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1、EMBA財務管理,李志宏 政大財務管理系教授兼EMBA執行長,2. 代理問題(agency problem) 股東 VS. 經理人 股東 VS. 債權人 3. 金融市場(Financial Markets) a. Money Market Capital Market。 b. Primary Market Secondary Market 。 4. 利率決定因素 K = K* + IP + DP + LP + MP K：名目利率(nominal interest rate) K* ：真實利率(real interest rate) IP ：通貨膨脹溢酬(inflation premium) D
2、P ：違約風險溢酬(default premium) LP ：變現力溢酬(liquidity premium) MP ：到期風險溢酬(maturity risk premium),5. 利率期間結構 描述殖利率(yield to - maturity)與到期期間(time to - maturity)的關係。(見圖) 美國國庫券的利率期間結構 解釋期間結構之理論 a. 預期理論 (Expectation Theory) b. 變現力偏好理論 (Liquidity Preference Theory) c. 市場區隔理論 (Market Segmentation Theory),Balance
3、Sheets,Income Statements,Statement of Cash Flows (2007),Financial Ratio Analysis,Short-Term Solvency Ability to pay bills in the short-run Long-Term Solvency Ability to meet long-term obligations Assets Management Intensity and efficiency of assets use Profitability Market Value Going beyond financi
4、al statements,Ratio Analysis: Asset Management Ratios,Ratio Analysis: Debt Management Ratios,Ratio Analysis: Profitability Ratios,Ratio Analysis: Market Value Ratios,Common Financial Ratios,Common Financial Ratios (continued),Common Financial Ratios (continued),Common Financial Ratios (continued),報酬
5、與風險,Return and Risk The Concept of Portfolio Management,Now assume : Case 1 : =1,RP 140 B 80 A 0 30 50 VP,Case 2 : = -1.0 RP 14.0 B 10.0 8.0 A 0 VP,Case 3 : = 0,The Efficient frontier of Investment,The Efficient Set of Investments Expected Portfolio Return Risk, P Total Risk = Market Risk + Firm Specific Risk,The Effect of Portfolio Size on Portfolio Risk,Capital Assets Price Model E Ri =rf+ERm-rf,
