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1、財務管理理論與策略2001年春季馬黛教授Office hour: 星期二、五下午2:00- 4:30 90/2/22一.目的：本課程主要在進一步討論財務管理理論中的幾個重要課題，並輔以有關財務決策上的實務探討。理論方面包括資本結構、資本預算、代理理論、股利決策、租賃理論、選擇權之應用、公司控制(corporate control)等課題，策略方面則包括資金籌措、創業投資、資本結構、公司重整(corporate restructuring)、風險管理等主題。上課係以研討方式進行，學生須在課堂上做口頭報告。二.教科書：(教1) Donald H. Chew, Jr., “The New Corpo
2、rate Finance-Where Theory Meets Practice,” 2nd edition, 1999. (McGraw Hill)(教2) Joel M. Stern and Donald H. Chew, Jr., “The Revolution in Corporate Finance,” 1998. (Blackwell)(教3) Donald H. Chew, Jr., “The New Corporate Finance-Where Theory Meets Practice,” 1st edition, 1993. (McGraw Hill)三.參考書目：(1)
3、Clifford W. Smith, Jr., “The Modern Theory of Corporate Finance,” McGraw-Hill, 1990. (華泰)(2)Robert L. Kuhn, ed., “Capital Raising and Financial Structure,” Homewood: Dow Jones-Irwin, 1990.(3)Robert L. Kuhn, ed., “Mergers, Acquisitions, and LBO, Homewood,” Dow Jones-Irwin, 1990.(4)Robert L. Kuhn, ed.
4、, “Investing and Risk Management,” Homewood, Dow Jones-Irwin, 1990.(5)Robert L. Kuhn, ed., “International Finance and Investing,” Homewood: Dow Jones-Irwin, 1990.四.大綱進度:主題指定(Readings)參考(Readings)n公司財務理論基礎( 1 ) Introduction1.市場效率性(教2) Part I 2(教3) Part I 1,2,3( P ) 1,4,62.資本預算與公司策略(教3) Part II 3 (教1)
5、 Part II 11,12( P ) 1,7,8,93.資本結構與股利政策(教1) Part III 15-17(教2) Part III 13,15( P ) 1,3,7,8,10,11,12,15, 20-24,28,36,38,39,42(1) Part Three(1) Part 3 Dividend Puzzle4.資金籌措(教1) Part IV 21,23,25,27,32(教2) Part IV 18( P ) 1,5-10,12,17,18( 2 ) Ch.2,11( 4 ) Ch.85.風險管理(教1) Part V 36,40, Part IV 30(教2) Part
6、V 25( P ) 1-3(4)6.公司重組與公司控制(教1) 45,49,51-54( P ) 1-4,9,12,14,15,17,20,24, 28,31(2) Ch. 23-26(3) Ch. 6,8,117.員工股票選擇權( P )2,39.其他(公司失敗與重整, 法人/外國股權, 庫藏股, etc.)( P )1,7,(教1) Part VII五.作業：學生須1. 於課堂上就指定範圍為口頭報告(2次)，必須做扼要投影片。2. 參與教材討論(6次，事前分配好，並繳書面問題，交由口頭報告者連同其報告一併繳給老師)，每篇文章有3位評論。3. 繳書面報告8篇(包括2篇口頭報告)4. 期末報告
7、及作業六.評分： 類 別分數說 明n上課參與討論18%每次滿分3分，由教師視其表現給予0-3分，6次滿分為18分。n口頭報告(1)口頭報告（投影片）(2)書面報告35%20%15%每次滿分10分每篇滿分7.5分，必須有其他相關文獻之補充。n書面報告24%每篇滿分4分，必須有心得。n期末報告15%滿分15分（可以三人一組）n其他8%References1. 市場效率性1-1.Rau R., Dimitrov O. and Cooper M., “A R by Any Other Name”, SSRN_European Financial Management1-2Schilta P. H. a
8、nd Zaman M. A., Oct 2000 , Do the Individuals Closes to Internet Firms Believe They Are Overvalued?, SSRN_Capital Markets , Vol. 3 No. 221-3.Schwartz E. S. and Moon M., May-Jun 2000, Rational Pricing of Internet Companies, Financial Analysts Journal, 62-751-4Easterwood, John C. and Nutt, Stacey R. 1
9、999. Inefficiency in analysts earnings forecasts: Systematic misreaction or systematic optimism? The Journal of Finance, Vol. LIV, No.5, 1999, 1777-1797.1-5Bernstein, Peter L. 1999. Why the efficient market offers hope to active management. Journal of Applied Corporate Finance, Vol. 12, No.2, 129-13
10、6.1-6Fama, Eugene F. 1998. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49:283-306.1-7Chen, Carl R., Lin, James Wuh and Sauer, David A. 1997. Earnings announcements, quality and quantity of information, and stock price changes. The Journal of financia
11、l Research, Vol. XX, No.4, 483-502.1-8Dow, James and Gorton, Gray. 1997. Stock market efficiency and economic efficiency: Is there a connection? The Journal of Finance, Vol. LII, No.3, 1087-1129.1-9Barber, Brad M. and Lyon, John D. 1997. Detecting long-run abnormal stock returns: The empirical power
12、 and specification of test statistics. Journal of Financial Economics, 43:341-372.1-10Porta, Rafael La. 1996. Expectations and the cross-section of stock returns. The Journal of Finance, Vol. LI, No.5, 1715-1741.1-11Haugen, Robert A. 1996. The effects of intrigue, liquidity, imprecision, and bias on
13、 the cross-section of expected stock returns. The Journal of Portfolio Management, 8-17.1-12Fama, Eugene F. and French, Kenneth R. 1996. Multifactor explanations of asset pricing anomalies. The Journal of Finance, Vol. LI, No.1.1-13Pinches, George E. and Lander, Diane M. 1996. The use of NPV in newl
14、y industrialized and developing countries: a.k.a What have we ignored?1-14Braun, Phillip A., Nelson, Daniel B. and Sunier, Alain M. 1995. Good news, bad news, volatility, and betas. The Journal of Finance, Vol.L, No.5, 1575-1603.1-15Bajaj, Mukesh and Vijh, Anand M. 1995. Trading behavior and the unb
15、iasedness of the market reaction to dividend announcements. The Journal of Finance, Vol. L, No.1, 255-279.1-16Fama, Eugene F. and French, Kenneth R. 1995. Size and book-to-market factors in earnings and returns. The Journal of Finance, Vol. L, No.1, 131-155.1-17Ball, Ray. 1995. The theory of stock market efficiency: Accomplishments and limitations. Journal of Applied Corporate Finance, Vol.8, No.1, 4-17.1-18McQueen, Gra
