现代金融学中最重要的7个理念（The 7 most important concepts in modern finance）.docVIP

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现代金融学中最重要的7个理念（The 7 most important concepts in modern finance）.doc

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现代金融学中最重要的7个理念（The 7 most important concepts in modern finance） The 7 most important concepts in modern finance! The seven most important concepts in Corporate Finance: 1, net present value (NET, PRESENT, value) When you want to know the value of a used car, you will refer to the price in the used car market. Also, when you want to know the value of future cash flow, you will find the price in the capital market, because the capital market is taking ownership of the future cash flow is the subject of the transaction place, and lucrative investment banker is second-hand dealer cash flow. If a business operator can buy cash flow for shareholders at a cheaper price than the capital market, it will increase the value of the shareholders investment. Thats the basic principle of NPV: to calculate the NPV of a project, make sure the project is more valuable than its input cost. The method of estimating the value of a project is to figure out what price the cash flow ownership can sell at a capital market transaction. That is why the opportunity cost of funds is used as the discounted rate of cash flow when calculating the NPV, that is, the expected return of the securities which correspond to the risk degree of the project as the discount rate. In an efficient capital market, the price of assets at all risk levels implies the same expected return. The NPV principle is a very intuitive and important conclusion. Its existence allows hundreds of shareholders, regardless of their wealth and attitude to risk, to participate in the same business and entrust professional managers to do so. The common directive from shareholders to managers is to maximize the NPV of an enterprise. 2, asset pricing model (The Capital Asset Pricing Model) Some people think that modern finance is all about asset pricing models, which is completely wrong! Even if asset pricing models are never invented, the advice of financial experts to financial managers is almost the same. The attraction of asset p