公司融资决策与有效资本市场(英文版)(ppt 30页)

公司融资决策与有效资本市场(英文版)内容提要：
What Sort of Financing Decisions?
Typical financing decisions include:
How much debt and equity to sell
When (or if) to pay dividends
When to sell debt and equity
Just as we can use NPV criteria to evaluate investment decisions, we can use NPV to evaluate financing decisions.
How to Create Value through Financing
Fool Investors
Empirical evidence suggests that it is hard to fool investors consistently.
Reduce Costs or Increase Subsidies
Certain forms of financing have tax advantages or carry other subsidies.
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, however.

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