国际财务管理 13.ppt

Slide 2
Key Concepts and Skills
• Understand the importance of capital market efficiency
• Be able to define the forms of efficiency • Know the various empirical tests of market
– Firms should expect to receive the fair value for securities that they sell. Firms cannot profit from fooling investors in an efficient market.
McGraw-Hill/Irwin
1. Fool Investors
• Empirical evidence suggests that it is hard to fool investors consistently.
2. Reduce Costs or Increase Subsidies
• Certain forms of financing have tax advantages or carry other subsidies.
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 6
13.2 A Description of Efficient Capital Markets
• An efficient capital market is one in which stock prices fully reflect available information.
Slide 3
Chapter Outline
13.1 Can Financing Decisions Create Value? 13.2 A Description of Efficient Capital Markets 13.3 The Different Types of Efficiency 13.4 The Evidence 13.5 The Behavioral Challenge to Market
CHAPTER
13
Corporate Financing Decisions and Efficient
Capital Markets
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 4
13.1 Can Financing Decisions Create Value?
• Earlier parts of the book show how to evaluate investment projects according to the NPV criterion.
• We can use NPV to evaluate financing decisions.
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Slide 5
Creating Value through Financing
efficiency • Understand the implications of efficiency
for corporate finance managers
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Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
• The next few chapters concern financing decisions, such as:
– How much debt and equity to sell – When to sell debt and equity – When (or if) to pay dividends
• The EMH has implications for investors and firms.
– Since information is reflected in security prices quickly, knowing information when it is released does an investor little good.
Efficiency 13.6 Empirical Challenges to Market Efficiency 13.7 Reviewing the Differences 13.8 Implications for Corporate Finance
McGraw-Hill/Irwin
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
3. Create a New Security
• Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices.
• In the long-run, this value creation is relatively small.
Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved
Foundations of Market Slide 7 Efficiency