《高等學校經濟類雙語教學推薦教材·經濟學經典教材·金融系列：金融學（第2版）（全文影印）》以功能視角劃分金融體系，采用統一整體的邏輯演進方式闡釋金融領域涉及的問題。內容涉及金融和金融體系的基本介紹、時間與資源配置、價值評估模型、風險管理和資產組合理論、資產定價、公司金融等金融領域的基本問題。
《高等學校經濟類雙語教學推薦教材·經濟學經典教材·金融系列：金融學（第2版）（全文影印）》致力于提供金融領域的全景化描述，將金融領域涉及的問題納入邏輯嚴整的統一分析框架中，為使用者根據自己的喜好自行選擇感興趣的內容提供方便，并且有助于使用者迅速了解金融領域各個組成部分之間的邏輯關系。大量專欄和圖表提供了豐富的背景知識，并為進一步的研究預留了充足的空間。這些專欄選取不同素材從各個角度說明理論的應用性，從而有利于加深理論的理解。
茲維·博迪，波士頓大學管理學院的諾曼和阿黛爾·巴倫管理學講席教授。他擁有麻省理工學院經濟學博士學位，曾經供職于哈佛大學商學院以及麻省理工學院斯隆管理學院金融系。
第1部分 金融和金融體系
第1章 金融經濟學
第2章 金融市場和金融機構
第3章 管控財務健康狀況和經營業績
第2部分 時間與資源配置
第4章 跨期配置資源
第5章 居民戶的儲蓄和投資決策
第6章 投資項目分析
第3部分 價值評估模型
第7章 市場價值評估的基本原理
第8章 已知現金流的價值評估：債券
第9章 普通股的價值評估
第4部分 風險管理和資產組合理論
第10章 風險管理的基本原理
第11章 對沖、投保以及分散化
第12章 資產組合的機會和選擇
第5部分 資產定價
第13章 資本市場均衡
第14章 遠期市場和期貨市場
第15章 期權市場以及或有要求權市場
第6部分 公司金融
第16章 公司財務結構
第17章 實物期權
參考書目
專業術語
Of course, management still has the difficult task of estimating the impact of its deci-sion on the value of the firm's shares. Thus, in our preceding illustrations, in order tochoose between projects A and B, or between A and C, management would have to deter-mine which of them is likely to increase the value of the firm the most. This is not easy, butthe criterion for making the decision is unambiguous.
Thus, the goal of management is to make decisions so as to maximize the firm's valueto its shareholders. The main challenge in implementing this criterion is to obtain informa-tion about the likely impact of its decisions on the firm's value. Management's task is mademuch easier when it can observe market prices of its own and other firms' shares.
Indeed, in the absence of such market price information, it is difficult to see how theycan implement this criterion at all. Although it is reasonable to assume that good managerswill have as much information about their firm's production technology as anyone, suchinternal (to the firm) information is not sufficient to make effective decisions. In theabsence of a stock market, managers would require external (to the firm) information that iscostly if not impossible to obtain: namely, the wealth, preferences, and other investmentopportunities of the owners.
Thus, the existence of a stock market allows the manager to substitute one set of exter-nal information that is relatively easy to obtain--namely, stock prices--for another set thatis virtually impossible to obtain--information about the shareholders' wealth, preferences,and other investment opportunities. The existence of a well-functioning stock market,therefore, facilitates the efficient separation of the ownership and management of firms.
Note that in one respect the corporation's own senior managers and outside stock ana-lysts who follow the corporation face a common task. Both groups are concerned withanswering the question: How will the actions taken by management affect the market priceof the firm's shares? The big difference is that the managers are the ones who actually makethe decisions and have responsibility for implementing them.
One place to look for a statement of the goals of a corporation's top managers is theannual report to shareholders. Often the opening letter from the company's chief executiveofficer states what management's financial goals are and the general strategic plan forachieving them (see Box 1.6).
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