Leverage Risk of Ruin and the Lost of Capital” Journal of Finance 22 no.4September 1967pp.395-404 一旦债务超过可接受的水平,企业的平均资本成本就会随着债务水平的增加而增高,从而增加破产的可能性,过度的债务融资还会增加企业全部盈利的风险性,进而减少企业总价值。
参考Stiglitz Joseph E. “A Re-Examination of the Modigliani- Miller Theorem” The American Review59Dec. 1969 pp.784-793 Stiglitz Joseph E. “On the Irrelevance of corporate Financial Policy” The American Review64Dec. 1974 pp.851-856 17 权衡理论 Robichek Alexander A. and Myers Stewart Robichek Alexander A. and Myers Stewart “Problems in the Theory of Optimal Capital Structure” Journal of Financial and Quantitative Analysis 1no.11966 Myers Stewart “The Capital Structure Puzzle” Journal of Finance 39 no.3July 1984 pp.575-592 Masulis Ronald W. “Discuss: How Big is the Tax Advantage to Debt” The Journal of Finance39no.3July 1984 pp.853-855将负债的成本从破产成本进一步扩展到代理成本、财务困境成本以及非负债税收收益的损失等方面,扩大了成本和收益的内容,形成后权衡理论。
18、 代理成本理论 M. Jensen W. Meckling M. Jensen W. Meckling “The Theory of the Firm: Managerial Behavior Agency Costs and Capital Structure” Journal of Financial Economics May 1976. 19、 财务契约论 Smith Clifford W. and Warner Jerold B. Smith Clifford W. and Warner Jerold B. “On Financial Contracting: An Analysis of Bond Covenants” Journal of Financial Economics 1979117-161 20、 信号理论 Spence A. M. and S. A. Ross Spence A. M. “Job Marketing Signaling” Quarterly Journal of Economics 87 1973pp.355-374 S. A. Ross “The Determination of Financial Structure: the Incentive Signaling Approach” Bell Journal of Economics 81977将信号理论运用到资本结构理论中。
21、 新融资优序论 Myers Stewart C. and Majluf Nicholas S. Myers Stewart C. and Majluf Nicholas S. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have” Journal of Financial Economics 131984 pp.187-221 22、 公司控制权市场 Henry Manne Henry Manne “Mergers and the Market for Corporate Control” Journal of Political Economics1965 pp110-120 23、 金融契约论 GrossmaGrossman n Sanford and Hart Oliver Sanford and Hart Oliver “Takeover Bids the Free Rider Problem and the Theory of Corporation” Bell Journal of Economics 11 no.11980 pp42-63 24、 公司治理结构学说 Williamson Oliver E Williamson Oliver E. “Corporate Finance and Corporate Governance” Journal of Finance 43 no.3June 1988 pp.567-591 25、 自由现金流理论 Jensen Michael C. Jensen Michael C. “Agency Costs of Free Cash Flow Corporate Finance and Takeover” American Economic Review May 1986 vol.76 no.2 pp323-329 Jensen Michael C “The Free Cash Flow Theory of Takeover: A Ainancial Perspective on Mergers and Acquisitions and the Economy” “The Merger Boom” Proceedings of a conference sponsord by Federal Reserve Bank of Boston Oct.1987 pp.102-143. 26、 市场无效说 Delong ShleifeDelong Shleifer r Summers Waldmann Summers Waldmann “Noise Trader Risk in financial Markets” Journal of Political Economy 981990. 27、 行为资本资产定价模型 Hersh Shefrin Meir Statman Hersh Shefrin Meir Statman “Behavioral Capital Asset Pricing Theory” Journal of Financial and Quantative Analysts September 1994. 28、 期望理论(又称前景理论) D. Kahneman A.Tversky D. Kahneman A.Tversky “Prospect Theory: An Analysts of Decision Making Under Risk” Econometrica March 1979. 29、 积极反馈投资策略 Summers De long J.B. Shleifer A. Summers and Roberts J.W “Positive feedback investment strategies and destabilizing rational speculation” The Journal of Finance Vol. 45 30、 噪声交易 Noise trade Black F Black F 1986 “Noise”Journal of Finance 41July:529-43 31、 MBO 32、 无套利模型 休伯曼 HubermanG.1982 “A simple approach to arbitrage pricing” Journal of Economic theory28:183-91 33、 布莱克-斯科尔斯期权定价模型 布莱克、斯科尔斯 BlackF. and ScholesM.J.1973 “The pricing of options and corporate liabilities” Journal of Political Economy813May:637-54 34、 二项式期权定价模型 考克斯(Cox)、罗斯(Ross)、罗宾斯坦(Robinstein)等人于1979年在《金融经济学月刊》上发表了论文期权定价:一种简易的方法 35、 贴现现金流模型Discount cash flow 布伦南 BrennanM. 1979 “The pricing of contingent claims in discrete time models” model.
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