What is Corporate Finance n n Corporate Finance

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What is Corporate Finance? n n Corporate Finance

What is Corporate Finance? n n Corporate Finance

公司金融的起点 n n Modigliani and Miller (1958)(Capital Structure, AER) Miller and Modigliani (1961)(Divident Policy,

公司金融的起点 n n Modigliani and Miller (1958)(Capital Structure, AER) Miller and Modigliani (1961)(Divident Policy, JB)

超越MM理论，资本结构理论发展脉络(一) n n n 静态权衡理论(Static trade-off theory) 代理成本理论(Agency cost theory) 序列融资理论(Pecking order theory) 要素产品市场理论(Factor-product

超越MM理论，资本结构理论发展脉络(一) n n n 静态权衡理论(Static trade-off theory) 代理成本理论(Agency cost theory) 序列融资理论(Pecking order theory) 要素产品市场理论(Factor-product market theory) 企业控制权理论(Market for corporate control theory)

2. 代理成本理论(Agency cost theory) n Jensen and Meckling (1976)

2. 代理成本理论(Agency cost theory) n Jensen and Meckling (1976)

3. 序列融资理论(Pecking order theory) n n Myers and Majluf (1984) Myers (1984)

3. 序列融资理论(Pecking order theory) n n Myers and Majluf (1984) Myers (1984)

4. 要素产品市场理论(Factor-product market theory) n n n Titman (1984) Brander and Lewis (1986) Sarig

4. 要素产品市场理论(Factor-product market theory) n n n Titman (1984) Brander and Lewis (1986) Sarig (1998)

5. 企业控制权理论(Market for corporate control theory) n n Harris and Raviv (1988) Stulz (1988)

5. 企业控制权理论(Market for corporate control theory) n n Harris and Raviv (1988) Stulz (1988)

1. 动态权衡理论(Dynamic trade-off theory) n n n Kane, Marcus and Mc. Donald (1984) Fischers，Heinkel

1. 动态权衡理论(Dynamic trade-off theory) n n n Kane, Marcus and Mc. Donald (1984) Fischers，Heinkel and Zechner (1989) Titman and Tsyplakov (2007)

2. 序列融资理论的发展 n n Eckbo and Norli (2005) Halov and Heider (2005)

2. 序列融资理论的发展 n n Eckbo and Norli (2005) Halov and Heider (2005)

3. 要素产品市场理论的发展 n n 利益相关者理论(Stakeholder theory) 市场结构理论(Market structure theory)

3. 要素产品市场理论的发展 n n 利益相关者理论(Stakeholder theory) 市场结构理论(Market structure theory)

3. 1利益相关者理论 n n Maksimovic and Titman (1991) Banerjee et al. (2004)

3. 1利益相关者理论 n n Maksimovic and Titman (1991) Banerjee et al. (2004)

3. 2市场结构理论 n n Opler and Tieman (1994) Chevalier(1995) Myers (1977) Phillips (1995)

3. 2市场结构理论 n n Opler and Tieman (1994) Chevalier(1995) Myers (1977) Phillips (1995)

4. 行为资本结构理论(Behavioral capital structure theory) n n 投资者非理性范式(Irrational investors approach) 经理人非理性范式(Irrational managers approach)

4. 行为资本结构理论(Behavioral capital structure theory) n n 投资者非理性范式(Irrational investors approach) 经理人非理性范式(Irrational managers approach)

4. 1投资者非理性范式 n n Stein (1996) Baker and Wurgler (2002)

4. 1投资者非理性范式 n n Stein (1996) Baker and Wurgler (2002)

4. 2经理人非理性范式 n n n Baker、Ruback and Wurgler (2007) Malmendier and Tate (2005) Graham

4. 2经理人非理性范式 n n n Baker、Ruback and Wurgler (2007) Malmendier and Tate (2005) Graham and Harvey (2001)

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