The Cost of Capital, Corporation Finance and the Theory of Investment 全文翻译

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Corporate Finance, 3e (Berk/DeMarzo)Chapter 12 Estimating the Cost of CapitalThe Equity Cost of CapitalUse the following information to answer the question(s) below.Assume that the risk-free rate of interest is 3% and you estimate the market's expected return to be 9%.1) Which firm has the most total riskA) EenieB) MeenieC) MineyD) MoeAnswer: CExplanation: C) Total risk is measured using volatility and Miney has the highest volatility, hence the most total risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical2) Which firm has the least market riskA) EenieB) MeenieC) MineyD) MoeAnswer: AExplanation: A) Market risk is measured using beta and Eenie has the lowest beta, hence the lowest market risk.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical3) Which firm has the highest cost of equity capitalA) EenieB) MeenieC) MineyD) MoeAnswer: DExplanation: D) Cost of capital is measured using the CAPM and is a linear function of beta. Therefore the firm with the highest beta (Moe) has the highest cost of equity capital.Diff: 1Section: The Equity Cost of CapitalSkill: Analytical4) The equity cost of capital for "Miney" is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r Miney = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical5) The equity cost of capital for "Meenie" is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r Meenie = 3% + (9% - 3%) = %Diff: 1Section: The Equity Cost of CapitalSkill: Analytical6) The risk premium for "Meenie" is closest to:A) %B) %C) %D) %Answer: AExplanation: A) risk premium Meenie = (9% - 3%) = % Diff: 2Section: The Equity Cost of CapitalSkill: AnalyticalThe Market PortfolioUse the following information to answer the question(s) below.Suppose all possible investment opportunities in the world are limited to the four stocks list in the table below:1) The weight on Taggart Transcontinental stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analytical2) The weight on Wyatt Oil stock in the market portfolio is closest to:A) 15%B) 20%C) 25%D) 30%Answer: AExplanation: A)Section: The Market PortfolioSkill: Analytical3) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Nielson Motors is closest to:A) $6,000B) $7,715C) $9,000D) $10,500Answer: DExplanation: D)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $10,500 Diff: 2Section: The Market PortfolioSkill: Analytical4) Suppose that you are holding a market portfolio and you have invested $9,000 in Rearden Metal. The amount that you have invested in Taggart Transcontinental is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$Amount Nielson = × Amount Rearden = × $9,000 = $6,000Diff: 2Section: The Market PortfolioSkill: Analytical5) Suppose that you have invested $30,000 invested in the market portfolio. Then the amount that you have invested in Wyatt Oil is closest to:A) $4,500B) $6,000C) $7,715D) $9,000Answer: AExplanation: A)Amount WO = Weight WO × Amount Market= .15 × $30,000 = $4,500Diff: 2Section: The Market PortfolioSkill: Analytical6) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Rearden Metal that you hold is closest to:A) 450 sharesB) 700 sharesC) 1,400 sharesD) 2,300 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares RM = = = sharesDiff: 2Section: The Market PortfolioSkill: Analytical7) Suppose that you have invested $30,000 in the market portfolio. Then the number of shares of Wyatt Oil that you hold is closest to:A) 150 sharesB) 300 sharesC) 350 sharesD) 450 sharesAnswer: AExplanation: A)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$ Shares WO = = = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Wyatt Oil that you hold is closest to:A) 90 sharesB) 460 sharesC) 615 sharesD) 770 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$ Rearden Metal$45$ Wyatt Oil$10$ Nielson Motors$26$Total$= = sharesDiff: 2Section: The Market PortfolioSkill: Analyticalin Taggart Transcontinental. The number of shares of Rearden Metal that you hold is closest to:A) 780 sharesB) 925 sharesC) 1,730 sharesD) 2,075 sharesAnswer: BExplanation: B)Calculations B × C D/1950Stock Price perShareNumber of SharesOutstanding(Millions)MarketCap WeightTaggart Transcontinental$25$Rearden Metal$45$Wyatt Oil$10$Nielson Motors$26$Total$= = 2, sharesDiff: 2Section: The Market PortfolioSkill: Analytical10) Suppose that you have invested $100,000 invested in the market portfolio and that the stock price of Taggart Transcontinental suddenly drops to $ per share.Which of the following trades would you need to make in order to maintain your investment in the market portfolio:1. Buy approximately 1,140 shares of Taggart Transcontinental2. Sell approximately 256 shares of Rearden Metal3. Sell approximately 57 shares of Wyatt Oil4. Sell approximately 148 shares of Nielson MotorsA) 1 onlyB) 2 onlyC) 2, 3, and 4 onlyD) 1, 2, 3, and 4E) None of the aboveAnswer: EExplanation: E) There is no need to rebalance your portfolio. As an investor, you still hold the market portfolio and therefore there are no trades needed. Diff: 3Section: The Market PortfolioSkill: AnalyticalUse the following information to answer the question(s) below.Suppose that Merck (MRK) stock is trading for $ per share with billion shares outstanding while Boeing (BA) has million shares outstanding and a market capitalization of $ billion. Assume that you hold the market portfolio.11) Boeing's stock price is closest to:A) $B) $C) $D) $Answer: CExplanation: C) Price BA = = = $Diff: 1Section: The Market PortfolioSkill: Analytical12) Merck's market capitalization is closest to:A) $ billionB) $ billionC) $ billionD) $ billionAnswer: BExplanation: B) Market Cap = Price × shares outstanding = $ × 2,110 = $77,437 millionDiff: 1Section: The Market PortfolioSkill: Analytical13) If you hold 1,000 shares of Merck, then the number of shares of Boeing that you hold is closest to:A) 240 sharesB) 330 sharesC) 510 sharesD) 780 sharesAnswer: BExplanation: B) Shares BA== = sharesDiff: 3Section: The Market PortfolioSkill: Analytical14) Which of the following statements is FALSEA) All investors should demand the same efficient portfolio of securities in the same proportions.B) The Capital Asset Pricing Model (CAPM) allows corporate executives to identify the efficient portfolio (of risky assets) by using knowledge of the expected return of each security.C) If investors hold the efficient portfolio, then the cost of capital for any investment project is equal to its required return calculated using its beta with the efficient portfolio.D) The CAPM identifies the market portfolio as the efficient portfolio. Answer: BDiff: 1Section: The Market PortfolioSkill: Conceptual15) Which of the following statements is FALSEA) If investors have homogeneous expectations, then each investor will identify the same portfolio as having the highest Sharpe ratio in the economy.B) Homogeneous expectations are when all investors have the same estimates concerning future investments and returns.C) There are many investors in the world, and each must have identical estimates of the volatilities, correlations, and expected returns of the available securities.D) The combined portfolio of risky securities of all investors must equal the efficient portfolio.Answer: CDiff: 1Section: The Market PortfolioSkill: Conceptual16) Which of the following statements is FALSEA) If some security were not part of the efficient portfolio, then every investor would want to own it, and demand for this security would increase causing its expected return to fall until it is no longer an attractive investment.B) The efficient portfolio, the portfolio that all investors should hold, must be the same portfolio as the market portfolio of all risky securities.C) Because every security is owned by someone, the sum of all investors' portfolios must equal the portfolio of all risky securities available in the market.D) If all investors demand the efficient portfolio, and since the supply of securities is the market portfolio, then two portfolios must coincide. Answer: ADiff: 2Section: The Market PortfolioSkill: Conceptual17) Which of the following statements is FALSEA) The market portfolio contains more of the smallest stocks and less of the larger stocks.B) For the market portfolio, the investment in each security is proportional to its market capitalization.C) Because the market portfolio is defined as the total supply of securities, the proportions should correspond exactly to the proportion of the total market that each security represents.D) Market capitalization is the total market value of the outstanding shares of a firm.Answer: ADiff: 1Section: The Market PortfolioSkill: Conceptual18) Which of the following statements is FALSEA) A value-weighted portfolio is an equal-ownership portfolio: We hold an equal fraction of the total number of shares outstanding of each security in the portfolio.B) When buying a value-weighted portfolio, we end up purchasing the same percentage of shares of each firm.C) To maintain a value-weighted portfolio, we do not need to trade securities and rebalance the portfolio unless the number of shares outstanding of some security changes.D) In a value weighted portfolio the fraction of money invested in any security corresponds to its share of the total number of shares outstanding of all securitiesin the portfolio.Answer: DDiff: 1Section: The Market PortfolioSkill: Conceptual19) Which of the following statements is FALSEA) The most familiar stock index in the United States is the Dow Jones Industrial Average (DJIA).B) A portfolio in which each security is held in proportion to its market capitalization is called a price-weighted portfolio.C) The Dow Jones Industrial Average (DJIA) consists of a portfolio of 30 large industrial stocks.D) The Dow Jones Industrial Average (DJIA) is a price-weighted portfolio. Answer: BExplanation: B) A portfolio in which each security is held in proportion to its market capitalization is called a value-weighted portfolio.Diff: 2Section: The Market PortfolioSkill: Conceptual20) Which of the following statements is FALSEA) Because very little trading is required to maintain it, an equal-weighted portfolio is called a passive portfolio.B) If the number of shares in a value weighted portfolio does not change, but only the prices change, the portfolio will remain value weighted.C) The CAPM says that individual investors should hold the market portfolio, a value-weighted portfolio of all risky securities in the market.D) A price weighted portfolio holds an equal number of shares of each stock, independent of their size.Answer: AExplanation: A) Because very little trading is required to maintain it, a value-weighted portfolio is called a passive portfolio.Diff: 3Section: The Market PortfolioSkill: Conceptual21) Which of the following statements is FALSEA) A market index reports the value of a particular portfolio of securities.B) The S&P 500 is the standard portfolio used to represent "the market" when using the CAPM in practice.C) Even though the S&P 500 includes only 500 of the more than 7,000 individual . Stocks in existence, it represents more than 70% of the . stock market in terms of market capitalization.D) The S&P 500 is an equal-weighted portfolio of 500 of the largest . stocks. Answer: DExplanation: D) The S&P 500 is a value-weighted portfolio of 500 of the largest .stocks.Diff: 2Section: The Market PortfolioSkill: Conceptual22) Which of the following statements is FALSEA) The S&P 500 and the Wilshire 5000 indexes are both well-diversified indexes that roughly correspond to the market of . stocks.B) Practitioners commonly use the S&P 500 as the market portfolio in the CAPM with the belief that this index is the market portfolio.C) Standard & Poor's Depository Receipts (SPDR, nicknamed "spider") trade on the American Stock Exchange and represent ownership in the S&P 500.D) The S&P 500 was the first widely publicized value weighted index and it has become a benchmark for professional investors.Answer: BDiff: 2Section: The Market PortfolioSkill: Conceptual23) In practice which market index is most widely used as a proxy for the market portfolio in the CAPMA) Dow Jones Industrial AverageB) Wilshire 5000C) S&P 500D) . Treasury BillAnswer: CDiff: 1Section: The Market PortfolioSkill: Conceptual24) In practice which market index would best be used as a proxy for the market portfolio in the CAPMA) S&P 500B) Dow Jones Industrial AverageC) . Treasury BillD) Wilshire 5000Answer: DDiff: 1Section: The Market PortfolioSkill: ConceptualUse the table for the question(s) below.Consider the following stock price and shares outstanding data:25) The market capitalization for Wal-Mart is closest to:A) $415 BillionB) $276 BillionC) $479 BillionD) $200 BillionAnswer: DExplanation: D)Diff: 1Section: The Market Portfolio Skill: Analytical26) The total market capitalization for all four stocks is closest to:A) $479 BillionB) $415 BillionC) $2,100 BillionD) $200 BillionAnswer: BExplanation: B)Section: The Market PortfolioSkill: Analytical27) If you are interested in creating a value-weighted portfolio of these four stocks, then the percentage amount that you would invest in Lowes is closest to:A) 25%B) 11%C) %D) 12%Answer: BExplanation: B)Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The number of shares of Wal-Mart that you would hold in your portfolio is closest to: A) 710 B) 1390 C) 1000 D) 870 Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =Diff: 2Section: The Market Portfolio Skill: Analyticalvalue-weighted portfolio of these four stocks. The percentage of the shares outstanding of Boeing that you would hold in your portfolio is closest to: A) .000018% B) .000020% C) .000024% D) .000031% Answer: C Explanation: C)Stock Name Price per Share SharesOutstanding (Billions)MarketCapitalization (Billions)Percent of Total Number ofSharesLowes $ $ % 368 Wal-Mart $ $ % 1,002 Intel $ $ % 1,387 Boeing $ $ %190Total$Number of shares =percentage shares outstanding = 190/0 = .000024% Diff: 2Section: The Market Portfolio Skill: Analytical30) Assume that you have $250,000 to invest and you are interested in creating a value-weighted portfolio of these four stocks. How many shares of each of the fourstocks will you hold What percentage of the shares outstanding of each stock will you holdAnswer:Stock Name Price perShareSharesOutstanding(Billions)MarketCapitalization(Billions)Percentof TotalNumber ofSharesLowes$ $ %368Wal-Mart$ $ %1,002Intel$ $ %1,387Boeing$ $ %190Total$% of Shares%Number of shares =In a value weighted portfolio, the percentage of shares of every stock will be the same.Diff: 3Section: The Market PortfolioSkill: AnalyticalBeta EstimationUse the following information to answer the question(s) below.Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn Beta2007%%%%% 2008%%%.40%% 2009%%%%%1) Wyatt Oil's average historical return is closest to:A) %B) %C) %D) %Answer: AExplanation: A) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyatt OilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical2) The Market's average historical return is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical3) Wyatt Oil's average historical excess return is closest to:A) %B) %C) %D) %Answer: CExplanation: C) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical4) The Market's average historical excess return is closest to:A) %B) %C) %D) %Answer: DExplanation: D) excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%Section: Beta EstimationSkill: Analytical5) Wyatt Oil's excess return for 2009 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta Estimation Skill: Analytical6) The Market's excess return for 2008 is closest to:A) %B) %C) %D) %Answer: AExplanation: A) excess return e = (r WO - r rf)2009Section: Beta EstimationSkill: Analytical7) Using the average historical excess returns for both Wyatt Oil and the Market portfolio, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B) excess return average = excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO= = = .8375Diff: 3Section: Beta EstimationSkill: Analytical8) Using the average historical excess returns for both Wyatt Oil and the Market portfolio estimate of Wyatt Oil's Beta. When using this beta, the alpha for Wyatt oil in 2007 is closest to:A) %B) %C) %D) +%Answer: CExplanation: C) excess return average =excess return average =Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = = = .8375α = actual return - expected return for CAPM = % - [3% + .8375(6% - 3%)] = %Diff: 3Section: Beta EstimationSkill: Analytical9) Using just the return data for 2009, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: BExplanation: B)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%%2008%%%%%2009%%%%% Average%%%%%βWO = = = .8651Diff: 2Section: Beta EstimationSkill: Analytical10) Using just the return data for 2008, your estimate of Wyatt Oil's Beta is closest to:A)B)C)D)Answer: A Explanation: A)Year Risk-freeReturnMarketReturnWyatt OilReturnMarketExcessReturnWyattOilExcessReturn2007%%%%% 2008%%%%% 2009%%%%% Average%%%%%βWO = - = .8525Diff: 2Section: Beta EstimationSkill: Analytical11) Which of the following statements is FALSEA) Beta is the expected percent change in the excess return of the security for a 1% change in the excess return of the market portfolio.B) Beta represents the amount by which risks that affect the overall market are amplified for a given stock or investment.C) It is common practice to estimate beta based on the historical correlation and volatilities.D) Beta measures the diversifiable risk of a security, as opposed to its market risk, and is the appropriate measure of the risk of a security for an investor holding the market portfolio.Answer: DExplanation: D) Beta measures the nondiversifiable risk of a security.Diff: 1Section: Beta EstimationSkill: Conceptual12) Which of the following statements is FALSEA) One difficulty when trying to estimate beta for a security is that beta depends on the correlation and volatilities of the security's and market's returns in the future.B) It is common practice to estimate beta based on the expectations of future correlations and volatilities.C) One difficulty when trying to estimate beta for a security is that beta depends on investors expectations of the correlation and volatilities of the security's and market's returns.D) Securities that tend to move less than the market have betas below 1.Answer: BExplanation: B) Beta is measured using past information.Diff: 1Section: Beta EstimationSkill: Conceptual13) Which of the following statements is FALSEA) Securities that tend to move more than the market have betas higher than 0.B) Securities whose returns tend to move in tandem with the market on average have a beta of 1.C) Beta corresponds to the slope of the best fitting line in the plot of the securities excess returns versus the market excess return.D) The statistical technique that identifies the bets-fitting line through a set of points is called linear regression.Answer: ADiff: 2Section: Beta EstimationSkill: ConceptualUse the equation for the question(s) below.Consider the following linear regression model:(R i - r f) = a i + b i(R Mkt - r f) + e i14) The b i in the regressionA) measures the sensitivity of the security to market risk.B) measures the historical performance of the security relative to the expected return predicted by the SML.C) measures the deviation from the best fitting line and is zero on average.D) measures the diversifiable risk in returns.Answer: ADiff: 2Section: Beta EstimationSkill: Conceptual15) The a i in the regressionA) measures the sensitivity of the security to market risk.B) measures the deviation from the best fitting line and is zero on average.C) measures the diversifiable risk in returns.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: DDiff: 2Section: Beta EstimationSkill: Conceptual16) The e i in the regressionA) measures the market risk in returns.B) measures the deviation from the best fitting line and is zero on average.C) measures the sensitivity of the security to market risk.D) measures the historical performance of the security relative to the expected return predicted by the SML.Answer: BDiff: 2Section: Beta EstimationSkill: ConceptualThe Debt Cost of CapitalUse the following information to answer the question(s) below.Consider the following information regarding corporate bonds:1) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The corresponding risk-free rate is 3% and the market risk premium is 5%. Assuming a normal economy, the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = r rf + β(r m - r rf) = 3% + (5%) = %Diff: 1Section: The Debt Cost of CapitalSkill: Analytical2) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming a normal economy the expected return on Wyatt Oil'sdebt is closest to:A) %B) %C) %D) %Answer: DExplanation: D) r d = ytm - prob(default) × loss rate = 7% - %(70%) = % Diff: 2Section: The Debt Cost of CapitalSkill: Analytical3) Wyatt Oil has a bond issue outstanding with seven years to maturity, a yield to maturity of %, and a BBB rating. The bondholders' expected loss rate in the event of default is 70%. Assuming the economy is in recession, then the expected return on Wyatt Oil's debt is closest to:A) %B) %C) %D) %Answer: BExplanation: B) r d = ytm - prob(default) × loss rate = 7% - %(70%) = %Diff: 2Section: The Debt Cost of CapitalSkill: Analytical4) Rearden Metal has a bond issue outstanding with ten years to maturity, a yield to maturity of %, and a B rating. The corresponding risk-free rate is 3% and the market risk premium is 6%. Assuming a normal economy, the expected return on Rearden Metal's debt is closest to:A) %B) %C) %D) %Answer: CExplanation: C) r d = r rf + β(r m - r rf) = 3% + (6%) = %Diff: 1Section: The Debt Cost of Capital。

Dividend Policy,Growth,and the Valuation of SharesMerton ler;Franco ModiglianiThe Journal of Business,Vol.34,No.4.(Oct.,1961),pp.411-433.Stable URL:/sici?sici=0021-9398%28196110%2934%3A4%3C411%3ADPGATV%3E2.0.CO%3B2-AThe Journal of Business is currently published by The University of Chicago Press.Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use,available at/about/terms.html.JSTOR's Terms and Conditions of Use provides,in part,that unless you have obtained prior permission,you may not download an entire issue of a journal or multiple copies of articles,and you may use content in the JSTOR archive only for your personal,non-commercial use.Please contact the publisher regarding any further use of this work.Publisher contact information may be obtained at/journals/ucpress.html.Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world.The Archive is supported by libraries,scholarly societies,publishers, and foundations.It is an initiative of JSTOR,a not-for-profit organization with a mission to help the scholarly community take advantage of advances in technology.For more information regarding JSTOR,please contact support@.Sun Nov1815:24:192007You have printed the following article:Dividend Policy,Growth,and the Valuation of Shares Merton ler;Franco ModiglianiThe Journal of Business ,Vol.34,No.4.(Oct.,1961),pp.411-433.Stable URL:/sici?sici=0021-9398%28196110%2934%3A4%3C411%3ADPGATV%3E2.0.CO%3B2-AThis article references the following linked citations.If you are trying to access articles from anoff-campus location,you may be required to first logon via your library web site to access JSTOR.Please visit your library's website or contact a librarian to learn about options for remote access to JSTOR.[Footnotes]1The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L1On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-35On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-37On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-3LINKED CITATIONS-Page 1of 6-7Dividend Policies and Common Stock Prices James E.WalterThe Journal of Finance ,Vol.11,No.1.(Mar.,1956),pp.29-41.Stable URL:/sici?sici=0022-1082%28195603%2911%3A1%3C29%3ADPACSP%3E2.0.CO%3B2-59The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L11The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L11On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-314Growth Stocks and the Petersburg Paradox David DurandThe Journal of Finance ,Vol.12,No.3.(Sep.,1957),pp.348-363.Stable URL:/sici?sici=0022-1082%28195709%2912%3A3%3C348%3AGSATPP%3E2.0.CO%3B2-R14The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-LLINKED CITATIONS-Page 2of 6-18Growth and Common Stock Values John C.Clendenin;Maurice Van CleaveThe Journal of Finance ,Vol.9,No.4.(Dec.,1954),pp.365-376.Stable URL:/sici?sici=0022-1082%28195412%299%3A4%3C365%3AGACSV%3E2.0.CO%3B2-K22The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G29Distribution of Incomes of Corporations Among Dividens,Retained Earnings,and Taxes John LintnerThe American Economic Review ,Vol.46,No.2,Papers and Proceedings of the Sixty-eighth Annual Meeting of the American Economic Association.(May,1956),pp.97-113.Stable URL:/sici?sici=0002-8282%28195605%2946%3A2%3C97%3ADOIOCA%3E2.0.CO%3B2-D30The Cost of Capital,Corporation Finance,and the Theory of Investment:Reply Franco Modigliani;Merton lerThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.655-669.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C655%3ATCOCCF%3E2.0.CO%3B2-L31The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-N33The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-NLINKED CITATIONS-Page 3of 6-33Some Factors Influencing Share Prices G.R.FisherThe Economic Journal ,Vol.71,No.281.(Mar.,1961),pp.121-141.Stable URL:/sici?sici=0013-0133%28196103%2971%3A281%3C121%3ASFISP%3E2.0.CO%3B2-C33Capital Equipment Analysis:The Required Rate of Profit Myron J.Gordon;Eli ShapiroManagement Science ,Vol.3,No.1.(Oct.,1956),pp.102-110.Stable URL:/sici?sici=0025-1909%28195610%293%3A1%3C102%3ACEATRR%3E2.0.CO%3B2-X33The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G33Valuation of Closely-Held Stock for Federal Tax Purposes:Approach to an Objective MethodLyle R.Johnson;Eli Shapiro;Joseph O'Meara,Jr.University of Pennsylvania Law Review ,Vol.100,No.2.(Nov.,1951),pp.166-195.Stable URL:/sici?sici=0041-9907%28195111%29100%3A2%3C166%3AVOCSFF%3E2.0.CO%3B2-C33A Discriminant Function for Earnings-Price Ratios of Large Industrial Corporations James E.WalterThe Review of Economics and Statistics ,Vol.41,No.1.(Feb.,1959),pp.44-52.Stable URL:/sici?sici=0034-6535%28195902%2941%3A1%3C44%3AADFFER%3E2.0.CO%3B2-3ReferencesLINKED CITATIONS-Page 4of 6-1On the Problem of Capital Budgeting Diran BodenhornThe Journal of Finance ,Vol.14,No.4.(Dec.,1959),pp.473-492.Stable URL:/sici?sici=0022-1082%28195912%2914%3A4%3C473%3AOTPOCB%3E2.0.CO%3B2-33Growth and Common Stock Values John C.Clendenin;Maurice Van CleaveThe Journal of Finance ,Vol.9,No.4.(Dec.,1954),pp.365-376.Stable URL:/sici?sici=0022-1082%28195412%299%3A4%3C365%3AGACSV%3E2.0.CO%3B2-K5The Cost of Capital,Corporation Finance,and the Theory of Investment:Comment David DurandThe American Economic Review ,Vol.49,No.4.(Sep.,1959),pp.639-655.Stable URL:/sici?sici=0002-8282%28195909%2949%3A4%3C639%3ATCOCCF%3E2.0.CO%3B2-N6Growth Stocks and the Petersburg Paradox David DurandThe Journal of Finance ,Vol.12,No.3.(Sep.,1957),pp.348-363.Stable URL:/sici?sici=0022-1082%28195709%2912%3A3%3C348%3AGSATPP%3E2.0.CO%3B2-R7Some Factors Influencing Share Prices G.R.FisherThe Economic Journal ,Vol.71,No.281.(Mar.,1961),pp.121-141.Stable URL:/sici?sici=0013-0133%28196103%2971%3A281%3C121%3ASFISP%3E2.0.CO%3B2-C10Capital Equipment Analysis:The Required Rate of Profit Myron J.Gordon;Eli ShapiroManagement Science ,Vol.3,No.1.(Oct.,1956),pp.102-110.Stable URL:/sici?sici=0025-1909%28195610%293%3A1%3C102%3ACEATRR%3E2.0.CO%3B2-XLINKED CITATIONS-Page 5of 6-12The Relation Between Retained Earnings and Common Stock Prices for Large,Listed Corporations Oscar HarkavyThe Journal of Finance ,Vol.8,No.3.(Sep.,1953),pp.283-297.Stable URL:/sici?sici=0022-1082%28195309%298%3A3%3C283%3ATRBREA%3E2.0.CO%3B2-G14Valuation of Closely-Held Stock for Federal Tax Purposes:Approach to an Objective MethodLyle R.Johnson;Eli Shapiro;Joseph O'Meara,Jr.University of Pennsylvania Law Review ,Vol.100,No.2.(Nov.,1951),pp.166-195.Stable URL:/sici?sici=0041-9907%28195111%29100%3A2%3C166%3AVOCSFF%3E2.0.CO%3B2-C15Distribution of Incomes of Corporations Among Dividens,Retained Earnings,and Taxes John LintnerThe 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应用经济学必读书目产业经济学研究生必读书目和文章◆必读书目【1】奥利弗·E.威廉姆森．企业的性质-起源、演变和发展．商务印书馆【2】埃里克·弗鲁博顿，鲁道夫·芮切特．新制度经济学--一个交易费用分析范式．上海三联书店，上海人民出版社【3】张五常．经济解释-张五常经济论文选．商务出版社【4】斯蒂文·G·米德玛．科斯经济学——法与经济学和新制度经济学．上海三联书店【5】杨治.产业政策与结构优化[M].北京:新华出版社◆必读文章【1】Porter M. Clusters and Competitive Advantage of Global-CityRegions[R].Washington，DC: World Competitive City Conference，World Bank，17一19 0ctober，2000【2】Scott A J ，Storper M .Pathways to Industrialization and Regional Development [M]. London: Routledge,1992【3】安虎森，朱妍．产业集群理论及其进展[J]．南开经济研究，2003，(3)．【4】于树江，李艳双．产业集群区位选择形成机制分析．中国软科学，2004,(4）【5】刘颖琦，李学伟，李雪梅．基于钻石理论的主导产业选择模型的研究．中国软科学，2006,(1）【6】唐春晖，唐要家．技术模式与中国产业技术追赶．中国软科学,2006年,(4)【7】钱平凡．基于产业集群的我国科技创新的战略研究[J]．中国科技论坛，2004,(3) 【8】郭晓林,鲁耀斌,张金隆,任锦鸾,任远．产业共性技术与区域产业集群关系研究．中国软科学,2006,(9)【9】李东．基于结构特征的商业模式创新：路径类型、产业效应与策略体系．中国软科学,2006,(11)【10】陈修颖，叶华．牵引空间战略与中国的产业空间结构重组．中国软科学，2006,(11) 【11】胡汉辉，倪卫红．集成创新的宏观意义：产业集聚层面的分析[J]．中国软科学，2002,(12)【12】胡汉辉，周哗，刘怀德．地方产业成长的组织模式选择[J]．产业经济评论，2005,(2) 【13】江世银.中国区域产业结构形成及其趋同的历史分析[J].中国经济史研究，2005,(1) 【14】张平,李世祥.中国区域产业结构调整中的障碍及对策. 中国软科学,2007,(7) 【15】谷任,邝国良.产业集群、金融发展与产业竞争力. 中国软科学,2007,(6)【16】秦臻，秦永和.中国高技术产业国际竞争力分析. 中国软科学，2007,(4）【17】陈立敏，谭力文.产业竞争力的评价方法研究——兼论波特体系的内在矛盾[J].经济管理，2003，(24)【18】蓝庆新，王述英.论中国产业国际竞争力的现状与提高对策[J].经济评论.2003，(1) 【19】张小蒂，孙景蔚.基于垂直专业化分工的中国产业国际竞争力分析[J].世界经济.2006，(5)【20】任寿根.新兴产业集群与制度分割——上海外高桥保税区新兴产业集群为例[J] .管理世界，2004，(2)【21】李君华，彭玉兰.产业集群的制度分析[J].中国软科学，2003，(9)【22】丘成利.制度创新与产业集聚的关系研究[J].中国软科学，2001，(9)【23】徐康宁.当代西方产业集群理论的兴起、发展和启示[J].经济学动态，2003，(3) 【24】霍丽，惠宁.制度优势与产业集群的形成.经济学家，2007，(4)【25】关嵩山. 区域性特色产业发展战略思路研究. 经济理论研究，2007，(8）【26】周艳梅.跨国购并对东道国产业市场结构的影响.经济研究导刊，2007，（14）【27】方维慰.论世界产业布局的新动向[J].世界经济与政治论坛，2006,（3）【28】王晓雷. 对外经济均衡、产业结构升级与我国出口退税政策调整.税务研究，2007,（6）【29】孙斐，陈静. FDI与产业结构高级化相关性研究.浙江金融，2007,（8）【30】徐力行，高伟凯. 产业创新与产业协同——基于部门间产品嵌人式创新流的系统分析. 中国软科学2007，（6）【31】刘爱雄，朱斌. 产业集群竞争力及其评价. 科技进步与对策，2006,（1）【32】刘恒江，陈继祥.产业集群竞争力研究述评[J]外国经济与管理，2004,(10)【33】张辉.产业集群竞争力的内在经济机理[J].中国软科学,2003,（1）【34】冯子标.产业政策创新促进山西经济持续发展. 经济问题，2007，（8）【35】冯子标.产业选择及其实现途径[J].经济学动态，2002，（10）【36】朱英明. 论产业集群的创新优势.中国软科学，2003，（7）【37】周兵,蒲勇键. 产业集群的增长经济学解释.中国软科学，2003，（5）【38】李占国，高志刚.基于组合评价的中国区域产业结构转换能力研究.经济问题探索，2007（8）【39】姚建文.基于功能提升视角的产业升级研究.经济问题探索，2007，（8）【40】郭淑芬高策.产业群与资源型区域的持续发展探析.中国软科学，2003，（2）【41】汪国银，刘芳.产业集群治理：动因、结构与机制.经济问题，2007（6）【42】夏骋翔.产业政策的经济学分析.经济问题探索，2007（3）【43】张建.制度与经济增长和发展理论综述.经济问题探索，2002（10）【44】王国中，杜云鹏.国际产业转移与我国外贸商品结构关系的实证分析.经济问题，2007（3）【45】韩世坤.全球跨国并购的产业分布及其演变趋势预测.中国软科学，2001（3）【46】高云虹. 产业集群形成机理探究——基于关键性企业的视角.经济问题探索，2007（1）【47】金祥荣,朱希伟.专业化产业区的起源与演化[J].经济研究,2002,(8)【48】王珺.衍生型集群:珠江三角洲西岸地区产业集群生成机制研究[J].管理世界,2005,(8)【49】乔真真.中国产业结构优化的战略选择——基于对外贸易视角.经济问题，2007（1）【50】赫连志巍，方淑芬.产业集群发展的问题与对策.经济问题，2006（11）数量经济学硕士生必读书目英文必读书目10本：1.Accounting:Concepts﹠ApplicationsW.Steve Albrecht James D. Stice Earl k. Stice2.Intermediate Accounting:Management Decision and financial Accounting Reports Stephen P.Baginski John M.Hassell3.Cost Management :Accounting and ControlDon R.hansen Maryanne M.Mowen4.Financial Accounting:Reporting﹠AnalysisEarl K.Stice James D M.Reeve Michael A.Diamond5.Corporate Financial AccountingCarl S.Warren James M.Reeve Philip E.Fess6.Management AccoountingDon .R.Hansen Maryanne M.Mowen7.Accounting Information systems: A Business Process ApproachFredeick L.Jones Dasaratha V.Rama8.Business Combinations﹠international AccountingHartwell C.Herring Ⅲ9.Auditing;Concepts for a Changing EnvironmentLarry E.Rittenberg Bradley J.Schwieger10.Corporate Finance:A Focused ApproachMachael C.ehrhardt Eugene F.brigham文章：中文10篇：[1] 方红星.公司财务会计与报告架构:美国模式的剖析和启示[J] 会计研究2003(06)[2] 葛家澍,黄世忠. 反映经济真实是会计的基本职能──学习《会计法》的一点体会[J]会计研究,1999(12)[3] 陆建桥.后安然时代的会计与审计——评美国《2002年萨班斯—奥克斯利法案》及其对会计、审计发展的影响[J] 会计研究,2002,(10)[4] 王克敏,陈井勇.股权结构、投资者保护与公司绩效[J] 管理世界, 2004(07)[5] 姜秀华,孙铮. 治理弱化与财务危机:一个预测模型[J] 南开管理评论,2001(05)[6] 吴世农,卢贤义. 我国上市公司财务困境的预测模型研究[J]经济研究 , 2001(06)[7] 杨贺,马春爱,隋如滨.上市公司经营业绩评价:一个两极多指标决策模型[J] 统计与决策,2004(05)[8] 徐国祥,檀向球,胡穗华.上市公司经营业绩综合评价及其实证研究[J] 统计研究 ,2000(09)[9] 吴世农,章之旺.我国上市公司的财务困境成本及其影响因素分析[J]南开管理评论2005(03)[10] 邓云胜,任若恩.会计操纵相关问题研究[J]金融研究,2003(04)英文40篇：[1] Myers, Stewart C, Majluf, Nicholas S. 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Stickney, Paul R.Brown，Financial Reporting and Statement Analysis, 5th Edition，South-Western Publishing Co., 1999.[12] Eugene F.Brigham, Louis C.Gapenski & Michael C.Ehrhardt, Financial Management: Theory and Practice, ninth edition. The Dryden Press, 1999.[13] Frigo, Mark L.Guidelines for Strategic Financial Analysis.Strategic Finance;Nov2003, Vol. 85 Issue 5.[14] Horrigan, James O. A Short History of Financial Ratio Analysis. Accounting Review; Apr68, Vol.43 Issue 2.[15] Lev and Thiagarajan，Fundamental Information Analysis，Journal of Accounting Research，1993，31.[16] Myers Stewart C．Determinants of Corporate Borrowing [J]．Journal of Financial Economics，1997．[17] Titman and Wessels．The Determinants of Capital Struc．ture Choice[J]I Journal of Finance，1988．[18] Stulz , R. , 1990 , Managerial discretion and optimal financing policies [J ] , Journal of Financial Economics 26 .[19] LanderD M'PinchesGE．Challenges to the practical implementation of modeling an valuing real options[J]. 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Chapter 12: Cost of Capital1.The cost of capital for a risk-free investment is the risk-free rate.2. The cost of capital depends on the use of the funds, not the source.3.In finance, operating assets have positive net valuations only if returns exceed what financial markets offer in returns from securities with similar risk (betas).4.The cost of equity: The return that equity investors require on their investment in the firm.Two approaches to measure the cost of equity: 1.The dividend growth model 2.SML -The Dividend Growth Model ApproachD1=D0*(1+g) Advantages:‐This approach is very simple.Disadvantages:‐Applicable only for dividend paying firms (otherwise can use earning).‐Often times people use historical data to predict future growth.‐It is very sensitive to the estimated growth rate, so there is a large margin for error. ‐It does not explicitly consider risk like the CAPM does.Estimating g, e historic rates 2. Use analysts’ forecasts of future growth rates-The SML/CAPM ApproachR f : the risk-free rate R m-R f:the market risk premium β:beta coefficient Advantages:‐It explicitly accounts for risk--It is applicable to all companies, not just for companies with steady dividend growth Disadvantages:--If the estimates of the market risk premium and beta are poor, the resulting cost of e quity can be inaccurate‐Many people use historical data to predict future returns.‐Applicable only if stock prices are observed5.The costs of debt and preference sharesThe cost of debt: The return that lenders require on the firm’s new debt. The return that the firm’s creditors demand on new borrowing.6. The cost of debt is simply the interest rate the firm must pay on new borrowing, and we can observe interest rates in financial market. The coupon rate is not the cost of debt.7.The cost of preference sharesPreference shares normally have a fixed dividend paid every period forever, so a preferences share is essentially a perpetuity. R P=D/P0D: the fixed dividend P0: the current price of the preference shareV=E+D 100%=E/V+E/D capital structure weightWeighted average cost of capital(WACC): The weighted average of the cost of equity and the after-tax cost of debt. The WACC is the overall return the firm must earn on its existing assets to maintain the value of the shares.WACC is the minimum rate of return that the firm must earn overall on its existing assets. If it earns more than this, value is created.WACC=(E/V)*R E+(D/V)*R D*(1-T C)+(P/V)*R PRD*(1-TC): the after-tax interest rate is simply equal to the pre-tax multiplied by 1 minus the tax rate.8.Division and project costs of capitalThe WACC is the correct project discount rate if the project has the same market risk as the company’s existing business. The company’s WACC is not the right discount rate for projects with different market risk. Consistently using the WACC as the project discount rate for projects with differing risks will result in loss in firm value and increase in the firm risk.9.The pure play approach: Use of a WACC that is unique to a particular project, based on companies in similar lines of business.A pure player is a company that operates in a single line of business.A pure player always invests in projects with the same risk.Steps in the pure play approach:1) Find public companies that invest exclusively in the type of project under evaluati on.These companies are likely to have the same market risk as the project being eval uated.2) Compute the WACC of these pure players.3) Average the pure players’ cost of capital.11. The subjective approachSubjective Approach: add a risk factor to the WACC. Use positive adjustments for riskier projects. Use negative adjustments for safer projects.This results in fewer incorrect decisions than if the firm simply used the WACC to make the decisions.12. Interest is tax-deductible and dividends are not, we must look at the after-tax of debt.。

公司金融双语期末复习资料一、判断题二、计算题(4—5题）三、名词解释1。

Corporate finance（公司金融)Corporate finance is the study of the answers to the following questions:What long-term investments should you take on？Where will you get the long-term financing to pay for your investment？How will you manage your everyday financial activities？企业融资是下列问题的答案的研究：把你要什么样的长期投资?你将在哪里获得长期的资金支付你的投资？你如何管理你的日常财务活动?2.financial manager（财务经理）anyone who deals with investment and/or financing decisions for a business.The CFO, controller，treasurer凡涉及一个企业的投资和融资决策.首席财务官，控制器,司库3。

maturity（到期日）The direction of bond investors borrowing principal or other debt to date，but also stop interest payment day.借贷方向投资者偿付债券本金或其他债务的日期,也是停止支付利息的日子.4。

present value（现值)Present value （Present value）, index funds reduced to the base year，also known as the discounted present values，also called on the value of the future cash flow，refers to an appropriate discount rate to discount the value of. Refers to assets in accordance with the is expected to generate from its continuing use and ultimate disposal of the future discounted net cash inflow amount，in accordance with the expected liabilities within the time limit to future net cash outflow discount the amount of reimbursement。

会计专业文献选读五.主要参考文献（一）经典书目1.［美］W·H·比弗著，薜云奎主译：财务呈报：会计革命，东北财经大学出版社，1999年2.［加拿大］威廉姆·R·司可脱陈汉文等译：财务会计理论，机械工业出版社，2000年3.［美］罗斯·L·瓦茨，陈少华.黄世忠等译：实证会计理论东北财经大学出版社1999年4.（二）会计学专业及有关期刊5.《会计研究》，中国会计学会主办6.《财务与会计》，中国财政杂志社主办7.《财会通讯》，财会通讯杂志社8.《审计研究》，中国审计学会主办9.《中国财务与会计研究》，清华大学.香港理工大学主办10.《中国会计评论》，北京大学等主办11.《中国内部审计》，中国内部审计学会主办12.《经济研究》，中国社会科学院经济研究所主办13.《管理世界》，国务院发展研究中心主办14.《金融研究》，中国人民银行总行金融研究所.中国金融学会15.《中国社会科学》，中国社会科学院主办16.（三）会计与审计经典英文文献Part1 Methodology in empirical accounting research1.Brown, S.J. and J.B. Warner. “Using daily stock returns:the case of event studies.” Journal ofFinancial Economics (March 1985): 3-32.2.Dechow, P.M., A. Hutton, and R. Sloan. “Economic consequences of accounting for stock-basedcompensation.” Journal of Accounting Research (1996 supplement): 1-20.Part2 Measurement perspective of accounting1.Holthausen, R.W. and R.L. Watts. “The relevance of the value relevance literature for financial accounting standard setting.” Journal of Accounting & Economics (2001):3-76.2.Ohlson, J.A. “Earnings, Book Values, and Dividends in Equity Valuation.”Contemporary Accounting Research (Spring 1995): 661-687.3.Lee, C.M.C. “Accounting-based valuation: impact on business practices andresearch.” Accounting Horizons, (December 1999): 413-426.4.Botosan, C. “Disclosure level and the cost of equity capital.” The Accounting Review (July 1997): 323-349.Part3 Positive accounting theory and earnings management1.Healy, P.H. and J.M. Wahlen, 1999, A review of the earnings management literatureand its implications for standard setting Accounting Horizons 13, 365-384.Part 4 Earnings persistence and quality1. DeFond, M., and C. W. Park. 2001. The reversal of abnormal accruals and the market valuation of earnings surprises. The Accounting Review 76 (July): 375–404.2.Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review (July): 289-315.Part5 Accounting and Corporate Governance1.Bushm an, R., Q. Chen, E. Engel, and A. Smith, 2004. Financial accounting information, organizational complexity and corporate governance systems, Journal of Accounting and Economics 37: 167-201.2.Engel, E., R. Hayes and X. Wang, 2003. CEO turnover and properties of accounting information, Journal of Accounting and Economics 36: 197-226.3. La Porta,L opez-de-Silanes,F.,Andrei Shleifer,Robert W.Vishiny, 2000, InvestorProtection and Corporate Governance ,Journal of Financial Economics58,3---27.Part 6 Law, regulation, and accounting1.Chen, K.C.W. and H. Yuan, earnings management and resource allocation: evidence from China accounting-based regulation of rights issues,? The Accounting Review V ol. 79 (2004): 645-665.Part 7 Auditing1.Teoh,S.H.and T.J. Wong, 1993, Perceived Auditor Quality and the Earnings Response Coefficients, The Accounting Review 68,346---672.Schwaitz K, B. and K.Menon. Auditor Switches by Failing Firms. The Accounting Review, 1985,60 April:248-261Part 8 taxation1.Douglas A. Shackelforda,2001Terry Shevlin Empirical tax research in accounting, Journal of Accounting and Economics,31 (2001) 321–3872.John R. Grahama, Jana S. Raedyb, 2012.Douglas A. Shackelfordb, Research in accounting for income taxes, Journal of Accounting and Economics,53(2012)3.Jeong-Bon Kima,1, Yinghua Lib,n, Liandong Zhanga,2011Corporate tax avoidance and stock price crash risk: Firm-level analysis,Journal of Accounting and Economics,100(2011)4.Verrecchia, Robert E.Stephanie A2012 Capital Gains Taxes and Expected Rates of Return,Sikes, . Accounting Review. May2012, V ol. 87 Issue 3, p1067-1086.5.Moore, Michael L.Steece, Bert M.Swenson, Charles W.1985Some Empirical Evidence on Taxpayer Rationality. Accounting Review. Jan1985, V ol. 60 Issue 1, p18. 15p.ux, Rick C. 2013The Association between Deferred Tax Assets and Liabilities and Future Tax Payments. Accounting Review. Jul2013, V ol. 88 Issue 4, p1357-1383.（四）财务管理英文经典文献Part 1 Introduction and Overview of Corporate Finance1.Brennan, 1995, “Corporate finance over the past 25 years”, Financial Management 24, Summer, 9-222.Hart, O., 1989, “An economist’s perspective on the theory of the firm”, Columbia Law Review 89, 1757-17743.Williamson, O., 1981, “The modern corporation: origins, evolution, attributes”, Journal of Economic Literature 1537-1568.4.Graham, J. and Harvey, C. 2000. “The Theory and Practice of Corporate Finance: Evidence from the Field”. Journal of Financial Economics 60, 187-244.Part 2 Corporate Finance: Agency Theory and Ownership1.Fama, E., and Jensen, M. 1983. “Agency Problems and Residual Claims”. Journal of Law and Economics, 327-3492.Fama, E., and Jensen, M. 1983. “Separation of Ownership and Control”. Journal of law and economics, 301-325.3.Fama, E. 1978. “The Effects of a Firm’s Investment and Financing Decisions on the Welfare of Its Securityholders”. American Economic Review 68, 272-284.4.Jensen, M., and Meckling, W. 1976. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, 305-360.5.Demsetz. 1983. “The Structure of Ownership and the Theory of the Firm”. Journal of Law and Economics 26, 375-390.6.Jensen, M. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”. Am erican Economic Review, 323-329.7.Myers, S. 1977. “The Determinants of Corporate Borrowing”. Journal of Financial Economics 5, 146-175.8.Parrino, R., and Weisbach, M. 1999. “Measuring Investment Distortions Arising from Stockholder-bondholder Confli ct”. Journal of Financial Economics 53, 3-429.Harford, J. 1999. “Corporate Cash Reserves and Acquisitions”. Journal of Finance 54, 1969-1997.10.Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. 1999. “The Determinantsand Implications of Corpora te Cash Holdings”. Journal of Financial Economics, 52, 3-46.11.Lie, E. 2000. “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements”. Review of Financial Studies 13, 219-248.12.Morck, R., Shleifer, A., and Vishny, R. 1988. “Management Ownership and Market Valuation: An Empirical Analysis”. Journal of Financial Economics, 293-315.Part 3 Corporate Finance: Information, Investors and Corporate Policy1.Akerlof, George. 1970. “The market for “lemons”: Qualitative Uncertainty and the Market Mechanism”. Quarterly Journal of Economics, 89, 488-500.2.Ross, S. 1977. “The Determinants of Capital Structure: The Incentive-signaling Approach”. Bell Journal of Economics 8, 23-40.3.Myers, S.C., and Majluf, N.? 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 187-221.4.Hart, O. 2001. “Financial Contracting”. Journal of Economic Literature 39, 1079-1100.5.Thakor. 1989. “Strategic Issues in Financial Contracting: An Overview”. Financial Management, 39-58.6.Spence, Michael. 1973. “Job market signaling”. Quarterly Journa l of Economics, 87, 355-74.7.Rothschild, Michael., and Stiglitz, Joseph. 1976. “Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information”. Quarterly Journal of Economics, 90, 629-649.8.Grossman, Sanford., and Sti glitz, Joseph E. 1980. “On the Impossibility of Informationally Efficient Markets”. American Economic Review, 70, 393-408.9.Merton, Robert C. 1987. “A Simple Model of Capital Market Equilibrium with Incomplete Information”. Journal of Finance, 483-510.Part 4 Corporate Finance: Capital Structure, Financing Decisions, Investment and Taxesler, M., and Modigliani, F. 1958.“The Cost of Capital, Corporation Finance, and the Theory of Investment”. American Economic Review, 261-297.ler, M., and M odigliani, F. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction”. American Economic Review, 433-443.3.Harris, M. and A. Raviv. 1991. “The Theory of Capital Structure”. Journal of Finance, 297-368.4.Baker, M., and Wurgler, J. 2002. “Market Timing and Capital Structure”, Journal of Finance, 1-32.5.Frank, M., and Goyal, V. 2003. “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics 67, 217-248.6.Mehrotra, V., Mikkelson, M., and Partch, M. 2003. “The Design of Financial Policies in Corporate Spin-offs”. Review of Financial Studies 16, 1359-1388.7.Berger, P., Ofek, E., and Yermack, D. 1997. “Managerial Entrenchment and Capital Structure Decisions”. Journal of Finance, 1411-1437.8.Masulis, R., 1980. “The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers”. 1980. Journal of Financial Economics, 139-178.9.Chemmanur, T., and Paolo, F. 1999. “A Theory of the Going-Public Decision”. Review of Financial Studies 12, 249-279.10.Dunbar, C. 1995. “The Use of Warrants as Underwriter Compensation in Initial Public Offerings”. Journal of Financial Economics 38, 59-78.11.DeAngelo, H., and Masulis, R. 1980. “Optimal Capital Structure under Corporate and Personal Taxation”. Journ al of Financial Economics 8, 3-29.ler, M. 1977. “Debt and Taxes”. Journal of Finance 32, 261-275.13.Graham, J. 2000. “How Big are the Tax Benefits of Debt?”. Journal of Finance 55, 1901-1941.14.Graham, J. 2003. “Taxes and Corporate Finance: A Review”. Review of Financial Studies 16, 1075-1129.15.Kaplan, S., and Stromberg, P. 2003. “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts”. Review of Economic Studies, 285-315.16.Andrade, G., and K aplan, G. 1998. “How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed”.Journal of Finance 53, 1443-1493.17.Kaplan, S., and Zingales, L. 1997. “Do Financing Constraints Explain Why Investment Is Correlated With Cash Flow?”. Quarterly Journal of Economics, 169-215.18.Gertner, R., and Scharfstein, D. 1991. “A Theory of Workouts and the Effects of Reorganization Law”. Journal of Finance 46, 1189-1222.19.Froot, K., Scharfstein, D., and Stein, J. 1993. “Risk Management: Coordinating Corporate Investment and Financing Policies”. Journal of Finance 48, 1629-1658.20.Fama, E., and French, K. 2005. “Financing Decisions: Who Issues Stock”. Journal of Financial Economics, 549-582.21.Fama, E., and French, K. 2002. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt". Review of Financial Studies, 1-37.Part 5 Corporate Finance: Corporate Governance1.Shleifer, A., and Vishny, R. 1997. “A Survey of Corporate Governance”. Journal of Finance, 737- 783. Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Investor Protection and Corporate Governance”. Journ al of Financial Economics, 3-27.3.Brickley, J., Coles, J., and Terry,R. 1994. “Outside Directors and the Adoption of Poison Pills”. Journal of Financial Economics 35, 371-390.4.Byrd, J., and Hickman, K. 1992. “Do Outside Directors Monitor Managers? Evi dence from Tender Offer Bids”. Journal of Financial Economics 32, 195-222.5.Core, J., Holthausen, R., and Larcker, D. 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”. Journal of Financial Economics 51, 371-406.6.Cotter, J., Shivdasani, A., and Zenner, M. 1997. “Do Independent Directors Enhance Target Shareholders Wealth During Tender Offers?”. Journal of Financial Economics 43, 195-218.7.Harford, J. 2003. “Takeover Bids and Target Directors’ Incentives: The Imp act of a Bid on Directors’ Wealth and Board Seats”. Journal of Financial Economics, 51-83. 8.Denis, D., and Sarin, A. 1999. “Ownership and Board Structures in Publicly Traded Corporations”. Journal of Financial Economics 52, 187-224.9.Del Guercio, D., Da nn, L., and Partch, Megan. 2003. “Governance and Boards of Directors in Close-end Investment Companies”. Journal of Financial Economics 69, 111-152.10.Gompers, P., Ishii, J., and Metrick, A. 2003. “Corporate Governance and Equity Prices”. Quarterly Jour nal of Economics 118, 107-155.11.Hermalin, B., and Weisbach, M. 1988. “The Determinants of Board Composition”. RAND Journal of Economics 19, 589-606.12.Hermalin, B., and Weisbach, M. 2003. “Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature”. Federal Reserve Bank at New York, Economic policy review, April 2003.13.Jensen, M. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”. Journal of Finance, 831-880.14.Mikk elson, W., and Partch, M. 1997. “The Decline of Takeovers and Disciplinary Managerial Turnover”. Journal of Financial Economics 44, 205-228.15.Weisbach, M. 1988. “Outside Directors and CEO Turnover”. Journal of Financial Economics 20, 431-460.16.Yerm ack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”. Journal of Financial Economics 40, 185-211.17.Shivdasani, A., and Yermack, D. 1999. “CEO Involvement in the Selection of New Board Member: an Empirical Analysis”. Jour nal of Finance 54, 1829-1853.18.Yermack, D. 2004. “Remuneration, Retention, and Reputation Incentives for Outside Directors”. Journal of Finance 59, 2281-2308.19.Rosenstein, S., and Wyatt, J. 1997. “Inside Directors, Board Effectiveness, and Shareholde r Wealth”. Journal of Financial Economics 44, 229-248.20.Shivdasani, Anil. 1993. “Board Composition, Ownership Structure and Hostile Takeovers”. Journal of Accounting and Economics, 167–198.21.Fich, E., and Shivdasani, A. 2006. “Are Busy Boards Effective Monitors”. Journal of Finance, 689-724.22.Ferris, S., Jagannathan, M., and Pritchard, A. 2003. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments”. Journal of Finance, 1087-1112.23.Vafeas, Nikos. 1999. “Board Meeting Frequency and Firm Performance”. Journal of Financial Economics, 113–142.24.Perry, Tod., and Peyer, Urs. 2005. “Board Seat Accumulation by Executives: A Shareholder's Perspective”. Journal of Finance, 2083–2123.Part 6 Corporate Finance: Mergers and Acquisitions1.Mitchell, M. And Mulherin, J. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity”. Journal of Financial Economics, 193-229.2.Shleifer, A. and Vishny, R. 2003. “Stock Market Driven Acquisitions". Journa l of Financial Economics, 295-311.3.Jensen, M., and Ruback, R. 1983. “The Market for Corporate Control: The Scientific Evidence”. Journal of Financial Economics, 5-50.4.Harford, J. 2005. “What Drives Merger Waves?”. Journal of Financial Economics, 529-560.5.Jarrell, G.A., Brickley, J. and Netta, J. 1988. “The Market for Corporate control: The Empirical Evidence Since 1980.”? Journal of Economic Perspectives, 2:49-68.6.Travlos, Nickolaos. 1987. “Corporate Takeover Bids, Methods of Payment, and Bid ding Firm’s Stock Returns”. Journal of Finance 42, 943-963.7.Stulz, R. 1988. “Managerial Control of V oting Rights: Financial Policies and the Market for Corporate Control”. Journal of Financial Economics, 25-54.8.Healy, Paul., Palepu, Krishna., and R uback, Richard. 1992. “Does Corporate Performance Improve after Mergers?”. Journal of Financial Economics 31, 135-175.9.Halpern, Paul. 1982. “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”. Journal o f Finance 38, 297-317.10.Fuller, K., Netter, J., and Stegemoller, M. 2002. “What do Returns to Acquiring Firms Tell Us? 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1Lecture five: Cost of capital (资本成本)Objectives:--- Understand the cost of debts, preference stock(shares), ordinary shares(common stocks) 懂得计算长期借债成本，优先股成本，普通股成本---Understand WACC 懂得计算综合资本成本1.1 资本成本的含义 （the definition of cost of capital ）资本成本是企业因筹资和使用资金所付出的代价。

The cost of capital is concerned with what a firm has to pay for the capital, that is, the debt, preferred stock, common stock, and retained earnings etc. 同时，资本成本也可认为是指公司接受不同来源资本净额(公司收到的全部资本扣除各种筹资费用后的剩余部分)的现值与预计的未来资本流出量(公司需要逐年支付的各种利息、股息和本金等)现值相等时的折现率或收益率(discount rate)，它既是筹资者所付出的最低代价，也是投资者所要求的最低收益率(minimum required rate of return)资本成本一般表达式：企业从各种渠道筹集到的资金，无外乎来自于投资人与债权人两个途径。

前者可称为自由资金，后者称为借入资金。

作为资金的使用人，资金的筹集必须为此付出一定的使用代价，不可能无偿的使用。

There are two approaches to obtain funds, either viainvestors/shareholders or money lender. No matter what approaches a company decides to choose, there will be never free to use these funds.为了便于分析比较，资本成本通常用相对数表示，而不用绝对数。