6 资产负债表模型 Current Assets Fixed Assets 1 Tangible 2 Intangible Total Value of Assets:Shareholders’ EquityCurrent LiabilitiesLong-Term DebtTotal Firm Value to Investors:It is sometimes helpful to relate corporate decisions to individual circumstances. For example, consider discussing how individuals choose to buy cars or homes and how this decision would affect a personal balance sheet.
7 The Capital Budgeting Decision Current AssetsCurrent LiabilitiesLong-Term DebtFixed Assets1 Tangible2 IntangibleWhat long-term investments should the firm choose?Shareholders’ Equity
8 The Capital Structure Decision Current LiabilitiesCurrent AssetsLong-Term DebtHow should the firm raise funds for the selected investments?Fixed Assets1 Tangible2 IntangibleShareholders’ Equity
9 Short-Term Asset Management Current AssetsCurrent LiabilitiesNet Working CapitalLong-Term DebtFixed Assets1 Tangible2 IntangibleHow should short-term assets be managed and financed?Shareholders’ Equity
10 什么是财务管理?是在一定的整体目标下，关于 资产的购置（acquisition), 融资(financing), 和 营运资产管理(management of working capital).财务管理也可以定义为价值的创造。
11 Firm issues securities (A) 价值的创造FirmFinancial marketsFirm issues securities (A)Invests in assets (B)Retained cash flows (F)Cash flow from firm (C)Dividends and debt payments (E)Short-term debtLong-term debtEquity sharesCurrent assets Fixed assetsTaxes (D)The cash flows from the firm must exceed the cash flows from the financial markets.Ultimately, the firm must be a cash generating activity.Government
46 三种类型的有效市场 All information relevant to a stock 弱型有效市场（Weak Form）Security prices reflect all information found in past prices and volume.半强型有效市场（Semi-Strong Form）Security prices reflect all publicly available information.强型有效市场（Strong Form）Security prices reflect all information—public and private.Information set of publicly available informationInformation set of past prices
47 基于有效市场理论的理论 Modigliani and Miller (capital structure) Sharpe and Lintner (CAPM)Black and Scholes (1973)