problem/cost•Arising from the separation of ownership and managementWhen managers put their own self-interest ahead of the interests of those shareholders•Creating conflicts of interest between management and owners•Owner (shareholders) –Principal vs. Management –Agents•Examples−High expense claim−investing in projects that are "too safe" or “too risky”* This may be good for management performance, but may be harmful/bad for the goal of value maximizationThe Financial Manager and its task•Financial Managers can be;−Chief Financial Officer (CFO)Oversees the treasurer and controller−TreasurerFinancing, cash management and relationships with banks and other financial institutions.−ControllerBudgeting, Accounting, and Taxes.•Main Tasks−Make investment decisions−Make financing decisions−Manage cash flow from operating activities•Making Investment Decisions−The most important job of financial manager Example of i-phone development in text p.37•The financial manager must weigh the costs and benefits of each investment or projectWe will discuss about Valuation principle in the following lecture.•Making Financing Decisions−The financial manager must decide whether to raise more money from new and existingowners by selling more shares of stock or toborrow the money instead•Managing Short-Term Cash Needs−The financial manager must ensure that the firm has enough cash on hand to meet itsobligations at each point in time−This job is also known as managing working capitalThe Financial Manager’s Goal•The Goal of the Firm−Note that our text explain the goal of the firm from pp.38-39.−In the theory, the goal of a firm should be determined by the firm’s owners.−Some different source explain that the Goal of firm is ‘To maximize the shareholder’s wealth’•Let’s set the goal of the Financial manager to‘Maximize the Shareholders’ wealth for the following lessons.The financial manager’s place in the corporation (1/2)•Stockholders own the corporation but rely on financial managers to actively manage the corporation−The board of directors and the management team headed by the CEO possess direct control of thecorporation•The Corporate Management Team−Board of DirectorsA group of people elected by shareholders who havethe ultimate decision-making authority in thecorporation−Chief Executive Officer (CEO)The person charged with running the corporation by instituting the rules and policies set by the board ofdirectorsThe Financial Functions within a Corporation (2/2)•A public corporation has many owners and its shares trade on‘stock market’ (e.g. stock Exchange)•Primary stock Markets−The market for the issuance of new securities / the initial sale of securities or initial public offering (IPO), andnormally investment banks will get involved.•Secondary market:−The stock market where previously issued securities and financial instruments such as stock, bonds, options, andfutures are bought and sold.−Existing sale of securities in financial markets, between investors, brokers, dealer, investment banks.− e.g. NYSE or NASDAQ• OTC market−over-the-counter market, securities that have not been listed on stock markets are traded here, it’s a dealersmarket.•Listing Standards−Outlines of the requirements a company must meet to be traded on the exchange−The NYSE’s listing standards are more stringent than those of NASDAQ•Other Financial Markets−Bond Market, Foreign Exchange Market, Commodities Market, Derivative Securities.Financial Institution and Financial Cycle•Financial Institutions−Entities that provide financial services, such as taking deposits, managing investments, brokering financialtransactions, or making loans•Financial Cycle1.People invest and savetheir money2.Through loans and stock,that money flows tocompanies who use it tofund growth throughnew products,generating profits andwages3.The money then flowsback to the savers andinvestorsRole of Financial Institutions•Move funds from savers to borrowers•Move funds through time•Help spread out risk-bearing•Example -move funds from savers to borrowers.Saver/InvestorFinancialInstitution(e.g. Bank)Company ProjectFinancial Institution and Their Roles in the Financial Cycle•Financial conglomerates/financial services firms combine more than one type of institution。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
Foundations of Financial Markets and Institutions 金融市场与机构基础-文档资料17页
Financial Market Participants
Households Business units Federal, state, and local governments Government agencies International organizations (e.g. World
Role of (Financial) Markets
Provide liquidity: buyers and sellers all in one ‘place’.
price discovery efficient resource allocation
Reduce transactions costs:
Foreign Market: issuers domiciled abroad
Motivation for Using Foreign Markets and Euromarkets
Limited fund availability in internal market (esp. in poorer countries)
bank) Regulators (broader definition)
Globalization of Financial Markets
In general, easier for investors to move capital internationally
Causes:
Deregulation (liberalization) of financial markets (e.g. currency controls)
金融学基础 _Foundations_Of_Finance_CH02_FOF6
1. Principles Used in this Chapter
Principles Used in this Chapter
Principle 1: The Risk-Return Tradeoff — We Won't Take on Additional Risk Unless We Expect to Be Compensated with Additional Return. Principle 6: Efficient Capital Markets — The Markets are Quick and the Prices Are Right. Principle 10: Ethical Behavior Is Doing the Right Thing, and Ethical Dilemmas Are Everywhere in Finance.
Financial Markets
Financial markets exist in order to allocate the supply of savings in the economy to the demanders of those savings. Financial markets are institutions and procedures that facilitate transactions in all types of financial claims. A securities market is simply a place where you can buy and sell securities (example, New York Stock Exchange)
Foundations of Financial Markets and Institutions 金融市场与机构基础
Common stock Preferred stock Foreign stock
Debt vs. Equity
Debt Instruments
Fixed dollar payments (‘fixed income’) Examples include loans, bonds
Equity Claims
Classification of Financial Markets
Nature of asset: debt vs. equity markets Maturity: money (short) vs. capital (long) markets Seasoning: primary vs. secondary markets Structure: auction vs. over-the-counter (OTC).
search costs information costs (market efficiency)
Financial Market Participants
Households Business units Federal, state, and local governments Government agencies International organizations (e.g. World bank) Regulators (broader definition)
英国留学金融工程专业
英国留学金融工程专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Irwin / McGraw-Hill
17
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Bank Discount Rate (T-Bills)
10,000 - P 360 r BD = x n 10,000 rBD = bank discount rate P = market price of the T-bill
Technology and Delivery of Service • Computer advancements • More complete and timely information Globalization • Domestic firms compete in global markets • Performance in regions depends on other regions • Causes additional elements of risk
Irwin / McGraw-Hill
7
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Key Trends - Globalization
International and Global Markets Continue Developing • Managing foreign exchange • Diversification to improve performance • Instruments and vehicles continue to develop • Information and analysis improves
Fourth Edition
Bond Equivalent Yield
• Can’t compare T-bill directly to bond
– 360 vs 365 days – Return is figured on par vs. price paid
• Adjust the bank discounted rate to make it comparable
• Financial Assets
– Claims on real assets
Irwin / McGraw-Hill
3
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
The Investment Process
• • • • • Asset allocation Security selection Risk-return trade-off Market efficiency Active vs. passive management
Irwin / McGraw-Hill
4
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Active vs. Passive Management
Active Management • Finding undervalued securities • Timing the market Passive Management • No attempt to find undervalued securities • No attempt to time • Holding an efficient portfolio
Irwin / McGraw-Hill
8
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Key Trends - Securitization
Securitization & Credit Enhancement • Offers opportunities for investors and originators • Changes in financial institutions and regulation • Improvement in information capabilities • Credit enhancement and its role
Fourth Edition
Investments & Financial Assets
• Essential nature of investment
– Reduced current consumption – Planned later consumption
• Real Assets
– Assets used to produce goods and services
Irwin / McGraw-Hill
11
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Chapter 2
Financial Markets and Instruments
Irwin / McGraw-Hill
12
Bodie • Kane • Marcus
Irwin / McGraw-Hill
16
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Interest rates that arise in connection with money market securities .Bank discount rate (rBD ) .This is a rate that is used solely for determining the price of a MM security for trading purposes. .Bond equivalent yield (rBEY ) .In general, a yield is an interest rate that (under very specific, sometimes unrealistic, assumptions) represents a rate of return. .rBEY is such a rate of return. It is an annual percentage rate (APR) .For comparing different MM instruments, we often use the effective annual rate (EAR) of the rBEY .
1
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Investments - Background and Issues
Irwin / McGraw-Hill
2
Bodie • Kane • Marcus
Essentials of Investments
Irwin / McGraw-Hill
9
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Key Trends Financial Engineering
Repackaging Services of Financial Intermediaries • Bundling and unbundling of cash flows • Slicing and dicing of cash flows • Examples: strips, CMOs, dual purpose funds, principal/interest splits
Irwin / McGraw-Hill
10
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
The Future
• Globalization continues and offers more opportunities • Securitization continues to develop • Continued development of derivatives and exotics • Strong fundamental foundation is critical • Integration of investments & corporate finance
Irwin / McGraw-Hill
15
Bodie • Kane • Marcus
Essentials of Investments
Fourth Edition
Money Market Instrument Yields
• Yields on Money Market Instruments are not always directly comparable Factors influencing yields • Par value vs. investment value • 360 vs. 365 days assumed in a year (366 leap year) • Bond equivalent yield
• Capital Market
– Bonds – Equity – Derivatives
Irwin / McGraw-Hill
14
Bodie • Kane • Marcus